yeah, just like houses! up, up up forever! seriously, though, my experience is that land prices are volatile, subject to what you can build on it in the market within a fairly defined period of time. Land prices are up 200% in many seattle multi-family zones relative to 5 years ago due to the hot market. In socal's inland empire, land prices are selling for 30% of what they did two years ago. ...Land prices should hold up fairly well in DT seattle, because the product to be built tends to be a wants driven rather than needs driven good and there one truism in the economy right now, its that the rich are getting richer. that said, they paid double the market, so there's little place for it to appreciate to barring a dramatic change in construction technology.