Flex Space Becoming Critical for Buyers of Chicago Luxury Homes and Condos

In luxury Chicago real estate, the design of a home is of the utmost importance. Sure, buyers can make their own changes in line with their personal aesthetics, but things like a smart floorplan or architectural design are generally major markers of a dream home no matter what.

Because of that, the latest development in home design is a big one: flex space.

What is a flex space, exactly? Well, by nature of it, this room lacks a true definition but it does have a few common traits: It’s off the entry hall, near the main living space, near a bathroom. Above the garage is another common flex space that can be used as a theater, an in-law suite, or kids’ room.

But whether it’s called a bonus room, a multi-purpose area or a flexible living space, the idea is that this is undesignated square footage that can adapt to different uses and brings a forward-thinking element to a home’s floorplan. This space is intended to serve changing purposes over time, taking on considerations for structure, wiring or plumbing up front so the room is ready to transform into its future state when needed.

Flexibility is Key in Real Estate Value

While not every buyer is planning for the future when purchasing real estate, it’s still a consideration when thinking about the resale value of your home, as people discuss the floorplan with an emphasis on the future. Especially in ultra-competitive markets, these flex rooms appeal to buyers who want to trade up for more space, but can’t afford the extra square footage.

If you’re building your first home or unsure of your future needs (like say, the number of children you’ll have), having some flexibility is key. Not to mention, our lifestyles are constantly changing: Folks are living with their parents longer than they used to; or parents move back in with their grown children as they need care in their later years. Buyers definitely feel a need to consider such future living arrangements when building or buying a Chicago luxury home. A flex room helps a property stand out from the rest by offering the promise of never outgrowing the space.

Space helps with sale and resale value because it offers a customization that buyers typically can’t get in an existing home. Designating that room as a flex space signals a freedom to do with it as you wish, versus trying to get a buyer to envision a dining room as their home office. Younger buyers see flex space as a way to customize their home—for example, to forego the formal living room without losing the square footage. Older home owners see these as a space that can adapt as they age—for example, being able to move the master suite to the ground floor.

Whether you’re a homeowner, a prospective seller or a potential buyer, it’s a good idea to keep an eye on what’s “trending” in home design and its impact on real estate value. Especially if you opt to take on a remodel or renovation project, I highly recommend you consider how certain features or characteristics will affect a resale down the line.

For more information on the latest in home design in luxury Chicago real estate, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Hot on the Chicago Real Estate Market: Lincoln Park 2550

Working in the Chicago real estate market, there is plenty of news and properties and deals to keep abreast of–some more exciting than others. I’ve been eagerly watching one of the most anticipated new construction projects from the last few years become a reality–Lincoln Park 2550. These brand-new luxury condos are unlike any other property in Chicago, and residents are now moving in to experience some of the finest upscale living in Lincoln Park.

It’s exciting when a project moves from renderings and models to the real thing, and clients can now see for themselves why everyone is talking about this building. I’d be happy to set up an appointment for us to see the building and experience first-hand the building, the units inside and all of the amenities this residence has to offer.

Lincoln Park 2550 Lobby

The entryway at 2550 Lincoln Park. Image from www.lincolnpark2550.com.

The Finest in Luxury Chicago Condos

The project–originally known as Lincoln Park 2520–is one of renowned Chicago architect Lucien Lagrange’s final projects before his impending retirement. One of the most buzzed about features of the final product is the building’s spectacular entryway–magnificent ceilings, beautiful artwork and overall opulence serve as the perfect introduction to residents and guests the moment they step foot into Lincoln Park 2550.

But the elegance of Lincoln Park 2550 goes well beyond the lobby. A few other reasons that luxury buyers are in love with this building include:

Concierge services: In additional to 24-hour door staff and maintenance, the building offers concierge services that are prepared to be at the beck and call of the residents.

Square footage: There are a number of very large units (some floorplans feature more than 5,000 total square feet) in Lincoln Park 2550 that allow residents to have a home in the sky–no need to leave behind an antique or special piece of furniture because of space.

Amenities: From a 1 ¼-acre private park, to the full-service fitness facility, indoor pool, club lounge, private movie theater, a billiards/game room, valet parking and more, the amenities at Lincoln park 2550 leave nothing to be desired.

Kid-friendliness: While room to roam and play outside is a more typical feature of a single-family home, Lincoln Park 2550 includes a park right downstairs from the building’s units, making it easy for families to transition into playtime.

Great schools: The property’s location in the heart of Lincoln Park puts it near some of the best private schools in Chicago like Francis W. Parker and Latin School of Chicago.

Chicago Condos with Plenty of Space
One of the great things about the design on Lincoln Park 2550 is the range of spaces available. Whether you’re an empty nester or a large family, the different available floorplans make this building ideal for a range of lifestyles.

Here’s a closer look at some of 2550’s floor plans. Click each to enlarge:

Lincoln Park 2550 Unit A6 floor plan

Unit A6: A 1 bedroom, 1/5 bath totaling 1,411 square feet. These units face southeast on floors 5-10.

Lincoln Park 2520 Unit B3 floor plan

Unit B3: A 2 bedroom, 2 bath totaling 1,654 square feet. Near the building’s southeast corner and available on floors 3-14.

Lincoln Park 2520 Unit C2 floor plan

Unit C2: A 3 bedroom, 3 bath totaling 2,169 square feet. These units are on Lincoln Park 2550’s northeast corner on floors 3-14.

Lincoln Park 2550 Floorplan Unit C8

Unit C8: A 3 bedroom, 3.5 bath totaling 4,723 square feet. Includes a generous 758 square feet of outdoor space. These units are on the entire southwest corner of the building on floors 4-14.

Lincoln Park 2550 Floorplan Unit D6

Unit D6: A 4 bedroom, 4.5 bath totaling 4,953 square feet. On the building’s sound end, spanning the width of the building for panoramic views from floors 35 and 36, which have only two units on the floor.

Lincoln Park 2550 Unit C3-C4 floor plan

Unit C3-C4: 4 bedroom, 4.5 baths for a total of 5,190 square feet. On floors 11-22, extending across the width of the building to face both northwest and southeast at each end.

The building has 15 floorplans total, so there are a range of options to meet what you’re looking for in a Chicago condo. For a personal tour of the building and to see these units in person, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.