In September of 2009 the home was listed for sale at $5,500,000.  Now there must have been something magical about “making” a $1 million gain over two years.  But the bubble had burst even in these prime areas.  As you can see from the listing history, the home was listed and removed a couple of times to keep the listing “fresh” but no fish were biting.  I’m sure there would have been plenty of suckers that would have paid this if we still had Alt-A and option ARMs flooding the market.  But those days are over.  If we look at the note details, we find a few of the toxic mortgage All-Stars showing up: