Home Buying in 60647>Question Details

Brad Pure, Home Buyer in Chicago, IL

Im looking at a place in bucktown that the unit opens with the elevator and has a massive rooftop deck.

Asked by Brad Pure, Chicago, IL Sat Jun 30, 2012

Is there a rule of thumb that there is a value for "these" features in a unit? Thanks ahead of time.

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Elevator's definitely add value and open the market considerably for more buyers. Opening into the unit can sometimes be considered a drawback depending on the access entry to the unit, though.
0 votes Thank Flag Link Thu Dec 11, 2014
you need an agent..you post questions that agents answer..come into my office and let me help you
0 votes Thank Flag Link Tue Nov 27, 2012
Yes, most definitely. I have actually had buyers who only wanted a unit with a private elevator opening to the unit. If the rooftop deck is private, it has even more value. In general a shared rooftop deck has value but ultimatley most people rarely use them. There is added value though even to the shared rooftop.

Alexis Eldorrado
Eldorrado Chicago Real Estate LLC
150 N. Michigan Avenue, Suite 2800
Chicago, Illinois 60601
0 votes Thank Flag Link Tue Nov 27, 2012
It's only as valuable as you think it is! Are you buying for your enjoyment, or for an investment? If you are buying for your enjoyment, then only you can answer that question. The features you describe could be a huge plus or minus depending on resale value. What do you want to do with the property in 5, 10 or 30 years from now will also be important to know to fully answer this question.
0 votes Thank Flag Link Sat Jul 28, 2012
Hi Brad,

No rule of thumb, but in terms of resale perceived value future buyers like that sort of "perk". It lends itself to privacy and perceived as security. Plus it has the "wow" factor.

Rooftop deck are always a plus. Rooftop decks with a view, say of the skyline as an example, equals a better value and easier to resale.

Hope that helps!
0 votes Thank Flag Link Sun Jul 1, 2012
I would put a pretty large value on a private elevator as well as a huge private deck. There is not too many places in bucktown that are like this. I would also say there is not a rule of thumb for this, because these arent very common. Have your agent comp out the units similar in size and have him put some value on it. He should be able to figure out a price for you.
0 votes Thank Flag Link Sun Jul 1, 2012
Private elevator to your unit - that is unique. Massive Rooftop Deck - does it have a view? Is it private only for you or is it open to all? These should add value, but there are other features of a condo that are likely more important than these 2 features. (Financial Health of Association, Physical condition of building, etc). Work with a Realtor to help you evaluate your options.
0 votes Thank Flag Link Sat Jun 30, 2012
Hi Brad,
I am not sure, just assuming that you are a buyer and that you are looking in the Bucktown area.
If wrong, let me know....

Many multi-unit buildings do have an elevator and balcony, not always a roof top, but those with a rooftop sometimes also have a rooftop pool.....
Now you are talking about the value of it.....

When you purchase a condo, and you are in a high rise building, with door man, elevator,
roof top, pool etc. Look at the amount of monthly assessments in connection with the purchase price and the taxes..... If and when selling a property like that, many may say, I do not need the pool or exercise room, or door man, and they opt especially if younger to buy a unit in a smaller building
like a 3 flat or 6 flat, with or without balcony......

But then if for your own use the exercise room, the door man and the roof top (shared with everyone in the building) is important to you and worth the extra assessments per month, then
the value is in your personal use and enjoyment......

If you are interested in getting some ideas of what is out there in the market, Bucktown and surrounding areas, let me know and I gladly forward to you listings that fit your needs, as far as
space, parking, and other amenities are concerned and all within your preferred price range for
purchase price, monthly assessments and taxes and also age of building.

Looking forward to hearing from you.

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Sat Jun 30, 2012
Having an elevator can be a plus although not sure that it needs to open up into the unit. There are no rules of thumb on this. I think you are referring to 622 ashland and I think a better rule of thumb is to avoid major busy/noisey streets. Also buildings that are extremely modern tend to attract a rather small pool of potential buyers so not sure about resale value. What is within walking distance to that building......not much. Easy public transportation..........not really. Having 33% of the building commercial is not considered the best mix. These are other possible rules of thumb for many buyers.
0 votes Thank Flag Link Sat Jun 30, 2012
350-425 for two bed and up
0 votes Thank Flag Link Sat Jun 30, 2012
There is definitely value in a roof top deck particularly if it has a great view. Reviewing comparable sales in the area with your agent should help in determining the value of the property.
0 votes Thank Flag Link Sat Jun 30, 2012
1700 for 1 bed 2400 for 2 bed
0 votes Thank Flag Link Sat Jun 30, 2012
There's no "rule of thumb" however, I suggest you sit down with an agent that can explain different theories on how to value such features
0 votes Thank Flag Link Sat Jun 30, 2012
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