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
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%.
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.
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 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.
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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
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.
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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.
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