@Kyle Atans  or PHX when building stopped dead cold and they deported half the construction workers who happened to be 80% of the tenant base.. same with central CA building stopped  no deportation though :)I just bought in Vegas for semi retirement and tax purposes I kind of like were it sits now.. but no question your timing of that market was impeccable.. !!! 

So I think the operative wird is balance.Note - Most of my career in Construction was spent working for exremely wealthy people that you speak of. ($12 mm dollar houses and all that....)

They’re often motivated to sell before construction begins due to noise, traffic, or potential rezoning.

For instance in the real world.. i bought 12 brand new constructions back in the Katrina days .. this was in the top county in Mississippi they ranged 150k to 225k each..

I'm no appraiser but have plenty of fix and flips as well as new construction but IMO, it will be existing home. 

The investors that I now work with find that new construction 1-4 unit is the easiest way to find this property.  

I work with a handful of clients each year on the acquisition and construction side and help them make an enormous amount of wealth on top of managing their properties here in NJ. 

Currently under construction on 2.  

Metal is competitive with lumber construction cost. 

There’s a lot of new development going on in Huntsville proper, but properties in nearby suburbs like Athens, Decatur, or Meridianville are both more affordable at present and less prone to competition from new construction.$150,000 can buy you a tenant-ready 3 bed, 2 bath single-family home in a B-grade neighborhood.