Voodoo and bbscout,
The real estate analogy is an interesting one.
There are some significant differences however IMO. With "true" premium properties - the supply is actually quite limited. (i.e. You wont see many new premium properties built in mid-town Manhattan in the next 50 years).
In baseball - there is always a new supply - every year as you both well know.
There will always be a demand for premium players - and rightfully they will get the most money. The real question IMO - is what the inflation adjusted levels of salaries will be - lets say over the next 10 years - as compared to the prior ten. That will be very interesting to watch.
Note: The real estate market for premium properties has still not recovered to similar price levels from the late 1980's bubble. My guess is that baseball will see a similar - albeit less dramatic and severe - adjustment.
Just my opinion. Interesting analogy IMO.