I think if you buy house before it is true that the newer houses appreciate more than older homes. and probably most people still believe that is still the case. I tend to believe the opposite now. Most new homes are built on a tiny little bit of land these days, and it continue to be like that. As California gets cloudier and cloudier, land is the major appreciating factor in the long term. Therefore, I think older homes hold more value long term, or maybe short term as well.