You usually talk about "cost of production".... well, there you have an example of a new apartment that is CLEARLY BELOW cost of construction.
Sunk cost fallacy affects items worse the further away you get from the base of Exter's pyramid. A house isn't like gold or silver which is both portable and virtually indestructable, it realies on numerous external factors like schools, crime, jobs, govt, etc. They say Detroit is a clear case of, "a house is only worth as much as there are jobs there to support it". That and most people don't want to live in a neighborhood where all 10 of your neighbors are named Tyrone.
It's funny you resort to the "sunk cost fallacy" when it comes to real state (or with Bitcoin) but you don't when it comes to cost of extraction of PM's. What's the reason for such incoherency?
And no, I don't see how PM's are not affected by "external factors" too. See Executive Order 6102 as an example. Or VAT TAX for silver in Europe.