Many towns in California experienced a rash of teardowns as the real estate bubble took prices to exorbitant levels.

There's nothing wrong with this property, says Xchange Properties' Mike Brawner, but the 12,500 square foot lot is too much to resist. The lot is one of the largest available in Coronado and will support new construction of about 5,500 square feet.

It's also in one of the most desirable resort-like communities in the area, very close to the beach and to downtown San Diego. Nearby is the beach front Hotel del Coronado, where the Marilyn Monroe movie "Some Like it Hot" was filmed.