CrazyHere's a listing for a house a few blocks from me. Check out the price. The ONLY reason it's that much is because of the beach-front location. Personally, I don't think they'll ever get that much. The house itself is a tear-down or in serious need of a remodel at the very least.
This is my favorite part of the listing:
Estimated Monthly Payments: $55,064
*based on 30year fixed APR loan with 20% down and no points
When my heel settles down, I'll swing by and take a picture of it over the wall so you can see the house, although it's nothing special. (These two were taken from the car.) This is all that shows from the street. The two-story in the second picture is the next-door neighbor and not part of the property for sale.