We had a similar run-up prior to all the Chinese immigration.  In Richmond, prices rose a minimum of 10 fold from the mid 1950's to 1980 and our particular home got an option type offer from a  land assembly developer for 35 times the parent's purchase price, although it fell through in the 1981 home price crash.  Those 1980 prices looked nuts at the time but are very cheap by today's standards.