My best friend retired early and moved to Vegas about 6 years ago. Within 3 years, they flipped their house and doubled what they paid for it. They put it almost all into a nicer, brand-new house in San Antonio, with hopes of doing the same thing. I'm not so sure that will be that easy.
To the people who have been successful with that tactic, I say more power to you for your good timing. The problem is with people who jump on the bandwagon at the wrong time.
Oh well, maybe I'll be able to get a good deal on a second home when I retire next year... ;P
We did the same thing as your friend. We hit the Vegas market at the same time and also doubled our investment within two years. We bought a lake house in East Texas. People who came into the Vegas market after we did didn't fair so well. Some did get stuck and some are still there waiting. You are right when you said timing is everything and luck.