Welcome to this real estate blog. I started it back in 2009 and have kept it running ever since, originally just to share realty listings I came across so people would know what’s available. I still maintain those listings, but in the years since I’ve also added tips and information to help people shop for new homes, whether to rent or buy, how to set their budget, how to sell their home, how to choose a real estate agent, and so on. My hope was to make real estate as an industry more open and transparent, to help both homeowners and realty agents alike.
Luxury Condos — Are They Worth The Price?
Expensive and deluxe condos are all the rage now, especially in bigger cities that tend to offer a more exclusive lifestyle—Trendy, rich neighborhoods near a city’s downtown core and all the attractive amenities anyone could want. The luxury condos themselves offer large and spacious suites as well as services such as a concierge, high-end fitness centers, and so on.
It’s a trend that seems to appeal to people of all generations: baby boomers whose kids have all moved out and are looking to downsize their houses and younger Millennials who don’t want to buy a house yet and prefer to rent. But are these luxury condos, whether you rent or buy them, worth the money?
First of all, just how expensive can they be? On average their monthly rent is twice as high as the average rent of more traditional condos and apartments. According to The Luxary Team, the purchase price of a luxury condo on average price is in the millions. The amenities and locations of these condos might be very appealing, but those prices can drive away a lot of people. But maybe you’re on the edge of being able to afford such a condo and are wondering if it’s worth it.
Well, in the end it really depends on you — your finances, your future, and your current preferences. If you can afford it now and are likely to see an increase in your savings or income in the future, it can make sense to get the condo if you really like it. You might start out not being able to afford as much outside of the cost of living, but if you don’t mind sacrificing some of those things to be able to live in a luxury condo with concierge service, a fitness center where you live, pet facilities, and so on that’s your choice to make.