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| Vertical Living |
Investment: Many people decide to purchase a vertical living residence for the sole purpose of having an investment property. With the prime location of many developments, investors often find that these properties rent more easily and at a higher price than single-family homes. Popular among investors are the condo-hotel properties, as they are placed into the hotel’s rental pool for a large portion of the year, thus becoming a supplemental source of income for its owner. Others choose to make an investment in a second home, offering an urban retreat close to shopping and entertainment destinations.
Rules and Regulations: There are many more rules and regulations in vertical living than in single-family residential properties. Buildings often have strict policies concerning visitors, pet allowance and noise levels. In certain cases, the building policies will dictate how you can decorate and/or alter your residence. While some people may find this restrictive, many people find comfort in knowing that all residents have certain standards by which they must abide. It is always advantageous to familiarize yourself with building rules and regulations, prior to purchasing a residence to determine if they comply with your lifestyle.
Fees: In addition to mortgage payments, residents in vertical living developments are subject to a variety of fee assessments. For instance, building maintenance fees may be charged on a regular basis. Special improvement fees may be assessed as needed. You may also be charged for certain amenities such as parking or concierge service. Many developments have homeowner associations (HOA) that require monthly dues to cover property upkeep, staff payroll, insurance and repairs to the building. HOA dues and any other potential fees must be disclosed before purchasing a residence, so be sure you are fully versed prior to making your decision.
Understanding the Difference
Once you have considered every aspect of vertical living, it is time to determine what type of vertical dwelling is right for you. As previously mentioned, San Antonio offers a variety of developments including high-rise and mid-rise condominiums, lofts and condo-hotels. Below is an a summary of each variety of vertical living to better help you make the best decision for your personal needs.
— High-rise Condominiums
High-rise condominiums provide a type of home ownership in which the owner owns the individual residence and jointly owns common parts of the property. Because of this shared ownership, owners are subject to maintenance fees assessed by a property management company or HOA. Also, as a result of the high costs associated with building high-rises, this category frequently consists of high-priced, luxury residences. The amenities will often correspond to the prices, reflecting an unmatched level of decadence and quality services. It is commonplace for high-rise condominiums to feature fitness facilities, swimming pools, valet and concierge services and top-notch security.
— Mid-rise Condominiums
Mid-rise condominiums are typically five to ten stories high and usually do not feature the amenities of high-rise developments. While a mid-rise may have a pool or a fitness center, they generally do not have any onsite management personnel. This results in lower fees for mid-rise owners. Mid-rises also have mid-level prices, often at a much lower cost than a comparable residence in a high-rise. Mid-rise owners also enjoy the relatively small size of their building community. In addition, these developments often have a lower rate of owner-occupied residences than high-rises. One advantage usually found in mid-rise developments is the roof-top garden or common roof deck. These features offer outside space with minimal cost to maintain.
— Lofts
Loft living is renown for its open-floor plan style that allows for maximum space. Usually found in industrial areas, many lofts were originally commercial buildings that were then transformed into contemporary living spaces. Frequently, loft developments highlight the original architecture of the building, complete with high ceilings, exposed duct work, original wooden floors and expansive windows. In other cases, the owners may customize their residence to fit their specifications. Lofts are very popular among people who work from home because of their open spaces and well-lit rooms. They are also wonderful venues for small parties due to their flexible floor plans. Like condominiums, lofts offer many amenities including fitness centers, salons and housekeeping services.
— Condo-hotels
Condo-hotels, also known as condotels, are high-rise luxury properties similar to high-rise condominiums. The one major difference is that condo-hotel developments are owned and operated by well-known hospitality companies such as Hyatt, Hilton, Trump and Starwood. The amenities offered by condo-hotels are typically unsurpassed and include world-class dining, high-end spas, full-service concierge and numerous pools. Owners of hotel-condos enjoy use of their residence at certain times during the year. When they are not using it they can place the condo into the hotel’s rental program and receive a portion of the revenue it generates. The hotel takes care of renting and cleaning the condo as well as all other management functions. The revenue received from the rental helps to offset the high fees associated with this type of ownership.
