Amy,

This has been blogged about pretty extensively. In fact, it was featured on Jim The Realtor’s website today. See:
http://www.bubbleinfo.com/

I completely agree with Jim’s arguments. They’ll likely have a tougher time generating interest than the Caminito Stella house which was listed at $1.499 in the same neighborhood.

See the forum topic I started recently on that one:
http://piggington.com/massive_26_markdown_on_carmel_valley_mcmansion

New_Renter