Hotel Condominiums in Chicago: A Home Buyers Guide

Chicago Real Estate

Chicago condos are a particularly good option for first-time home buyers. Chicago real estate is a mix of great family neighborhoods, young singles neighborhoods, high-income neighborhoods and more casual environs. Chicago real estate is difficult to generalize, as demographics and property value can change dramatically from one neighborhood to the next. The 70 plus neighborhoods that make up Chicago real estate is rich in history and renowned for their beautiful architecture.

What are Hotel Condos/Condo Hotels?

Increasing in popularity, hotel condos are being erected throughout Chicago. Many variations on condos have occurred over the past few years and this new variation is sweeping every major metropolitan area in the nation. Why? Because of the key differences and the step up from a "luxury" condo to a 4-star luxury condo hotel.

Luxury Condos:
  • Standard amenities such as a basic lobby, pool, fitness center.
  • Services typically stem from general maintenance of the facility and may include laundry & cleaning at an extra charge; some offer security, storage, and indoor heated parking ($20,000 extra per year).
  • Unfurnished units possibly uniquely accented with hardwood floors or high end finishes in kitchen and bathroom; stainless steel appliances, and if you're lucky, a terrace/balcony.
Hotel Condos:
  • Basic amenities include whirlpool tub, indoor pool, on-site day spa, fitness center w/ aerobic training and cardio equipment, concierge, business center, high-speed elevators, entertainment area, meeting rooms, and all the conveniences allotted to luxury hotels.
  • Services include cleaning, laundry services, room service, front desk answering service as well as guest announcements for visitors. For many the option of valet parking in the attached garage facility is available.
  • General units come pre-furnished with designer accents, plush carpeting, marble floors in bathrooms, chrome accents and custom cabinetry.

Financing

The principal players in a real estate purchase are the Lawyers, Real Estate Agents, and Lenders. Many lenders will work with the borrowers in paying back the money owed. Lenders like to see a consistent job history. Mortgage lenders generally offer a loan rate that is good for 30 days. Direct Lenders offer debt consolidation and investment advice. Compare and compare mortgage loans find mortgage rates and home loans online. Either way, it's important that you educate yourself on Illinois home loans before shopping for a home and mortgage.

COST

The general price range for condo hotel residences is $200K - $2.1 Million. Individuals pay for the luxury services, the prime location and view. However there are many ways to circumvent the high prices attached with living in the lap of luxury.

Owners can also enroll in the hotel's rental program (if available). These programs primarily assist in cost reduction for owners because the hotel handles it all. If using this as a second home or vacation home, this opportunity can really aid home owners because the hotel books your condo for rent while you are gone and takes a paltry 40% of the income.

Chicago real estate is very sought after, many hotel condos are sold out before construction is complete. Find your Chicago hotel condo today!