"I have a suggestion for you: Go out today and buy this San Mateo, CA house listed for only $ 725,000!"
You can find similar houses just outside Pittsburgh for $20,000.00. I suppose, using your line of thought, that this "proves" housing is badly underpriced across the entire country?
How much is the land alone worth in San Mateo?
How about in Pittsburgh?
That's where hexin-Texan's argument falls apart.