Land?

I think raw land is one thing that can become valuable on its own. Of course billions of years from now it will be gone.

Where I live the land is very much a big part of the cost of the home. The structure is worth what it would cost to demolish plus rebuild it minus existing wear and tear/needed repairs I figure. The value of the structure doesn’t appreciate as fast as the land it is on due to degradations as you’ve pointed out and materials/labor usually not increasing as fast as appreciating assets which the land itself is. Of course in many locations the structure is worth more than the land it is on.

Hence location being the most important part of the equation as any real estate agent will tell you.