One real estate question that I get asked often is: If I decide to purchase a condo, would a high rise condo be right for me?
Today, I would like to examine the reasons that buyers might prefer a condo to a house, and also, the benefits and drawbacks on high rise condo complexes. First, let’s address whether living in a condo is right for you. The benefits of a condo are easy to understand. One’s everyday chores are simplified by not having to do exterior work or maintenance and one may enjoy additional benefits, depending upon the condo complex, of such amenities as a fitness facility, pool, common area lobby, etc. The upkeep for all of this is rolled up into a convenient monthly condo fee, so one doesn’t have to worry about maintenance. In my opinion, living in a condo is perfect for those with a busy work life, those who are out of town often, and those who would be physically strained by outdoor work and maintenance. On the other hand, if one has privacy issues and does not wish to share a wall, garage or common entrance, condos might not be the ideal real estate investment.
Considering the above, let us presume that you are interested in a condo. The next question is: should I live in a high rise? There are several benefits and draw-backs of high rise living. Several benefits are: a secure common entry door, a door man for security, a great view, a large complex with many residents to share the expenses, and an elevator to take you to your floor. Several draw-backs are: a higher condo fee than in low rise condos, and the possibility in the future of high special assessments for such items as exterior tuck pointing and elevator repairs. Knowing this, you have to weigh and balance your personal condo preference. If you don’t mind a common entrance and want a view of the downtown arch, the Washington University Medical Center or Forest Park, a high rise might be the right choice for you. If you are opposed to paying a higher condo fee for extra services, are afraid of heights or want an easily accessible condo on ground level, then a garden style condo might be more appropriate. Either way, condos in the CWE are a great real estate investment. All that is left is to decide which real estate investment is the right one for you.
As a Realtor in the CWE for more than 30 years, I would be happy to assist you assess your current situation and preferences. Amy and I have sold lofts and condos throughout the CWE and are available for consultations about either purchasing or selling your CWE condo or loft. Call or email us anytime for a market analysis.
Your Realty Team, Paul and Amy Mittelstadt, Realtors
CWE Condo/Loft Experts