And another question while I'm posting...Let's say I own a $250,000 home, nice luxury cars, and have plenty of money in the bank.

Unless you were getting an amazing cheap price and ultra high rents I don't see the benefit.

I have upgraded the units with things like luxury vinyl flooring, clean surfaces painted with good colors, good but non fancy kitchen cabinets.  

But make sure you know exactly how much the HOA monthly fee is that is paying for those luxuries! 

$150K over value is quite a spread unless it's a luxury property, but being that the loan is owned by Fannie Mae that seems unlikely, since they don't do jumbo loans.

If we had, we might have gone with some other bank (had we had the luxury of time to change lenders).

I charge around 750-825/person right nowThis new company is building a 400 bedroom high rise in the same area. they are calling them luxury student apartments. these units range from 985-1500/bedroom but are completely brand new, all utilities included, furnished, gated parking, student shuttles, Gym, etc.My question is...HOW DO I PREPARE??? 

@Jo-Ann Lapin just to clarify are you talking about the luxury market home price adjustments down? 

I would have just sold the place and bought something less luxurious.

The carpet will be coming out for sure and replaced with vinyl luxury floor planks.