well located real estate will always be in demand, I agree, I don't believe anyone has argued otherwise
Everything is relevant, if a property is overpriced it does not matter how good it is it is still subject to correction.
We have approached a situation in Australia where some property can be replaced / rebuilt cheaper that its sale price, I see these figures every day and wonder why people continue to purchase overpriced property and this is separate from any bubble problems which is another ball game entirely
So effectively we have two separate price changes to correct at some time whenever that will be.
