One Reason Why Some Chicago Luxury Condos and Penthouses Sell for a Premium

In my last 7 or so years of working with luxury condo buyers in Chicago, there is one piece of advice that has remained the same: look for a property with above-standard ceiling heights.

Ceiling heights play a huge role in the luxury real estate market, as this is a key way in differentiating one condo from another. The standard ceiling height is 8 feet, but an above-standard height ensures that a home will sell quickly and at a premium, which is an important consideration even as a buyer who is thinking about resale value.

That’s why a number of luxury buildings in Chicago feature at least 10-foot ceilings in every unit. Trump Tower, a favorite among luxury buyers, has a standard of 10-foot ceilings, but some floors go as high as 16 feet.

10-foot to 11-foot Ceilings Favored Among Buyers

The Wall St. Journal recently highlighted how important ceiling height is in real estate in other high-end markets. The article noted that buyers will pay a premium for even one extra foot, property with 10- to 11-foot ceilings versus the standard 8-feet can have a price as much as 50% higher per square foot.

So why 10 to 11 feet and not, say, 15 feet? Isn’t bigger better? The 10- to 11-foot mark is often the sweet spot for buyers, providing the extra cubic space that feels luxurious, but without being so overwhelmingly tall that furniture and artwork feel stunted in the space.

The article affirms advice I’ve been giving out for many years to buyers purchasing new construction properties. And it sounds like developers are heeding this advice, as well, as many are coming to the conclusion that raising the ceiling heights by even a few inches will help sell their properties as compared to the competition.

Penthouse Units that Go to Great Heights

While 10 to 11 feet is a “standard” for many luxury properties, Chicago penthouses are often in a class of their own. It is not unusual to have 14-foot ceilings as commonplace in penthouse unit.

Ultra-high ceilings are often sought after by art collectors who are looking for major wall space to hang their works. And since penthouse units often offer sky-high views, the super-high ceilings give way to big windows that showcase the panoramas you can only find in these types of properties.

Depending on the type of property, ceilings heights can play a major role in its design, its level of luxury and its appeal to upscale buyers. I would be happy to demonstrate a few different buildings for you to see how the different ceiling heights play into your preference. I can also give you a list of buildings that are in your budget and details on the ceilings heights of each, so you can see the difference in price between a standard ceiling height and one that might add a few inches.

For more information, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

 

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