Here's a good one in Newport Coast, CA. This is incredible. The average cost in that zip code, a year ago, was over $2 million.
26 Stillwater, Newport Coast, CA
It sold in 2005 for around $1.6 million.
Then the bubble really inflated. Newport Coast, and all, you know. They aren't making ocean view land anymore. Can never go down. Plus it's in a really rich area. Rich asians will always bring their money and pay anything, so prices can't decline. Thus, the 2005 buyer made out like a bandit:
Purchase Price: $2,500,000
Purchase Date: 1/23/2007
Shortly after that, the current owner tried to sell it for $2.475, then it was listed for a while at $1.8 million.
Current listing:
http://www.redfin.com/stingray/do/printable-listing?listing-id=1088468&rc=blg_irvine&utm_source=irvinehousingblog&utm_medium=blog&utm_nooverride=1
Ouch.