The Ultimate 2024 Chicago Condo Tier List: High-rise or Walk-ups?
The Chicago condo market is booming in 2024, but which condo types are best for getting your own slice of the city?
From co-ops and converted condos to high-rises and townhouses, find out which Chicago condos are right for you.
“This is as close as you can get to a single-family home with a condo...”
Cooperative “Co-op” Condo buildings: D-Tier
Co-ops are condos where instead of owning a unit, you own shares in the whole building.
These can be a nightmare for real estate agents because buyers can’t get financing, assessments are high, and you need a personal financial statement. Plus, there’s an interview process designed to be exclusive.
They’re not buyer-friendly, making it clear why they land in D-tier. However, if you are looking for minimum riff-raff they may be for you.
Converted Condos: S-Tier
Next up, we have converted condos—think lofts and factories turned residential. These are gold.
Why?
Because they offer unique features like floor-to-ceiling windows, concrete or timber ceilings, and high ceilings. They’re robust, interesting, and clients love them. They’re easy to sell, and they stand out in a sea of bland buildings, making them an obvious S-tier choice. If you want to avoid cookie-cutter, a converted condo might be for you.
Garden Units: C-Tier
Garden units, which you can often find in basements or at lower levels, are a love-it-or-hate-it deal.
While security and water issues are valid concerns, these units offer big savings—about 25% less than other condos. If you can get past the basement factor garden units provide excellent value, hence the C-tier ranking. Don’t believe the security and water hype.
High-Rise Condos: C-Tier
High-rise condos are those built at seven stories or higher, and they are an all-around average choice.
While they come with amenities like gyms and pools, they lack personality and community feel. Waiting for elevators is a hassle, and the units can even feel like living in a box at times.
You’ll have plenty of perks living in a high-rise, but the drawbacks keep this condo type stuck in C-tier.
Mid-Rise Condos: B-Tier
Mid-rise condos, which are those in buildings under seven stories, offer a nice balance.
They provide high-rise amenities like doormen and elevators but maintain a smaller, more community-oriented environment. Fewer units means more intimacy and community feel, putting mid-rises in a solid B-tier.
Townhouses: A-Tier
Townhouses are about as close to single-family homes as you’re gonna get when looking at Chicago condos in 2024, making them a fantastic choice across the board.
They usually come with an attached garage and a slice of outdoor space, along with good privacy and living space. The only real downside is the vertical living arrangement, which can be a challenge especially hauling babies.
Despite this, townhouses offer a lot for the price, easily landing them in A-tier.
Vintage Condos: A-Tier
Vintage condos are those typically built before 1950, and are beloved for their unique details.
These buildings often have ornate exteriors and interiors with built-in dressers, cabinets, and elaborate woodwork. Modern buildings just can’t match this charm, placing vintage condos firmly in the A-tier.
Walk-Up Condos: S-Tier
Lastly, walk-up condos in two-to-six-flat buildings are everywhere in Chicago and are a real estate favorite.
These buildings offer a variety of unit sizes and configurations, from one-bedrooms to duplexes with rooftop decks. They’re affordable, intimate, and versatile, making them a staple and earning them a spot in S-tier.
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Conclusion
Each condo type in Chicago has its own set of pros and cons, but converted condos and walk-ups remain the top picks for their versatility, intimacy, and affordable price.
Co-ops round out the bottom of our list due to how complex and difficult they are to own, while mid-rises and vintage condos provide community and charm to balance out their drawbacks. Garden units offer a low-cost option, while high-rises let you live like a king with killer views and luxurious amenities. Finally, townhouses give you the complete single-family home experience all while being a little cheaper than just buying a regular home.
Looking to get a condo of your own? Talk to our real estate experts today and make your real estate dreams into a reality!
