does Google also parse the phrase and pick up on Las Vegas Real Estate?
Google has filters so I don't know if this makes a difference but take this domain:

http://www.propertyinvestor.info

I have links into it using the keyphrase NZ Property Investment but I think that people actually search on Property Investment NZ

same words but different results. Currently its 93 and 156 respectively.

Add the noise word "in" as with my signature on this post and the site is at 140

Not that anything over 50 counts anyway, but I keep plugging on

So I don't think Google parses the phrase, breaks it down into words or does anything that intelligent.

Then again, Bush still comes up at #1 on failure miserable when the google bomb was for miserable failure.

Sarah