Again, I like real estate fine now with the artificial stock prices caused by low interest rates, but let's just be honest about the return.

Even though the economic fundamental for a regular boom is not there but the artificially inflated price due to more money is valid.

Without natural land scarcity (SF, NY, Seattle, Charleston, etc) or artificial scarcity created by local zoning (Portland, Boulder) upward pressure on pricing would need to come from elsewhere else.Denver and Austin are examples of large markets with higher price to income ratios even without strong growth boundaries or land scarcity.

By the feds own terms real estate is being "boosted" by low interest rates, therefore prices today do not reflect reality(if rates were market set).Borrowing capital in of itself is pulling future economic activity to consume in the present.So this extended period of low rates and now record debt has guaranteed lower economic activity and a curb on growth in the future, and as always happens with artificial inputs to the economy, Mal-investment,  which will have to be rectified in the future.low rates cause investors to take risks they otherwise would not have. 

There is also some concern (i don't have details) about the level of condo fees and the suspicion that they are being set artificially low on new build.

Interest rates today have been artificially kept at historic lows, and are expected to rise in the coming years. 

Currently, the rates are going up partially due to Fed unwinding their balance sheet....Asset prices are sooo overvalued because of the artificially low rates for years...I expect asset prices to drop as rates go up....

Keeping that in mind, suggesting that someone must fail in order for another to succeed would be like placing an artificial limit on success. 

I can compare as though all units have a 75% LTV (I artificially lower some of the cash flow if the LTV is lower than 75%).Cash flow is a single profit source.

While I think it would be almost impossible to argue that Columbus doesn't currently have a better market than the other two options, I'm concerned that the craze to buy there has created artificially inflated value.