nicely priced CA car on ebay.
http://cgi.ebay.com/ebaymotors/BMW-3...#ht_922wt_1165
The price on CL is $10,000 now
http://sfbay.craigslist.org/eby/ctd/4077965469.html
I have checked it out, it is in pretty good condition. Do need a few minor things (the sunroof rail is broken, passenger airbag light is on, the driver's seat has some torn thread may just need a sewing). Cooling system has not been touched though, so prepare to put some money and work there.
Other than that, decent car, and very good price.