: : Newport Beach is on the beach. The desire to live on the beach enhances the property value for aesthetic reasons regardless of how much developement occurs in Hemet, CA.
: As Marx pointed out in Capital volume 2, land is 'judged' by its use-value. Obviously beach front property has use-value---as scenic, relaxing property. It is also RARE. This rarity adds to the value because rarity adds to the labor cost of FINDING it.
Also: Every time some previously 'worthless' land (say, marshes) becomes developed---which, of course, requires a lot of labor---then the previously cheapest land then becomes 'worth more'---as all land is compared to land AND the labor required to make it productive. Here it should be evident that 'finding' rare land (previously undeveloped land) hikes up the value of all other comparable land as the new land is appraised upwards...