The "luxury" places end up sitting for sale for a long time... people don't do much market research, it is more a rush to "cash in" on retirees from California who just sold their $2 million house in San Francisco or LA... most local people don't make enough money to support the property prices.

The real demand is for affordable houses, but nobody wants to mess with that because the profit margins are lower, even though the sales are almost immediate.