You can get views like that in the Bay Collection, La Costa Ridge and La Costa Oaks for about 1.2M to 1.3M these days. Most of that lot is unusable. The house is functionally obselete by todays standards. Rebuilding a nice new 4,000 sq ft modern house on that location would cost close to 500K.

Things are different here on the lower on middle end which hasnt changed much in terms of supply. The cost of entry has gone up. The same cant be said for high end homes where supply is way up as is quality. SO yes you can have it both ways depending upon which segment of the market you are looking at.