Is there a bubble growing within the bubble? Who knows, but RE prices have been rising in many desirable locations around the country.
A perceived approaching build out may feed a buy now or lose mentality to prospective purchasers. My concern is more about how efficiently and economically things will be run after the buildout! The Morses have done an incredible job at developing and managing the infrastructure at seemingly low cost. "Real" governments do not run as efficiently as a well run private enterprise.
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"No one is more hated than he who speaks the truth." Plato
“To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine
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