I didn't re-read your post 5 times to ultra mega check to ensure the following is true, but from my first reading I'd say you are 100% correct on all points.

Depends on the money level.Some ultra high net worth investors with 50 to 100 million can do spreadsheet investing and manage nothing.I have some clients that do want to own some directly.

When it comes to a bubble, there are some clear signs, like when the price to rent ratio is way too high or when the average buyer cannot afford the average home or only can afford it at ultra low interest rates.

Ultra high net worth individuals tend to go to retail right off the bat.

Memphis may be step 2 for you - if you can make your biggest payment your smallest one in NYC, you may find yourself breathing a bit more easily in the ultra short term and getting some perspective on what to do next.I hope this helps you.  

People put down hard deposits with no DD & “outs” every day in yhe ultra-competitive markets.

And then you have your lux segemnt $3,000 to $5,000 (probably less then 1% or the market) and ultra lux over $5,000 (extreme outliers).

@Joseph Bass, your numbers are ultra conservative.

A bit more about myself, I like to run, especially ultras, but its been a few years since I have run one.

Retirees who simply want ultra safe investments with predictable returns so they can collect a check each month.5.