On Wed, 15 Jul 2009 14:27:25 +0100, Roger Chapman
wrote:

Bob Mannix wrote:

snip

I had reason to look into the value of a ransom strip some 20 years ago
and the advice then was the owner could hold out for as much as half the
expected profit from the landlocked land.

Eh? The owner could hold out for twice the expected profit if they wanted -
they wouldn't get it but there isn't a limit!

You know what I meant. :-)

It's his land to sell or not for whatever price he wants.

Everyone seems to be under the misapprehension that land (and houses) have
an intrinsic value. As things stand, in this country, it is as close to a
free market as you can get (although not perfect as Dr D will point out).
The value of land is entirely extrinsic and is "whatever someone is willing
to pay"!

Taking your argument to its logical extreme only money has an intrinsic
value. Everything else is worth what someone else is prepared to pay for it.

Money has no intrinsic value. It only works because people believe in
it (or not as the case in Zimbabwe).

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