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What makes a condo luxurious?

A luxury condominium is equipped with modern and expensive finishes. Its build quality is always superior. The house exhibits a tasteful architectural touch in every detail. Top-quality condominiums feature a residential experience that offers concierge services. They aim to give you elegance along with the practicality of living.

Costs to consider while buying a high-end condominium

Upfront cost

It is the initial cost of buying real estate. Such costs include fees related to inspection, appraisal, prepaid property tax, down payment, prepaid home insurance, earnest money, and all other closing costs. Closing costs are approximately 1.5% to 4% of the purchase price. For new construction and high-end properties, the cost can exceed 5%.

Monthly Expenses

The prime monthly expenses include mortgage and condominium insurance payments, association dues, and property taxes. Condo maintenance fees vary from $300 to $400 on average. As luxury condominiums are more in price, the expenses are expected to be higher than traditional home units. Principal or interest payments can add another thousand to the monthly expenses.

Amenities

There are additional costs to consider when owning a property, especially when it is expensive. Depending on the amenities included, the fees charged can wildly swing, directly impacting the maintenance cost of condos. A high-end condo property is never in shortage of amenities which can hit the charge of $1000.

The True Cost Living In A Luxury Condo

To discover the true costs of living in a luxury condo, we conducted research throughout different cities in the US. The analysis will impart the names of five developers who are preeminent and exceptional at building luxury condominiums.

ETCO Condo

ETCO Homes serves an outstanding collection of condos in Southern California. The unique floor plans with excellent community arrangements facilitate an extensive group of buyers in Los Angeles. ETCO’s One Coast is an exclusive complex of 53 premium condo suites in Pacific Palisades. Units with 5 beds and 5 baths have two different sizes of floors. But it won’t cost further if you choose 4.8k sq.ft.

Bed	Bath	Floor Size Sq.Ft.	Price
5	5F 11/2	4,834	3.499M
5	5F 11/2	4,384	3.95M
3	3F 11/2	3,488	3.55M

Aruba Condominium

If you are looking for the right combination of expediency and splendor, Aruba Condominium comes to mind first. Daytona Beach Shore’s best indoor suit experience awaits you at Aruba Condos. You can make peace with the serene atmosphere after a day full of fun beach activities.

The Aruba Condominium is well known in Atlantic Avenue for offering spacious condos at a good price. It is not ordinarily expected to find beautiful seafront living accommodations at prices below $900K. While each of their condo units, combining 3 beds and 2 baths on a 1380 Sq.Ft. space is listed at $649.9K. Moreover, these condos have offered the lap of luxury in the name of amenities so that you do not have to payout extra bucks on taking outward service.

Aspen Heights Condos

Austin’s luxury market skyrocketed during the pandemic. To ensure assistance toward the demand, Aspen Heights Partners create the finest places to call home in the form of fully integrated condos. The team offers unbeatable luxury through ‘The Independent’ which is a 58 -story, 370-unit condo property. The real estate is also known as Jenga Tower whose design is inspired by the bold pneuma of Austin. There are one to four bedroom units ranging from 750 to 3,000 sq.ft. in The Independent. The available units are being sold on a considerate price scale of $799K to $1.835M.

Luxury Real Estate Sales Rose 42% During Pandemic. Source: Redfin Analysis of MLS Data

Dezer Condo

It is no secret that Dezer is one of the leading condo developers in Miami. Dezer Development is a city-based builder that covers 27 acres of seashore land in Sunny Isles Beach. The coastal neighborhood is supposed to be recreated with luxury condo buildings. With their creative housing insight, Dezer developed an 813-unit luxury condominium Trump Towers, a series of three separate towers winging 45 stories. The units are in a variety of rooms and prices.

Bed	Bath	Floor Size Sq.Ft.	Price
2	2	1,463	1.199M
2	3	1,935	1.9M
3	3F 11/2	2,558	1.995M

Bishard Condo

Virginia Beach is the land of high-end townhomes and condominiums. The blossomy coast has been served with quality condos by Bishard Homes for more than two decades. Bishard offers luxury in its thoughtful architectural style incorporating Coastal and Southern Living. They cater to people of all income levels. If you choose the luxury home series, the price will hover between $900K and $2M.

Is living in a luxury condo worth the cost?

When you desire luxury, you should not be so solicitous about the cost. It is usual for a buyer to outlay a stream of cash flow when the property comes with all fulfillments. As you spend the money, a wide range of amenities arrive at your doorstep. A condo on the higher end of the spectrum provides you security of life, elegant community, easy maintenance, great location, modern vibe, in a word, total comfort.

Buying a condo is a fantastic idea if you are looking to downsize from a large home or if you want to get a bit of an upgrade from a boring apartment. They have started to become more and more popular in the last few years, with so many people choosing to deal with a smaller place instead of worrying about all the extra repairs that might come along with owning a house. If you have thought about investing in some condos to use as rental properties, you should have a look at this great article to find out how to buy a condo in the US and rent it out fast.

