The price of the home is based upon the land it is on. The house is cheap but the land though. Prime real estate.
This is based upon the correlation to buying an expensive car or a mobile home and why the price has depreciate in value with time.
If a mobile home is fixed to the ground, it appreciate in value just like a regular home.
My janitor is looking to buy one in San Jose. I've been looking for him. When I uses filters to maximize the prices to about under 800k for a single home, I can only see a few listings. The whole city and only a few homes for under 800k?
Then I looked for a few in them valley cities at 300k and i found plenty. Even brand new homes can be had for the lower 300s. At first, 300s seems expensive but when you look at the bay area market for awhile, 300s is relatively cheap.
My uncle house in Atlanta, if here in the bay would be valued about 6 mil. A big freaking looking brick style mansion but he said its current value is only 700k.