Luxury Condominiums are one of the hottest property types within the luxury real estate vertical.
Offering the most luxurious features and amenities at prices within reach give luxury condos a special place in our heart. Understanding that condo sales require a specialty – we have went to great extents to find the best REALTORS in the country for condominium sales. Although most real estate agents can work with you on a condo purchase — you REALLY should use an expert.
Whether you are looking for your first truly luxury property, simply love the idea of not having to maintain your home, or simply love the idea of the urban lifestyle, we offer luxury condo across the country.
We break condo sales into three distinct types:
Luxury Waterfront Condos
Luxury Urban Condos
Reasons To Own a Condo
Condos offer maintenance free living with a luxury lifestyle. Many off the most desirable locations in the country simply can not fit single family homes. Take beachfront properties for instance. There is simply only so much beach. For that reason, it makes perfect sense to build UP.
This lets hundreds, possibly thousands of people, have the ability to live in a relatively small area that has tremendous demand.
Condominium Sales Are Different
Luxury condo sales are very different than purchasing luxury single family properties. When you purchase a condominium, you are buying into a particular complex. All property owners own a percentage of all of the “common areas” which may include the parking lot, the outside of the buildings, pools, tennis courts and much more. All property owners pay a condo fee to the complex, which covers the maintenance of the common areas, liability insurance and insurance on the building or buildings. The condominium complex is made up of a board of directors. The board of directors generally represent the owner of the complex in making day to day decisions on operations and financial issues. They dictate how and what the money is spent on.
In some instances, the condo association will need to have a special assessment to pay for something. For instance, if the pool needs to be re-done and there is not enough money saved in the reserves, the money that is required for the pool repair will be acquired by charging all of the owners of the condo complex. This charge, is called a special assessment. Another thing that may require a special assessment is if the roof need repair or is damaged in a storm and the insurance deductible needs to be paid. Because these are all costs that are for the common elements of he condo complex, the owners ultimately pay via the special assessment. Once the money has been raised via the special assessment, the charge falls off.
Anytime a luxury condo is purchased, the new buyer should review the condo documents in great detail. These documents cover the rules and regulations of the complex as well as the finances and the meeting minutes. As a buyer of a luxury condominium, you should review these documents with great care and detail. These documents will let you know the financial strength of the association as well as insight on any pending special assessments. The rules and regulations will cover all of the things that you can and cannot do as a property owner in the complex.
Why You Need a Condo Expert
Because luxury condo purchases are very different than purchasing a single family residence, you should look for the assistance of a condominium expert when thinking of buying a condo. A REALTOR that specializes in condo sales will understand all of the nuances in your home purchase. They know what documents to request as well as what to look for. In many instances, they will have a personal relationship with the individuals that run the condo association and get get the “inside scoop”. Because condo experts only work in the buying and selling of condominiums, they usually have experience with the most popular complexes and know the strengths and weaknesses of each condo.
Talk to an Expert
If you are looking to purchase a luxury condo — contact us! We can put you with a REALTOR that has the experience you need to make an educated decision on your condo purchase.