Plus given a correction in the market, you're protected because you're community is not highest priced luxury in the area.

If you can, swim upstream to larger, luxury homes. 

The seven houses totaled approximately 3 million dollars in fraudulent loans.Five Indicted For $4.1 Million Mortgage Fraud Involving Homes ...https://www.justice.gov/usao-ndoh/pr/five-indicted-41-million-mortgage-fraud-involving-homes-medina-and-gates-millsA federal indictment was filed charging five people with taking part in a $4.1 million mortgage fraud scheme involving six luxury properties in Medina, Ohio, and one property in Gates Mills, Ohio, said Steven M.

In multiple industries, luxury products are flying off the shelf and in real estate down here there are an extraordinary amount of cash transactions.

Personally I think the market is just out of balance because developers had to target the luxury end after the GFC.

My company designs luxury private cinemas and home automations systems for residential new construction. 

Take a year and 1- listen to a BP Show per day, 2-cut your living expenses as much as you can believe it or not you can find $1,500/month by reducing rent & car & cutting luxury expanses and in a year you will have $18,000 - this will suck but it’s an investment!!

By target market, I mean the type of renter are you marketing towards (students, retirees, couples, Sec-8, luxury...).  

I personally know people who bought brand new, multi-million dollar, beautiful luxury homes, only to have serious foundation settling over the first 5-10 years of ownership (and the repair bill was in the hundreds of thousands!).

My wife and I never bought high end luxury cars even though our salaries would have allowed us to.We always maxed out our retirement accounts.I also listened to my mothers advice as a young person that I never ever pay any of my bills late.