It's the lemmings that we have become... we have apartments in downtown LA that we rent out. Not the greatest of neighborhoods, and the rent is cheap. Yet, you'd be surprised out how many prospective renters there are who say "I want granite countertops, stainless appliances, and hardwood floors..." Really? C'mon... it's $1300 for a 2BR apt... These are the same people leasing a BMW 328i or a MB C300 because it's a cheap way to drive the bottom end of the luxury lines... (I'm not saying leasing is a bad thing, but it is if it's the only way you can afford the car you want). We all feed our own inadequacies by false materials wants and needs. Further, alot of the upgrades done in the past 3 years were financed by HELOCs in excess of what the house was even worth.
It's so easy to fool these people... We use laminate flooring that we get a $.90/ ft, use pre-fab granite that you can get a $229 for a 8foot slab, and veneered particle board cabinets. If you use the white cabinetry, you can get away with matching white appliances because it remains visually appealin. People then come in and say "wooooow.. it's so NICE in here!!!"....