I was just thinking how in the Verde Valley her in AZ, Sedona is the now the little playground of a few wealthy and makes its money off the tourists who come to the big spas here. And all the little towns around it basically serve it with workers in this day and age.
In the 1800's, however, due to the need for an adjacent water source and reliance on local agriculture, the areas near the River Verde(Camp Verde) or Oak Creek were obviously the most valued properties.
It strikes me that the current situation is absolutely about the power of myth. Similar to the real estate in Manhattan, which is valuable not on to itself, but because many have ascribed value to it, and the rest follow like lemmings. And I wonder if those initiators of any real estate over-valuation believe their own myths.
Really a very current question, as well, to be asking.
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