When will the day come that there is no available inventory under a million, beach side of the 405

My dad and I were recently chatting about the magic of inflation and time. He purchased an oceanfront property many years ago for under a million dollars. At this point, that feels like an impossibility even historically. However, it's real.

We were chatting about what the future is for upcoming generations of first time home buyers and what their potential future will look like. What's comical, but so real and what he and I specifically talked about was how much longer will buyers be able to find any property for under a million dollars beach side of the 405. Ironically, less than a week later, our office posted this on the office instagram account. 

The lowest sale over the course of the last year between Newport Beach, Laguna Beach, Eastside Costa Mesa, Corona del Mar, Newport Coast and Crystal Cove was a one bedroom condo that sold for $460,000. Using this math, assuming that the appreciation is linear, this property will have appreciated to a value over a million dollars in less than 15 years or year 2038. Assuming our growth is linear, it means that this condo would be worth more than $500,000 in less than 10 years. By the year 2038, you would not be able to purchase any property in these areas for less than 1 million dollars. I think so often, people can be concerned about catching the market at just the right time and people are often less focussed on the bigger picture which is overall wealth production.