And the remaining lifetime of a home kept in good condition could be many generations.
Kept in good condition is the key. If you keep a car in good condition, it can last many generations too.
In fact, homes can often be renovated to extend their original life far beyond even a few lifetimes.
Same goes for cars, of course. There is a whole automotive industry around taking beat up old cars and restoring them to pristine condition. And, indeed, many of those cars can sell for way beyond their original price.
Right, so it wouldn’t be depreciated like a car
Right, it would deprecate because houses deteriorate. If you keep your house in good condition, it's just you paying the deprecation cost up front when you restore it rather than taking the hit with the next guy in line. The math works out the same either way. The depreciation doesn't go away.
It’s rare to see just a home (without the land) being sold.
Less common, but not unheard of. It happens often enough that there was once a Canadian TV series about moving houses.
In your example, the homes are still the same value, only the land changes the sale amount.
Exactly. Their values are evaluated independently of each other. The house can depreciate and the land can appreciate.