What exactly is the difference between a luxury and non-luxury condo/apartment? I think it’s mainly a few cheap cosmetic features like countertops and stainless

What exactly is the difference between a luxury and non-luxury condo/apartment? I think it’s mainly a few cheap cosmetic features like countertops and stainless steel refrigerators. Of course developers label everything new luxury because why wouldn’t you spend an additional 1% of your investment on these types of things? The cost of building a “non-luxury” building is almost identical. In either case, you need investors to put up the money to pay for construction and maintenance of the building until enough units have sold/rent to be self sustaining. So even if you build a slightly less cosmetically appealing building, you still need investor capital / “the rich” to do so.