Real Estate

Real estate is something new in my life.  Expectantly it is where I should be right now. We purchased our semi detached (5yo) home 1hr from downtown Toronto last year for $327K.  Last month the other half of our semi sold for $375k .  Last week the house two doors down sold for $408K.  The house across the street listed for $420K, and just a few days ago the house three doors down (next to the 408K) Listed their Fully detached at $460K.

This market to me seems like insanity, the markups in price are not even close to justified as much as some people would try to have people believe.  My friends just sold their 330K home (3 years into their amort) and bought into a 500K home.  So why do I feel the urge to see the worst happen and this housing bubble to pop.?  I actually delight in the prospect, as some sadist gleefully anticipates a torture session.  It would be bad for me and people I know personally to see this market dip down as far as some analysts predict of 35-40% (current overvalue).  Is it the urge to say "I told you so".?  What's wrong with me. 

Anyways, it doesn't keep me from being a little jealous of the 2800 square feet my friends now have compared to my measly 1700. I suppose I should just keep my head down and MYOB.