[jjav]

> You premise is that "something that last long can't possibly not appreciate"??

Not "something", housing. A pebble may last billions of years and not appreciate, but we're talking housing.

Yes housing which last a very long time cannot help but appreciate because we always have inflation. The only exception is what you identified, if the town has an economic collapse. Then, sure, nobody wants to live there. Detroit of the past being the typical USA example.

Looking at records my house cost ~$90/sqft to build. Today the exact same house on the exact same lot would cost about ~$500/sqft to build on the low end if you can find the labor, but probably closer to ~$650/sqft if you want to get it done this year.

So of course the older equivalent houses in the neighborhood will match in price to the new construction. Anything else would be impossible.

If you disagree, explain by what mechanism the old house wouldn't do that?

[barnabee]

It can easily not appreciate if more of it is built than is needed (glut of supply) or nobody wants to live in that places anymore (lack of demand).

There are multiple real examples of both, even in America.