San Antonio’s area Selection
As mentioned in the beginning of this chapter, there are three areas in San Antonio where vertical living developments are concentrated. While the downtown area is home to the majority of new, high-profile vertical developments, both Alamo Heights and the area near the South Texas Medical Center offer a variety of vertical dwellings. The following section provides a sample of select properties available in each area.
Rules and Regulations: There are many more rules and regulations in vertical living than in single-family residential properties. Buildings often have strict policies concerning visitors, pet allowance and noise levels. In certain cases, the building policies will dictate how you can decorate and/or alter your residence. While some people may find this restrictive, many people find comfort in knowing that all residents have certain standards by which they must abide. It is always advantageous to familiarize yourself with building rules and regulations, prior to purchasing a residence to determine if they comply with your lifestyle.
Fees: In addition to mortgage payments, residents in vertical living developments are subject to a variety of fee assessments. For instance, building maintenance fees may be charged on a regular basis. Special improvement fees may be assessed as needed. You may also be charged for certain amenities such as parking or concierge service. Many developments have homeowner associations (HOA) that require monthly dues to cover property upkeep, staff payroll, insurance and repairs to the building. HOA dues and any other potential fees must be disclosed before purchasing a residence, so be sure you are fully versed prior to making your decision.
Understanding the Difference
Once you have considered every aspect of vertical living, it is time to determine what type of vertical dwelling is right for you. As previously mentioned, San Antonio offers a variety of developments including high-rise and mid-rise condominiums, lofts and condo-hotels. Below is an a summary of each variety of vertical living to better help you make the best decision for your personal needs.
— High-rise Condominiums
High-rise condominiums provide a type of home ownership in which the owner owns the individual residence and jointly owns common parts of the property. Because of this shared ownership, owners are subject to maintenance fees assessed by a property management company or HOA. Also, as a result of the high costs associated with building high-rises, this category frequently consists of high-priced, luxury residences. The amenities will often correspond to the prices, reflecting an unmatched level of decadence and quality services. It is commonplace for high-rise condominiums to feature fitness facilities, swimming pools, valet and concierge services and top-notch security.
— Mid-rise Condominiums
Mid-rise condominiums are typically five to ten stories high and usually do not feature the amenities of high-rise developments. While a mid-rise may have a pool or a fitness center, they generally do not have any onsite management personnel. This results in lower fees for mid-rise owners. Mid-rises also have mid-level prices, often at a much lower cost than a comparable residence in a high-rise. Mid-rise owners also enjoy the relatively small size of their building community. In addition, these developments often have a lower rate of owner-occupied residences than high-rises. One advantage usually found in mid-rise developments is the roof-top garden or common roof deck. These features offer outside space with minimal cost to maintain.
— Lofts
Loft living is renown for its open-floor plan style that allows for maximum space. Usually found in industrial areas, many lofts were originally commercial buildings that were then transformed into contemporary living spaces. Frequently, loft developments highlight the original architecture of the building, complete with high ceilings, exposed duct work, original wooden floors and expansive windows. In other cases, the owners may customize their residence to fit their specifications. Lofts are very popular among people who work from home because of their open spaces and well-lit rooms. They are also wonderful venues for small parties due to their flexible floor plans. Like condominiums, lofts offer many amenities including fitness centers, salons and housekeeping services.
— Condo-hotels
Condo-hotels, also known as condotels, are high-rise luxury properties similar to high-rise condominiums. The one major difference is that condo-hotel developments are owned and operated by well-known hospitality companies such as Hyatt, Hilton, Trump and Starwood. The amenities offered by condo-hotels are typically unsurpassed and include world-class dining, high-end spas, full-service concierge and numerous pools. Owners of hotel-condos enjoy use of their residence at certain times during the year. When they are not using it they can place the condo into the hotel’s rental program and receive a portion of the revenue it generates. The hotel takes care of renting and cleaning the condo as well as all other management functions. The revenue received from the rental helps to offset the high fees associated with this type of ownership.
San Antonio’s area Selection
As mentioned in the beginning of this chapter, there are three areas in San Antonio where vertical living developments are concentrated. While the downtown area is home to the majority of new, high-profile vertical developments, both Alamo Heights and the area near the South Texas Medical Center offer a variety of vertical dwellings. The following section provides a sample of select properties available in each area.
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