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 Condo is no longer just a cheaper alternative to the single-family home or a retirement option, modern condo market is filled with an ever-expanding variety of options. From ultra-luxury high-rise penthouses that oppose million-dollar detached homes and hotel condominiums that let owners live in luxury to city lofts for young professionals and shipboard apartments, the growing condo market offers a choice for every buyer.
The word condominium actually describes individual ownership in a multiunit structure, but not actually the architecture of a property.
Living in a luxury condo is in demand across the country. Luxury condos have strong growth in all the major markets in addition to South Florida, including Las Vegas, Chicago, New York, and Pittsburgh.
In 2005 1,677 condo sales recorded in the $1 million category only in California, up more than 90 percent from 879 in 2004.
These lavish residences often include a doorman, concierge service, boat dockage, 24-hour monitored security and security staff, maid service, luxury spas, pools, tennis and racquetball courts, state-of-the-art fitness centers, top-of-the-line fixtures and lighting, marble floors, walk-in closets, wireless Internet access in all common spaces (including poolside), owner’s lounges, business centers, wine rooms, movie theaters, and valet and underground parking.
But what is luxury that isn’t cheap. Experts expect that soon the prices for luxury condos can rise from $1,000 to $3,000.
In addition to more luxury, today’s buyers want more room. It is typical requirement of the buyer to have a condo of about 4,000-square-foot units.
How to Choose a Condo?
Here are some tips on how to choose your perfect condominium option. Find out on what you should focus your attention.
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