A large part of the literature on urban land valuation uses the land residual method which relies on the assumption that structures are easily replaced: properties are valued at construction cost, i.e., the dollar amount required to bid resources away from other uses of the land plus materials...

This paper develops a new approach to estimate the value of urban land. We extend AMM theory by adding the assumption of partial irreversibility. Bundled goods assumptions imply that land value with a structure can evolve differently than as-if vacant value, even in the first decades of...