[baursak]

I think in your examples this is due primarily to two factors. One, is that land is generally cheap in Grand Rapids, so is drastically decreased as a factor. And two, you're still comparing new luxury condos to teardown SFHs. If you recall, my original point mostly discussed areas with expensive land, such as the coasts.

Here are few examples from my experience:

Atlanta, Midtown neighborhood. This area has both high-rises and SFHs. Look at this link, and you generally find that comparable quality SFHs run over $1M vs. $250-$700K for new condos: https://www.redfin.com/city/30756/GA/Atlanta/filter/sort=lo-...

Seattle, Queen Anne and Belltown. Also a mix of condos and SFHs. SFHs are significantly more expensive: https://www.redfin.com/city/16163/WA/Seattle/filter/sort=lo-...

North Miami Beach. There are no SFHs available on the beach, so condos already sit on more desirable land. However, SFHs further inland with no easy access to the beach are still more expensive: https://www.redfin.com/city/11467/FL/Miami-Beach/filter/sort...

North York, Toronto. This also has a mix of condos and SFHs in the same area. SFHs generally run 2-3 times more expensive: http://www.remax.ca/find-real-estate/#minPrice=10000&propert...