SD Realtor,
When I estimated $250k for these condos it was mainly based on a generous 12x multiple based on yearly costs of renting at recent rental rates (~$1700). Of course there are other personal reasons why people may want to pay more or less than this but as you point out in your choice ‘d’ the current prices are a historic high like the the dotcom bubble peak and sane people everywhere have to pause before plunging into this mess !!