The labor shortage we are experiencing in construction trades alone drives these prices higher, combine that with the movement in the cost of lumber and you have a mess on your hands.

And again, the movement of the stock is beside the point....anyone can buy it.

I don't think we're entering a 30-40 year deleveraging cycle like the yesteryears may show; today's world responds a ton faster, and you'll see movements never linearly only abruptly.

And, I also am in negotiation of buying into a franchise (not RE related) to continue diversifying my investments, and career choices/movements.  

Is there a source like AZBigMedia or Phoenix Business Journal in your market that you use to gauge market movement?

The city is also working to position themselves around transit/movement instead of just auto. 

In essence, he has $45,000 annually in perpetuity that increase yearly in perpetuity all while property appreciates indefinitely. 

Movements in cap rates are irrelevant unless you are trying to refinance or sell.  

I don't think the fear is overstated, but I think it's perpetuated and accelerated by speculation.

The blocks between College (going west) to Central between 29th and 35th are well located to benefit from the continued urban infill movement, access to the Monon Trail, new transportation lines (as I mentioned before) and the close proximity to Old NorthSide/ Fall Creek/ Kennedy King and Herron-Morton.