I'm not saying you have to remember the Tulip Mania of 1637, but do keep 2007 in mind

7 Brook Drive, just a hubcap toss from the I-95 underpass in Greenwich, is currently listed at $2.395 million, and a year after starting off last July at $2.750, reports a contract. I don’t know what the eventual selling price will be, but these owners paid $2.875 for it in 2007, and added a pool.

At what will presumably be a final price in the low $2s, there’s a lot of house here; but the price decline does illustrate that things that are ignored in a bubble, like location, don’t remain irrelevant forvever.