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.

You can see these fundamentals reflected in the crazy rent growth we've seen over the last 5 years.Developers are putting in thousands of new units, but because ground up construction is so expensive, they all end up as "luxury" rentals which many folks are priced out of.Regarding foreclosures - as a % of overall sales we are at a historical low, but who knows when that will turn around.

We live in a 3/2.5 luxury townhome in W Seattle right now and just bought another home with a ready to go ADU in W Seattle (under list price) with traditional financing.

My gut tells me that we’re not looking at 2007 again but we are looking at something different and I expect to see some price softening, especially at the “luxury” level that is overbuilt and in particular markets.

Long Pond, Lake Mascuppic, dont forget not to far from there about an hour to hour/half you have NH - Lake Winnipesauke and surrounding lakes which is a Summer and Winter attraction due to the Summer lodging, boating, Jetski's and the Annual Huge Ice Fishing tournament.

The third one would be that most new MF builds are now being built with luxury finish outs because they have identified the trend that renters are now renting by choice, not because they can't afford to purchase a home.

If it is a cheaper property ADR I think it is less important and only really recommend it for luxury/high end properties.

If it's a super luxury property, then maybe. 

Also Carls Rip Van Winkle Motor Lodge with a $7mm investment and the Astoria Motor Lodge was recently purchased and is being renovated. 

Not to mention it led me to put a 330 high-end, luxury deal together.