patrick.net

Here's the Redfin link:

http://www.redfin.com/CA/Roseville/4510-Waterstone-Dr-95747/home/19607008

Sure, it can be right. I don't know the market, so $330k could be a lowball designed to induce multiple offers, but here's one I bid on that's almost as extreme a price drop: http://www.redfin.com/CA/Vallejo/9259-Hallmark-Pl-94591/home/2630114 (Sold $909,043 in 2006, sold - not just listed - $360K in 2009).

More likely than not..

Why would you build or have a million dollar homes up in Roseville anyway?
Underpriced a little, yes. But after all homes were selling for $75/sq ft before the bubble.

The bubble stated to collapse in Sac, and we saw prices tumble in low and mid range..
Now you have the higher end taking a dive..

What do you expect prices in Santa Clara and San Mateo to do in near future?
Follow the same pattern...

Dqnews.com 1997...

"The increase in million-dollar sales was particularly strong in Silicon Valley where sales virtually doubled in Saratoga, Los Altos, Palo Alto and Los Gatos (see chart). The bulk of California's million-dollar sales is still in the Malibu-Santa Monica-West Los Angeles region.

The most expensive confirmed sale of 1997 was for a 17,322 square-foot, nine-bedroom, nine-bathroom house on 3.2 acres in Rancho Santa Fe. It went for $7,526,500 in March.

DataQuick monitors real estate activity nationwide. These numbers include home sales where it could be determined that there was a buyer, a seller, that money changed hands and that there was a legal transfer of property ownership. Not included were property swaps, sales of multiple lots, teardowns and large farm or ranch properties. Sales to companies were included as were sales to trusts.

Ten homes sold for more than $6 million, 13 were sold in the $5 million range, 16 were in the $4 million range, 64 in the $3 million range, 261 were in the $2 million range and the rest sold for between $1 million and $2 million.

The largest home was a 5-bedroom, 9-bathroom 19,812 sq.ft. house in Bel Air which went for $5.35 million. The median size of a million-dollar home was 3,680 sq.ft. Bathrooms outnumber bedrooms in almost all million-dollar homes.

There were 103 condo sales in the million-dollar category, mostly in West Los Angeles and San Francisco, DataQuick reported.

The median price per square-foot for all million-dollar homes was $360 last year, up from $331 for 1996. The all-time high was in 1989 at $390."

To be honest, I don't trust DataQuick. They were relentless cheerleaders for the bubble, and I think they make most of their money by selling data to people with an interest in selling houses.

So whatever DataQuick says, I expect is actually too optimistic.