What is land? Governments sell land rights piece meal. You might own the development rights to the land, but you still have to worry about zoning. And I would be surprised if there is anywhere in the US where you can buy land with exclusive water rights (underground or creeks/rivers). Water rights are almost always shared in some way. Mining (oil or ore) rights are not usually lumped in with development rights either. So if you buy land without a house, what are you buying? Future development rights? All the while you have to worry about squatters...