It is becoming near impossible to source well priced (cheap) land near main and main. The input cost is not well controlled and may put housing out of reach of many even well to do.
Luxury housing deepens on a feeder system with boats floating from lower priced housing to feed upwards as home owners trade up. The feeder system is not working very well.
Luxury housing in part is driven by off shore factors. Geo-politics is a very hard risk factor to manage.
Not everyone is a cash buyer. As mortgage rates rise. Housing starts will stall even for Toll. Lots of big homes used as collateral for other deals. Chickens coming home to roost. Or is that roast.
George Gutowski writes from a caveat emptor perspective.