The demographics within the population are different, but the city has been emerging for some years with developers revamping the urban areas with luxury homes and condos.

I replaced the floors with luxury vinyl plank, I replaced all the doors, and all the trim.

Feeling like by the time I’m ready to retire, retirement will be a luxury, so I’m betting on real estate to help provide that freedom.   

However, it's pretty common to find turn-key rentals and even luxury properties on terms.

The only reason you would convert back to a living room is if it was luxurious and is premium priced. 

I also have the luxury of having more tenants to cover vacancies.

They would not apply for mortgage for a lot.But they would apply for short term luxury apartment with short term lease.They would look for good nice chic SFR in Class A/B and/or luxury MF in Class A.

Quote from @Victoire Van der Pas: You all may want to have a virtual look around in these two luxury vacation homes in Scottsdale, AZ. 

We are still building luxury homes for clients but I wonder how long it's going to last and what that is going to do to the market.

This will help you get a better idea of what tile, hardwood, carpet, plumbing fixtures and light fixtures costs for your rehabs.Once you find the materials you want to use in your rehabs, put the material pricing into your Estimating Tool or spreadsheet that can be used for future reference.For example, let's say you go on Home Depot's website and you see they are selling crappy builder grade vanities for $250 to $500, moderate grade vanities for $500 to $1,000, and luxury grade vanities for $1,000 to $2,000+.