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The Miami real estate market saw a 32.6% increase in home sales from Q1 2020 to Q1 2021, with condos making up a significant portion of the sales. However, living in high-rise condos also has it’s downsides. In this blog post, we’ll take a closer look at the pros and cons of living in a high-rise condo, so you can make an informed decision if you’re considering moving into one.
High-rise condominiums, often situated in desirable urban locales, provide residents with an array of benefits, including direct access to shopping, dining, and entertainment opportunities. The proximity to commercial establishments means residents can easily enjoy a variety of amenities and entertainment. This easy access to a range of city offerings is one of the major appeals of high-rise condo living.
Additionally, high-rise condos often have the advantage of being close to major employment hubs. For many condo dwellers, this translates to reduced commuting time. The practicality of living within a stone’s throw of one’s workplace is a significant time-saver and can contribute to an improved work-life balance.
According to a 2021 report by Zillow, the financial implications of choosing a high-rise condo over a traditional home might also be appealing. The report indicated that the median home value in the United States was $295,300, whereas the median condo value was slightly less at $279,200. Given the lower median price point coupled with the convenience and lifestyle benefits, high-rise condos represent an attractive option for new and seasoned homeowners.
Elevated above the city, high-rise condos offer residents the opportunity to enjoy the view of an expansive cityscape or tranquil ocean horizon- right from their living rooms. This unique vantage point is a sought-after feature for many prospective home buyers.
Better yet, some high-rise condos are designed with floor-to-ceiling windows. Not only does this maximize the visual connection to the surrounding environment, but they also bring more natural light into the living space. Studies show that the more natural light- the healthier and happier you’ll be.
High-rise condos offer a unique blend of urban convenience, natural beauty, and architectural design that enhances both the aesthetic appeal and functionality of these residences, making them a compelling choice for today’s home buyers.
High-rise condo buildings often come with the added benefit of access to a variety of amenities, designed to elevate the residents’ lifestyle and promote a sense of community. Most amenities cater to a range of interests, ensuring a well-rounded living experience. These include state-of-the-art wellness and fitness centers, which eliminate the need for separate gym memberships, and a variety of swimming facilities, from outdoor pools with sun decks for socializing to indoor heated pools for year-round use.
Additionally, resident clubhouses or lounges provide communal spaces for events and gatherings, often equipped with entertainment systems and kitchens. Some condominiums further enhance the resident experience with resort-like amenities such as hot tubs or spas on the pool deck. Altogether, these amenities cater to a wide range of interests, elevating the lifestyle quality of condominium living.
High-rise condominiums often boast a range of superior security measures that prioritize residents’ safety and peace of mind. These features typically include a 24-hour doorman, surveillance systems, and controlled access points, all working in unison to protect the community.
A 24-hour doorman serves as the first line of defense, monitoring building access, while security cameras maintain a watchful eye over common areas and perimeters. Controlled access mechanisms, such as keycard entry systems, ensure that only residents and approved guests gain entry.
Additionally, living several stories above ground in a high-rise condo reduces the risk of intruders entering through windows or back doors, a concern with ground-level homes. A study by the National Apartment Association found that high-rise buildings are among the safest types of multifamily housing, with lower rates of property crime and fewer non-resident visitors.
For introverts or those who prioritize privacy, the lifestyle of living in a high-rise condo may feel intrusive. Close proximity to neighbors can lead to noise penetration from surrounding units or the street below, which may be particularly bothersome to those sensitive to noise or working from home.
Elevators and hallways can lead to unanticipated interactions with other residents as well. Sharing an elevator ride with neighbors is a common occurrence, and for those who are more introverted or value solitude, this frequent, close-quarter interaction might feel uncomfortable. Similarly, hallways can echo with sounds from neighboring units, such as conversations or foot traffic, and this lack of sound isolation can be perceived as an intrusion on personal space.
It’s also worth noting that shared spaces require a collective responsibility to maintain cleanliness and respect for noise levels. This shared responsibility can sometimes lead to disagreements if residents have differing views on appropriate behavior or cleanliness standards.
Relocating to or from a high-rise condo presents unique challenges, largely due to the physical constraints and regulations of the building. Elevator usage rules require advance planning, as reservations may be necessary, and moving may be limited to specific hours to minimize disruption to other residents. The size of the elevator can also restrict the volume of items moved at one time, potentially extending the duration of the move.
Furthermore, the layout of the building, with narrow hallways and doorways, can make navigating large furniture or appliances difficult, possibly requiring extra time, specialized equipment, or disassembly and reassembly of items. Understanding and planning for these challenges and regulations can help ensure a smoother transition and avoid unexpected complications.
In a condominium setting, residents have a different level of control over their living environment compared to single-family homeowners. Key decisions about building maintenance, improvements, and rules are made collectively by the condo association, which is usually comprised of elected residents or a board of directors. While this shared decision-making process can create a sense of community and foster structure among residents, it may also lead to disagreements. Standard rules and regulations set by the condo association can also impact various aspects of condo living, such as noise restrictions, pet policies, or the use of shared spaces.
While condo residents can participate in association meetings, vote on issues, and even run for a position on the board, they still need to be prepared to compromise and accept decisions that may not fully align with their individual desires.
Homeowners Association (HOA) fees are a significant factor to consider when living in a high-rise condo. These fees are typically charged monthly to residents for the maintenance of the building and shared amenities. While these services can add significant convenience and luxury to your lifestyle, the costs can be substantial and are an important factor to consider when budgeting for condo living.
Additionally, HOA fees can and often do increase over time. These increases could be due to rising maintenance costs, necessary repairs, or enhancements to the property. In some cases, if a major expense arises that the HOA’s reserve fund can’t cover, the association might levy a special assessment, which could be a significant one-time expense for the condo owners.
Finally, the decision-making process in the HOA might not always align with your preferences. While you have a voice and a vote, you’ll be in a collective decision-making environment, which may lead to some decisions that you do not agree with.
Living in a high-rise condo offers a unique lifestyle that combines the advantages of luxurious amenities, stunning views, top-notch security, and prime locations. However, potential residents must also consider the drawbacks, such as HOA fees, limited privacy, moving challenges, and shared decision-making. The appeal of high-rise condo living will ultimately depend on individual preferences, priorities, and lifestyle choices, as residents must weigh the benefits and compromises inherent in this type of communal living environment. Find more information on buying a high-rise condo in Miami and also, learn about the benefits and drawbacks of urban living in our blog post
According to a report by the Miami Association of Realtors, the median sale price for a Miami condo in Q1 2021 was $311,000. However, prices can vary depending on location, building amenities, and other factors.
High-rise condos can be a good investment, especially if you’re buying in an up-and-coming area. According to the National Association of Realtors, condos in urban areas appreciated faster than single-family homes from 2012 to 2017.
When buying a high-rise condo, it’s important to consider the location, amenities, maintenance fees, and security features. You should also carefully review the building’s rules and regulations, as well as any pending litigation.
The level of customization allowed in a high-rise condo can vary by building. Some may have strict rules regarding modifications, while others may allow more flexibility. It’s important to review the building’s rules and regulations before making any modifications to your unit.
If you’re experiencing noise disturbances in your high-rise condo, try talking to your neighbors and building management. They may be able to address the issue or suggest ways to minimize the noise. You can also consider using noise-cancelling headphones or soundproofing your unit
