Market has another endearing characteristic: He doesn't mind being ignored and so every day he comes back with a new offer until one day in a fit of euphoria he offered a price that was too high to ignore.Leverage only matters if you buy something that doesn't support the price you paid, are speculating (and therefore are at the whims of Mr Market), are overextended or you have to sell.If one does not have a need to sell and does not overextend themselves I can't see how it hurts as long as we are talking about RE leverage and not personal leverage (i.e. you still have personal funds for reserves). 

There seems to be a crazed euphoria in some areas. 

@Jay Hinrichs the euphoria of a monster flip can wear off quickly, considering that one of those good ole boys went BK about 3 years later in the largest individual BK in country history.  

You'd be right if you were investing because of market euphoria and you're trying to get in and out and make your money before the market collapses.

I expect a massive stock market rally over the next month which should contribute to a feeling of euphoria for luxury home buyers.

Anyway good to hear about your deal and share in the euphoria a little even though it is from a distance. 

I love the aged listings for this reason, the euphoria is over and they are pleading for something to go to owner with and justify. 

Find out exactly what you want your ROI to be.3- They caught up in what I call the "Flipping Flu" where the euphoria of looking at a +50k  check clouds their mind to the fact they had to work 3-5 months to get there.

It would be rented a small handful of times per year (SXSW, ACL, F1, Euphoria mainly).

After 4 years of that, there is generally 14 years of price growth with the last two years called "the winner's curse" where the market sees euphoria, lots of buying and real estate speculation.