> There are a massive number of high-end, 1-br condos being built because that's the type of property which makes sense as an investment instrument.

And the funny thing is that the value of those properties comes to a large degree purely out of the overall rise in real estate prices, not because they satisfy the basic human need of a shelter. I wonder what the price of these properties will do when a real estate crisis hits. They are clearly not a place where people actually want to live.