And some just think it is speculative instead of investing.Best of luck!  

Some might argue that buying strictly for appreciation or guess where the path of progress may be is highly speculative, however, in San Diego, there are clear indicators in some areas that a massive upswing is inevitable.

If that's potentially true, you should ask what the nature of the demand is - is it organic and sustainable or is it being driven by speculation? 

Of course I'm just speculating.

(TOOL, Lateralus)"The richest 1% of this country owns 1/2 the country's wealth (9% own the other half). 1/3 comes from their own hard work, 2/3 comes from inheritance, stock speculation and real estate. 90% of the American public has little or no net worth (lives paycheck to paycheck)..."

Other areas are largely speculative and yes..

I also see a lot of people / companies with a lot of money buying these over-priced properties for speculation.

I will not speculate to the long-term but I have heard some stories about small room sizes and Ann Arbor. 

I’d argue that BELLEVUE, WA Is an amazing place to invest for appreciation- which is speculation to be clear.