SAN FRANCISCO—Wouldn't it be convenient if someone had clear, intelligent answers to most of your CRE-related questions? Problem solved. Nina J. Gruen, a.k.a. Ms. Real Estate, a.k.a. the principal sociologist overseeing market research and analysis at Gruen Gruen + Associates, is here to answer readers' questions.

Dear Ms. Real Estate,

The printed news and social media are full of stories about middle income workers being priced out of coastal cities like New York and San Francisco by escalating rents and condo prices. Almost all of this discussion centers on the social ills of gentrification. But as a real estate investor, my interest is more prosaic. Do you believe we may be in a real estate bubble?