This home is really custom with high end unique features like incredible 40 ft vaulted ceilings, sky light windows, custom mosaic travertine floors, archways, radiant heat in the floors, lots of land right against the mountain with incredible views, orchard, and over 3000 sq ft in main and 2nd floor living (not including basement sq ft).

The herds and fear of losing out is often when bad decisions as an investor are made.

Its like how border collies herd sheep.

That's not to say that those areas are immune from herd desertion (read: depreciation) if and when the overall economy collapses.

I live in northern Minnesota... regularly 20-30 below zero.The house used to be heated with a natural gas hydronic boiler, the former owner was an electrician and I am thinking the boiler malfunctioned and instead of replacing it he installed electric baseboard heat instead.The pipes for the radiant heat are not hooked up in some areas.

Don't follow the herd.

I still like my over simplified view: As the herd buys - the prices rise and when they stop buying and the selling starts prices fall.

As soon as the house was open, it was like a herd of people going through.  

They provide "radiant" heat which is very comfortable and steady - different than your typical hydronic baseboard or forced hot air systems.

Smart investors buy as much as they can in the down market to limit risk.Once the news channels pick up everything is doing good with the economy the herd mentality will drive up pricing to levels that does not justify purchasing at those numbers.