Your Guide to Chicago Penthouses Life in a luxury building is already great; why choose a penthouse? A penthouse offers many advantages over even the most upgraded units in many residential high rises. Here are a few of the things you can expect: Unique floorplansWhile many of the homes in a building have a similar layout and design, penthouses usually offer larger, more distinctive, and even customizable floorplans. This offers you the opportunity to focus your interior design on the most desirable features and views. See Chicago Gold Coast Penthouses for Sale Outdoor features Penthouses often come with their own expansive outdoor spaces, including oversized terraces, roofdecks, and even pools and other recreational options. This offers you more space for outdoor seating, dining, and entertaining. See Streeterville Penthouses for Sale Greater privacy Forget listening to the folks on either side or the heavy footfalls of an upstairs neighbor. In a penthouse, you’ll enjoy peace, quiet, and far greater privacy than you will further down in the building. In addition, because many penthouses have a dedicated elevator, even your entrance and exit will be more private. Four Seasons Chicago Penthouses for Sale
Expensive Chicago Penthouse Listings
Posted by Linda Shaughnessy on Saturday, May 2nd, 2020 at 2:05pm.
They evoke visions of luxury and status. Find out why penthouses remain so popular, both in Chicago and across the country.
Mention the word “penthouse” and you immediately think of prestige and exclusivity. A penthouse is commonly considered the most desirable part of any residential building, both because of its view and because of its unique layout and features. If you’re in the market for a Chicago penthouse -- or one in another in-town luxury market around the country -- it’s important to understand what you can expect and what you should consider
Your Guide to Chicago Penthouses
Life in a luxury building is already great; why choose a penthouse? A penthouse offers many advantages over even the most upgraded units in many residential high rises. Here are a few of the things you can expect:
Unique floorplans
While many of the homes in a building have a similar layout and design, penthouses usually offer larger, more distinctive, and even customizable floorplans. This offers you the opportunity to focus your interior design on the most desirable features and views. See Chicago Gold Coast Penthouses for Sale
Outdoor features
Penthouses often come with their own expansive outdoor spaces, including oversized terraces, roofdecks, and even pools and other recreational options. This offers you more space for outdoor seating, dining, and entertaining. See Streeterville Penthouses for Sale
Greater privacy
Forget listening to the folks on either side or the heavy footfalls of an upstairs neighbor. In a penthouse, you’ll enjoy peace, quiet, and far greater privacy than you will further down in the building. In addition, because many penthouses have a dedicated elevator, even your entrance and exit will be more private. Four Seasons Chicago Penthouses for Sale
More sunlight
In taller buildings, penthouses arel far above the shadows cast by other downtown buildings. In addition, you’ll have additional exterior windows and even skylights to let the sun shine in. See Vista Tower Penthouses for Sale
Upgraded finishes
Penthouses are often the showplace homes in a residential building. In order to justify their higher status, finishes may be more luxurious and customizable than those you’ll find in the building at large. These upgrades contribute to the penthouse’s higher overall value and lower market volatility.
Spectacular views
Of course, one of the most important and desirable features of a penthouse is the panoramic view. A great location and the ability to see the city stretched out below you -- who could ask for anything more? 1000M Penthouses and Luxury Condos for Sale
What to consider during your Chicago penthouse search.
If you’re considering looking for a penthouse in one of Chicago’s spectacular luxury buildings, there are a number of things to keep in mind. That’s why it’s important to work with a real estate agent or broker who is experienced in working with these unique properties.
Be sure to discuss the following with your real estate professional:
Will today’s view be obstructed by pending construction projects?
So much of the value of a penthouse comes from its view. How do you know that a new highrise won’t go up next year and block both the sunlight and the best part of the city skyline? Ask your real estate representative to check out construction permits in the surrounding area so that you can better determine the risk of change in the short term.
Are there rooftop features that are open to the building’s residents?
Many residential buildings include selling points like rooftop bars, pools, green spaces, and dog parks. Are there any rooftop amenities that are open to other residents in your favorite building? If so, will their access infringe on your enjoyment of your property, either through excessive noise or a lack of privacy?
How much customization can I expect?
If it’s important to you to make your penthouse over into your dream home, you’ll need to find out what limits apply to your ability to customize your space. Is there room to expand, either outwards or upwards? How much control do you have over the facade and the outdoor spaces? How much control will the building retain over what you can do with your penthouse?
What is my responsibility for maintenance of outdoor spaces?
If there’s a blizzard, will you be responsible for clearing the roof of snow? If there is elaborate landscaping, is its upkeep your responsibility or that of the maintenance crew? Do workers need to pass through your property to conduct routine maintenance or inspections? Be sure you have a clear idea of the limits and requirements.
How much of the space will I actually own?
In many multi-family buildings, owners only enjoy walls-in possession. While that might mean that you save on exterior maintenance, it could also mean that you give up some ownership rights, especially in regards to the outdoor spaces or facade. Understanding your ownership rights will ensure that you don’t experience any unwelcome surprises down the road.
What else should I consider?
As with anything else, it’s important to take into consideration the downside of penthouse ownership. Be sure you’ve thought through the following:
- Are you planning to retire soon or is mobility an issue for you? A penthouse is elevator dependent, so you may have to walk down dozens of flights of stairs in the event of a power outage or emergency building evacuation.
- Penthouses are more vulnerable to weather conditions, so you may experience higher maintenance costs and need to be more vigilant for roof leaks and water intrusion.
- What are the long-term prospects for resale? Luxury penthouses have a limited buyer pool, so it may take you longer to sell.
Talk to your real estate professional about any concerns you may have and determine whether the penthouse you’ve chosen is right for you and your particular requirements.
Nothing tops the universal appeal of penthouses. Whatever market you’ve got in mind, there are brokerages specializing in penthouses, .And, of course, for the most luxe Chicago penthouses, look no further than our own penthouses page. There you'll find a selection of current listings and a place to reach out and set up your custom search