MAY 28, 2019
Private Balconies, Patios Are Selling Points As Big As Great Outdoors
Private outdoor space is high on wish lists of many home buyers. That includes families seeking urban living and empty-nesters shedding suburban existence for city condominium developments. If choosing a condominium lifestyle, they want their urban home offering outdoor space that lives like a suburban backyard.
Well aware of this fact, developers of condominium communities like Chicago's Fifteen Fifty on the Park and Eveq, and rowhome communities like Lexington Village at Avondale, are going all out for outdoors living.
A national survey of new home shoppers undertaken last year by John Burns Real Estate Consulting sheds light on home buyers' interest in outdoor spaces.
It found 30% of detached new home shoppers would consider attached housing for such private outdoor spaces like a rooftop terrace, deck or private yard. When new home shoppers in general are seeking a lot, 44% said they are “looking for an outside deck where I can sit and enjoy the outdoors and views.”
Gold Coast meets park
Boutique luxury Gold Coast condominium Fifteen Fifty on the Park, along Chicago’s Near North Side Lincoln Park, incorporates private outdoor space in all 32 of its residences. In some units, it’s a balcony, in others a terrace and in some cases both.
Penthouse-level condominiums include private rooftop terraces with private access.
Some of the residences at the building co-developed by Golub & Co., CIM Group and Avoda Group feature more than 1,000 square feet outdoor space.
“Because of its location near the lakefront and adjacent to Lincoln Park, Fifteen Fifty on the Park offers a connection to the outdoors that we wanted to take advantage of within the building,” said Lee Golub, principal and executive vice president of Golub & Co. “Floor plans at Fifteen Fifty are intentionally designed to live like a single-family home, and having ample outdoor space is part of that experience . . . Nearly every residence features an expansive terrace or balcony that functions like an urban back yard.”
West Loop living
Another building with 32 units, the new West Loop boutique condominium community called Eveq, includes balconies or terraces with all residences. Buyers can choose outdoor spaces that range all the way from 75 to 2,800 square feet.
“Chicago’s city dwellers love the outdoors, especially during the warmer months. The developers of Eveq took full advantage of this and incorporated a large balcony or terrace into each plan, offering residents the opportunity to expand their living space while taking in impressive city views,” says Cyndy Salgado, executive vice president of development sales for @properties, exclusive brokerage for Eveq.
“The expansive terraces – especially on the second-floor units – create an intimate, backyard-inspired retreat that can be used for both entertaining and everyday living.”
Floor-to-ceiling windows result in a seamless transition between indoor and outdoor. That uninterrupted flow enhances the livability of each residence, Salgado says.
“Buyers considering single-family homes because of the appeal of a backyard are taking notice of Eveq’s balconies and terraces, which offer ample outdoor space without the upkeep, she says. “These plans are selling quickly, and the outdoor space has been a key selling point.”
Rooftops an option
Those choosing a more outlying Chicago neighborhood also have alternatives when it comes to outdoor living. At Lexington Village at Avondale, 22 single-family rowhomes are being developed by Lexington Homes in the rediscovered Northwest Side Avondale enclave. They all offer fenced-in yards, as well as the option of adding rooftop decks.
“These floor plans resemble single-family homes, with wider layouts, detached garages and fenced-in backyards, which are great for kids and dogs,” says Lexington Homes principal Jeff Benach. “Buyers can also add a rooftop deck to the townhomes, which adds another whole level of outdoor living space for entertaining and relaxing.”
"I was a first time home buyer and I had been looking for a few months and was having a hard time finding my dream home."
- Megan Lockwald