Pros and Cons of living in a highrise condo in Chicago (Lincoln: leases, condos)

[SA0687]

I'm planning on moving to Chicago in the next 3-4 months and am interested in looking at highrise condos but since I've never lived in a condo before, they may turn out to not be right for me. I was hoping some posters on here who know a great deal about highrise living could help me. I'm looking for the pros and cons. And I'm also leaning toward the Downtown area - The Loop, River North, and Gold Coast specifically. They're a little bit pricey but I think it's worth it since everything's pretty much right there at your doorstep. Thanks in advance!

[jessiegirl_98]

I liked highrise living for the following: I had lots of amenties (pool, garage, workout facility, business center, grocery store), it was very safe....

Why I didn't: was really expensive (moved to west lakeview and got a 3 bedroom coachhouse for the same price), parking was really expensive, I had LOUD neighbors who would listen to techno 24-7 (this could happen anywhere)

[Lookout Kid]

Pros:

-Views

-Security, and doorman service. It's more difficult to burglarize a high-rise buidling with a door man, and they help make sure you get in the door safely.

-Ammenities, like a fitness center, party room, pool, pacakge handling, commisary, etc. It all depends on the building, of course.

Cons:

-Monthly assessments are OUTRAGEOUS in high-rise condos vs. walk-up condos. You will likely pay anywhere from $600-$2500 a month for building maintenance and to pay the doormen, janitors, and parking guys. Elevator and facade maintenance in high-rises can break the bank. This is the biggest "con" for me personally, since these assessments are not tax deductable and do not help to build equity. Also, they are subject to changes by the condo board, and could rise at any time.

-Lack of outdoor space. You won't have a yard of any kind, though some high-rises have common roof decks or patios. And you could always live across the street from a park.

-Compact floor plans. Some vintage Co-op high-rises have sprawling floor plans with huge dining rooms, etc., but most high-rise condos are very compact and lack a lot of storage.

-Isolation. Some high-rises have poor connections to the surrounding neighborhoods. Some are fine and have a great sense of community, however. It might make sense to interview a few building residents to see what the "vibe" of the place is before you buy.

[andrew61]

I think Lookout Kid pretty much covered it. My advice: Try renting a highrise condo at first (instead of buying) to find out if the lifestyle is for you. Standard lease offerings are twelve months but you might be able to negotiate a shorter term if you want, especially since you'll be dealing with individual owners. Afterwards if you decide you like highrise living you can look to buy. Keep in mind, however, that most of these units are currently much more expensive to own than to rent (factoring in not only the monthly mortgage payment, but also taxes and assessments). Pay close attention to what the total expenses are if/when you decide to buy.

[jessiegirl_98]

Ahh, are you thinking about renting or buying? I was referring to renting, but yes, there can be a lot of additional fees with buying. As I mentioned in another post, prices can be upwards of $1000 per month in addition to mortage!!!

Also, beware of short-term leases. They oftentimes charge more and you can end up paying almost as much in rent in say 9 months as you would in 12.

[OrangeAndBlue]

I've lived in both and am currently in a downtown high-rise, which I decided to buy after having rented in the area for a year. I've really enjoyed the high-rise living so far, but it probably won't be for everyone (unless you have a huge amount of cash to spend).

Lookout Kid pretty much covered it for the most part, but I'll add a few minor points:

- I think the estimates for assessments are high. There are many many options where you will spend "only" about $300 - $500 a month in assessments, especially if you buy a 1BR. You could go even lower and certainly a lot higher too, but I don't think $600-$2500 is a very fair indication. BTW: your TV, internet, phone, gas, water, etc. are often included in your assessments.

- Lack of "neighborhood feel". This can be a pro or con depending on what you're looking for. You will sacrifice small neighborhood (and ethnic) restaurants, bars, etc. outside your door and get a lot of tourist traps instead. There is plenty of good stuff downtown, too, you just have to know where to go.

- Easier and more central access to transportation

In your situation, I'd definitely recommend renting something in a downtown high-rise at first. That will offer you the chance to give that lifestyle a try to see if you like it and it will give you plenty of time to shop around to find the right condo for you to buy. Also, if you're new to the city, it will give you the opportunity to check out some other neighborhoods before you settle down and buy, just in case you don't like it downtown.

[rosscountry]

if you are looking for the neighborhood feel with some trees and retail, restaurants around the corner look at East Lakeview on Hawthorne Place and Lakeshore Drive Or the gold coast area.

The Pros of a full service condo: everything feels easy almost as if you are being pampered. If you get one with a pool and deck, fitness center, doorman, maintenance man, dry cleaner in the building you should have every amenity one should need besides a personal chef.

Cons: If you have a pet be prepared to walk for a while as there is more concrete than grass in the city.
Parking. Make sure you get one in the building. This will be especially important in the winter months or if you are in an area where finding a legal spot on the street can take a half hour.

[rosscountry]

Let me know how your search is coming along

[JohnDoe2008]

pros: the view. the professional feel aka the cool factor. the future value can only go up now that living in the city is attractive again. the safety, inside your place at least, not so much once out in the street cause they tend to be in places where not much is going on. check the cons.

cons: the price, but I think its worth it (get one without a doorman). The parking, for your visitors especially. The location, a lot, if not all, are in areas that theres nothing around, and no one around when the sun is on its way down. people can look in your window with a telescope or binoculars easily if you leave it open at night, that might be a pro though, if your into that kind of stuff.

[jessiegirl_98]

Originally Posted by JohnDoe2008

pros: the view. the professional feel aka the cool factor. the future value can only go up now that living in the city is attractive again. the safety, inside your place at least, not so much once out in the street cause they tend to be in places where not much is going on. check the cons.

cons: the price, but I think its worth it (get one without a doorman). The parking, for your visitors especially. The location, a lot, if not all, are in areas that theres nothing around, and no one around when the sun is on its way down. people can look in your window with a telescope or binoculars easily if you leave it open at night, that might be a pro though, if your into that kind of stuff.

And if you live in a 3 flat, people can't look into your window without a telescope or binoculars????? And there is definitely not anything to do around Lincoln Park or Rush/Division, or many other places you will find highrises.