That type of blocks are usually known for compression strength as 1500 psi.. vs normal weak concrete at 3000 psi...There is a say: "The link chain is as strong as its weakest link"...  

Until late, the low interest rate environment and monetary stimulus allowed for the compression of cap rates.

And perhaps that timeline for a turnaround has been compressed a good amount.  

The sectors that seem to be getting a lot of interest - housing (of course that ship has sailed also and rates getting compressed). 

Only the return rates continue to be compressed as investors look for holding ports. 

Cap rates are compressed for larger multis.2.  

Cap rates have compressed so much on the coasts they are venturing out into markets that in the past haven't been worth looking into.We are seeing the same thing in the Midwest, low vacancy rates, low unemployment, new jobs, etc.

It would also depend on how low cap rates have been compressed in maricopa county.

Whether it is less likely for nominal prices to go down when rates go back up (anchoring) is not relevant.it only takes 3% net rental yield difference in the long run to compensate the past appreciation, and that difference may go down below 1% if rates stop going down.Looking at past periods where rates went down significantly and rental yields similarly compressed is not helping anticipate appreciation now that the rates are low.This is a long term consideration, in the short term, any markets can move up 15% just because of momentum, but I doubt you can sustain this in the next 15 years. 

The CAP rate now in the area has compressed down to 7.5.