That was actually my point.  The areas of SF that have gotten ridiculously expensive are areas where the housing is actually sub-standard to what you&#x27;d see in most of America.<p>The house that just sold for $2M wouldn&#x27;t even be worth $200K in most US cities.  The house is just beat up and old.<p>I could see paying $2M for a gorgeous house that is either new or recently upgraded.  There are houses that are basically condemned going for &gt;$1M!