undefined | Better HN

0 pointsgreenie_beans1y ago0 comments

i look at zillow multiple times per day so i'm well aware of the local market, so no it's not surprising me. zillow doesn't give the full picture of what is happening locally. zillow list price for vacant land doesn't consider all the vacant lots held by people who aren't building for various reasons nor does it consider the surrounding suburbs etc. or the land uvm holds but doesn't develop (who they gonna sell to? they have more money than anybody). there are a lot more variables than just zillow!

0 comments

llamaimperative1y ago

> Zillow list price for vacant land doesn't consider all the vacant lots held by people who aren't building for various reasons nor does it consider the surrounding suburbs etc. or the land uvm holds but doesn't develop (who they gonna sell to? they have more money than anybody). there are a lot more variables than just zillow!

What? Yes it does. That's how prices work. If UVM sold all of their land, prices would go down, but they aren't selling all of their land, so the prices are higher.

I never said "all land is being used productively." I said "land prices are the primary source of cost in high COL areas." One contributor to high land prices are all the things you mention: people withholding their unused land from the market.

No, there are not more variables than just the sale price. The price of land is the price of land, and it factors in all the variables you mentioned.

greenie_beansOP1y ago

of course land price contributes to housing cost but "land price" isn't the full picture. i wish it were that simple.

> That's how prices work. If UVM sold all of their land, prices would go down, but they aren't selling all of their land, so the prices are higher.

yes exactly how prices work in a textbook but a textbook is not a local market with all sort of dynamics. imagine the political process of UVM choosing to sell all their land, that is just absurd to be like "they can do that and the price problem is solved!" they probably got the land for very cheap and clearly want to develop but they can't because they can't afford construction costs, for a number of reasons (price of land being only one).

llamaimperative1y ago

I didn’t say it’s the full picture.

UVM’s internal politics are, in fact, accounted for in the price of land.

Yes, for that particular plot of land, which they already owned, the land price is not what prevented construction. That particular project’s failure is not a major driving force of the price of living in Burlington.

The fact that 2 acres costs $3MM is a major driving force.

2 more replies

j / k navigate · click thread line to collapse

0 comments

llamaimperative1y ago

What? Yes it does. That's how prices work. If UVM sold all of their land, prices would go down, but they aren't selling all of their land, so the prices are higher.

No, there are not more variables than just the sale price. The price of land is the price of land, and it factors in all the variables you mentioned.

greenie_beansOP1y ago

of course land price contributes to housing cost but "land price" isn't the full picture. i wish it were that simple.

> That's how prices work. If UVM sold all of their land, prices would go down, but they aren't selling all of their land, so the prices are higher.

llamaimperative1y ago

I didn’t say it’s the full picture.

UVM’s internal politics are, in fact, accounted for in the price of land.

The fact that 2 acres costs $3MM is a major driving force.

2 more replies

j / k navigate · click thread line to collapse