Home Buying in Chicago>Question Details

Simona, Home Buyer in Chicago, IL

Value of a ground floor condo vs. higher floor?

Asked by Simona, Chicago, IL Thu Oct 2, 2008

Hi, I'm looking at two-bedroom condos in small multi-unit buildings (i.e. not hi-rises) in Lakeview and Wicker Park/Bucktown. I'm curious if ground floor units have a lower resale value than those on the second or third floors? I'm not talking about units that are below grade, which I'm not interested in -- but true first floor units. Some of those units are appealing because they may have a large patio, for instance, instead of a tiny deck. Any thoughts? Thanks for the help.

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If it has better value to you (i.e. patio, less stairs) you will likely pay a little less, and get a better value, than a higher floor.
0 votes Thank Flag Link Thu Oct 9, 2008
Hi Simona,

The general rule is that as you go up in elevation, so does the price for identical units. Ground floor units can be more appealing than garden units but they still are not as sought after by buyers. To entice a buyer you have to price it lower than other 2 Br units. So long as you do your homework and don't pay the same price for an identical unit on the 2nd floor, you'll see a resale value in line with the market for such units.

Good luck, Ken.
Web Reference: http://www.KDRchicago.com
0 votes Thank Flag Link Mon Oct 6, 2008
Ground floor units almost always have lower resale value-they have less light and are more of security risk.
This value can be measured by reviewing all past sales in the building and surrounding buildings which your buyer's agent should provide to you. On the other hand, mitigating circumstances would be a larger outdoor space as you have noted. Good luck!
Web Reference: http://www.1sthomegroup.com
0 votes Thank Flag Link Thu Oct 2, 2008
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