At the moment all the liquidity pumped into the economy, $3Trillion or so pumped by the fed alone, is helping elevate asset prices and stave off a recession/depression.    

The water issue is simply an important thing to be aware of, so you can monitor it, if public opinion turns the Phx market sour, or if Lake Powell, Lake Mead, Lake Pleasant or others disappear, the issue will be elevated, which will in turn change public opinion which can change the market.I invest in Arizona, because we have great returns, great growth, and landlord-friendly government.

I'm with Andrew on this one... smaller towns while offering great cash flow potential can get crushed by movement of big employers so be sure to heavily research the economy of the town as a whole when looking in more rural areas... usually something like a regional commercial airport or a big hospital can elevate worries on topics like this as larger infrastructural investments from both companies and the government can alleviate some of the risk in theory.

Convincing one self a condo is good because it is the only game is not usually a ideal approach to investing.As mentioned when all the windows, a brick façade or elevator need replacing a $5,000 - $10,000 assessment is not out of the question.Condos for the beginner are a good income investment till the tide turns then it becomes a terrible investment.

My family elevated ourselves from it, like so many other do and have.

We "model" everything, including the land, and 3D is available if you like.Cities and counties across the nation, as far as jurisdiction review goes, is essentially the same on the whole; site plan, floor plans, elevations, sections, details, electrical, etc., but we must go further.

The Catch-22 properties offer $400 rent rates with little to no upgrades or maintenance, properties which those who have to pay 100% of their rent (aren't receiving financial assistance) can afford so they accept the situation and their long-term exposure to squalor results in an elevated lead blood level for a child.

As a society and as humanity as a whole, do we want to uplift every individual, or do we want to elevate our maximum potential – our ceiling?

If there is not a big event that is gonna elevate the price fast, then you are over paying in my opinion. 

I know here in Hoboken, the brownstones and the smaller buildings with only 1 or 2 units are often preferred and more expensive, versus the brand new buildings with 20 units, an elevator and a gym.