irrational exuberance 2.0

When you see more of  the they-see-something-you-dont-see then that could be a sign of an irrational exuberance 2.0:

A San Diego developer who has built high-rise condominiums in Chicago, San Diego and San Francisco has offered the San Jose Redevelopment Agency $28.6 million for a prime 1.48-acre downtown parcel -- nearly four times what Cupertino's Sobrato Development Cos. offered for the same property and a new high for residential land in the urban core.

Urban West Associates envisions twin 25-story luxury condo towers at the corner of Market and San Carlos streets. But the price of $444 a square foot for land is raising eyebrows among commercial real estate developers.

The land price is premised on condos selling at an average of $640 a square foot, according to RDA executives. Condos in downtown have sold recently for an average of about $320 a square foot, although some individual sales have carried price tags closer to $450 a square foot