Condo Market In US

Current State of the Condo Market:

There are around 5 million condos in us which made it a billion dollar market. According to the National Association of Realtors (NAR), condos and townhouses accounted for 14% of all existing-home sales in 2022, up from 12% in 2021. This increase can be attributed to several factors, such as affordability, low maintenance, and urbanization. Tucson, Philadelphia, Oklahoma City, St. Petersburg and Torrignton are the five most demanding area to run rental condo business.

Condos are often more affordable than single-family homes, making them a popular choice for first-time homebuyers and downsizing seniors. Additionally, condos require less maintenance than a house, as the condo association is responsible for common areas and exterior maintenance.

Trends in the Condo Market:

One of the biggest trends in the condo market is the shift towards urban living. With more people moving into cities, the demand for condos in urban areas has increased. Developers are responding to this demand by building more high-rise and mid-rise condo buildings in urban centers. Another trend in the condo market is the rise of luxury condos with exclusive amenities, such as rooftop pools, fitness centers, and concierge services. These amenities can help differentiate a condo building from its competitors and attract high-end buyers.

Steps To Follow To Find and Rent Out A Condo Fast

Step 1: Figure out your budget and what you want to look for

Once you figure out how much you want to invest, you will be able to quickly narrow down the areas you are less likely to purchase. Condos can vary quite a bit in price from state to state, so think about how much you want to spend before you start looking. If you don’t know the exact number, talk to a financial expert, and they will be able to help you figure out what your finances will look like before you consider making a large investment.

Step 2: Figure out who you need to talk to

If you are buying a condo from an area that you are not local to, then you will likely need to work with a realtor to ensure that you are getting every step completed. Some places require you to work with a local property manager to ensure that your condos are being well taken care of, so you might need to consider talking to a property manager that works for the building. This all depends on what is required by the area you are purchasing from, so do as much research as you can to ensure you are meeting all of the requirements.

Step 3: Make sure it’s worth it

If you see a fantastic price on a newly listed condo, you should make sure it’s going to be worth your money before you get too excited. The property value is much more important than you think, so have a look at whatever you can find out about the building it is located in. Some condo buildings are rife with issues that give them a bad reputation, and investing in these units will likely make you lose money. Check out the average prices for condos in the neighborhood and look up reviews on the building so you can see if there are any significant problems that might turn your investment sour.

Step 4: Check out the neighborhood

One tip that is great for investors is to consider what the entire neighborhood looks like so you can get a better idea of what the property values will look like in the future. Places like Torrington are full of new stores, which shows the area will continue to rise in popularity, and that is great if you are looking to sell a condo in the future. If the neighborhood looks like it hasn’t had a new store in the last decade, then you should probably avoid it. These neighborhoods often deter new residents, so it will be much harder to rent out the condo, even if the building itself is in excellent condition.

Step 5: Finalize the sale

Once you have found a condo you like, it’s time to make an offer and finalize the purchase. You can work with your realtor and decide what is a good price to offer but make sure you use the research you have done on the property value to decide on your final offer. A realtor will be able to help finalize the sale and pass the ownership over to you, even if you don’t live in the same town. Once you have finalized all of your paperwork, you can start getting your new condo ready for potential buyers.

Step 6: Make it look great

After you have made your final purchase, you will likely want to do whatever you can to make sure it is rented out as soon as possible. If the condo is empty, consider hiring a professional to come in and stage it for photos so new renters can get a better idea of what the space will feel like. Homes that are staged rent far quicker than those that are left empty, and you will likely have a much larger renter pool to choose from if the condo is more appealing to a wider group of people.

Step 7: Market it right

Now that you have gone through the purchase process, you can start to consider what you will need to do to make your condo appealing to new renters. Most buildings won’t allow you to make major changes, but you can still do the best you can with what you have by hiring a professional to give it a good image. Talk to a local photographer or videographer to get some great shots and video tours of the condo to make sure the listing stands out among others.

Step 8: Keep up with it

One major mistake many investors make when it comes to rental properties is forgetting about keeping up with them. If you can’t get there all the time, ask your property managers to give you updates on whatever they need to so you can make sure you are on top of things as much as you can be. There’s nothing like hearing a renter is moving out because of issues that could have been prevented if you had decent communication with your property manager. Do your best to stay updated on any issues or problems that might come up, so you can get them sold as soon as possible.

Renting out a condo is one of the best ways to make a bit of extra income, and condos have become more popular than homes in many metro areas. They have become popular all over the country, with so many people choosing to reduce their overall expenses and ditching their large homes for smaller spaces which makes them perfect for anyone that is looking to invest. If you want to invest in some condos, now is one of the best times to do it, and there are plenty available all over the country, so you can find one (or a few!) that will fit your budget.

Author: Shannon Quantock

Tag: Condo

The Price of Luxury: How Much Does It Really Cost to Live in a High-End Condo?