Given that and the area you live in, I can only assume you are doing multimillion, luxury REOs.

In our market, vacancy rates have been low for the past 15 years that I've lived here and the housing stock hasn't increased that much except a few luxury high-rise projects.

Here is an article I've saved which can contribute to this questions. 7 Habits of the Ultra Wealthy

In super high-priced markets, or when dealing with luxury homes, I agree it makes sense to rent.  

I cant beleive these ultra experienced guys would even give a rookie like me the time of day.

We don't have the luxury of watching California to give us a 2-3 year barometer.The good news is the Mountain West's fundamentals are very good in terms of job and population growth. 

Account Closed, if you foresee price below $200k again, a smart move would be sell all your luxury condo now at 20% discount, then buy it back again at 50% in the future. ;)What happens if it does not drop 50% and keep going up...

This is because you have the economic luxury of making a mistake and learning on the job.

So if it is going to be a truly luxury apartment, you are golden.

Large ensuite master bedroom with all the modern luxuries including a fireplace, window seat, and spa-like bathroom.