Short answer: CA real estate. Capable of unbelievable pricing.
A Sausalito address could be worth $600K just for the empty lot. But you cannot simply place (say) a $500K house on such a lot. That it is built and permitted (I assume) is likely about a $150K proposition before a single nail is driven. A sewer connection, even on a house burned to the ground (or never having been built in the first place) could be a $75K affair.
I partially handled a bungalow house in Fremont, which is a fairly boring town near the bottom of the SF Bay. Maybe 1400 sq feet, in a barely working class neighborhood, 2 bedroom, hardly upgraded since the 60’s, cottage cheese ceilings, fake brick and all. Landscaping thrashed and neglected. But it is a reasonable commute across the Dumbarton bridge to Silicon Valley and it went for $850K 48 hours from being placed on the market.
https://www.tide-forecast.com/locations/Dumbarton-Bridge-San-Francisco-Bay-California
It is probably a million now. Please note my user id😀