The funny thing is, Panda isn't looking to buy a $1mil home either, in Carlsbad or Georgia... in all fairness... IndieDev should scold him for asking that question. 8)
Well if we want to get technical, I think buying a $1,000,000 home on a standard 20 down/80 LTV is inadvisable as a whole, unless you really know what you're doing (yes that includes Roubini).
I'm surprised at the amount of debt, even rich intelligent people, are willing to take upon themselves.
See... I agree with you... even in Irvine (like I said).
You don't have to be looking to buy a $1mil home to opine about it... in fact... I think it's important to hear from people who aren't interested in spending $1mil on a home as well as from those who are.