What is a “penthouse” apartment?
A penthouse apartment is most often the unit at the top of the building which has the best views and is the most private and luxurious. An apartment of this nature is usually two floors or more above average units within the same structure, with additional private access to amenities such as elevators and rooftop terraces, along with a separate floor.
In Chicago, both historical buildings and newly constructed skyscrapers offer lavish penthouse apartments. The combination of height, design, and location makes penthouses some of the most desirable living spaces in the city.
Best Areas for Penthouse Apartments in Chicago
Some areas are particularly famous for their luxury penthouse apartments. With growing demand, real estate markets across the country have escalated in price, let’s look at the most popular neighborhoods in Chicago.
The Gold Coast
The Gold Coast is one of Chicago’s more affluent areas. This neighborhood is famous for high-end skyscrapers and historical structures that line the shores of Lake Michigan. Chicago’s gold coast penthouses enjoy best in class shopping, fine dining, spectacular places like the Magnificent Mile and Oak Street Beach.River North
Penthouse living in Chicago is particularly exquisite in River North thanks to the area’s vibrant artistic culture. This part of town is filled with fine restaurants, high-end condominiums, and numerous art galleries. River North penthouses are popular among professionals and artists due to modern amenities and breathtaking views of the city.
Lincoln Park
One of the most desirable family friendly neighborhoods offering a delicate balance between luxury and tranquility. The area is home to well-known schools, shopping centers, and the beautiful Lincoln Park, along with offering unrivaled access to nature which makes it perfect for those looking to live in the heart of the city.
Less than a mile from the downtown area, River North is filled with fine restaurants, shopping malls, and features some of Chicago’s most exquisite penthouses. The proximity to the Chicago River and Navy Pier makes it perfect for people that want to enjoy the breathtaking views of the skyline, while also providing access to the water.
Streeterville
Streeterville is less than a mile from the downtown area and is home to some of Chicago’s most exquisite penthouses. The proximity to the Chicago River and Navy Pier makes it perfect for people that want to enjoy the breathtaking views of the skyline, along with easy access to the water. Known for fine dining, luxury hotels, and a variety of shopping opportunities, region showcases some of the top entertainment locations in Chicago.
Advantages of Residing in a Penthouse Apartment
Benefits of living in a penthouse apartment in Chicago include having a glamorous residence, as well as many other benefits. Here are some of them:
Stunning Views: Penthouses are usually located on the highest floors of the building, providing unmatched views of the skyline, Lake Michigan and surrounding areas.
Increased Privacy: Penthouses are less likely to be built above other apartments, meaning greater privacy.
Spacious Layouts: Spacious layouts include larger living rooms, expansive bedrooms and bathrooms which are often geared towards individuals rather than apartments.
Exclusive Amenities: In addition to other luxuries, most penthouses come with private pools, hot tubs, and exclusive parking spaces as well as rooftop terraces.
Customization: Constructed as luxury units, penthouses tend to have less restricted policies concerning interior design compared to other apartments.
Average Cost of Penthouse Apartments in Chicago
The average price of penthouses in bellevue varies greatly with region, size and other factors. The average price, however, is placed between $1 million to over ten million.
Affordable Penthouses: Available around river north and lincoln park, these spacious penthouses extend from $1 million up to 3 million, coming with 2,000 to 4000 ft върд.
Premium Penthouses:
Prices for spacious penthouses on the Gold Coast and Streeterville region that exceed 5,000 square feet begin from $5 million and can rise over $10 million.
In addition to these, renting a penthouse apartment in Chicago is also a viable option, with prices from $5,000 to $30,000 per month, depending on the location and luxury level.
- Locating the desired penthouse apartments requires targeted prior research at professionals and an exact understanding of one’s needs.
Hire a Local Realtor: A sophisticated realtor focused on selling high-end luxury homes will assist you in locating penthouses that match your unique specifications and requirements.
Web Listings: Sites such as Zillow, Realtor.com, and Redfin frequently list penthouses which are available for sale or rent. Don’t forget to create notifications for new listings.
Luxury Real Estate Brokers: Dedicated firms like @properties or Jameson Sotheby’s International Realty focus exclusively on luxury real estate and provide the finest selection of penthouses.
Key Features of Penthouse Apartments
Luxury and distinction are what set penthouse apartments apart from the rest. These are some of their most defining features:
Large Open Spaces: Because of the easy layout, penthouses provide an unparalleled experience for guest entertainment.
Floor-to-Ceiling Windows: If you would like to enjoy the Chicago skyline, then enjoying it through the oversized windows on penthouses is pure bliss.
High Ceilings: Airy and spacious feels compliment other penthouse features. Many of them boast 10-foot ceilings or more.
Private Elevators: One of the extra lavish highlights of many penthouses is private entry through individual elevators that serve those particular flats.
Rooftop Access: Lots of penthouses include private terraces on the roof where one can sunbathe or hold gatherings.
Penthouse vs. Regular Apartments: What’s the Difference?
All regular apartments come with standard amenities, but what sets the penthouse apart is:
Location: The top floor of any building near the city is bound to have a penthouse, which draws unrivalled serenity and visual appeal.
Size: Most undergoes generous extensions to their square footage and some even scatter their rooms over several levels.
Amenities: Private pools, terraces on the roof and a variety of other unique accessories come with value-added configurations to the building making them exclusive to penthouses.8. Chicago Penthouses and Their Interior Design Trends
Penthouses mark the peak of luxury in every aspect, including their interior design. Some popular trends include:
Modern Minimalism: This pattern incorporates a modern appearance through uncluttered spaces with sleek lines.
Sustainable Design: The use of environmentally friendly materials as well as eco-friendly devices increases.
Open Kitchens: Many penthouses feature spacious, open-plan kitchens equipped with modern appliances.
Smart Homes: Control over lighting, temperature, and security systems have automated wiring in most luxury penthouses.
Adding The Final Touches To Your Penthouse Apartment
Extravagant ameneties found in penthouse suites offer great variety. The most notable include:
Private Pools: Many of these penthouses include indoor private pools or ones located on the roof.
Gourmet Kitchens: Fully equipped kitchens with state of the art appliances such as Wolf and Sub-Zero have become the norm.
Concierge Services: Exclusive to some, these concierges take care of everything from personal shopping to table bookings.
Private Parking: Many claim to offer exclusive parking slots, some even avail valet services.
Renting vs Buying a Penthouse Apartment in Chicago
These points may help you decide on renting or buying a penthouse.
Renting: Renting is without a long-term commitment, but is expensive. The advantages of living in a penthouse come at a cost.
Owning: Offers stability and the opportunity to grow equity, which is better than renting. However, there is a considerable investment to be made upfront.
What is the ROI on a Penthouse Apartment in Chicago?
Penthouses are typically seen as long-term investments. A decent location along with an impressive suite of amenities can enable a penthouse suite to appreciate in value over time. However, ROI depends on various factors like market conditions, the neighborhood, and the specific apartment features.
How to Maintain Your Penthouse Apartment
Compared to a normal apartment, penthouses require more cleaning and upkeep due to the sheer amount of luxury features. Some suggestions include:
For the best panoramic views, large windows should be cleaned regularly.
To ensure that HVAC climate control systems function properly, maintenance needs to be scheduled.
High-quality, easy to clean and maintain, furniture, and other finishes should be used.
Is It Worth It to Invest in a Penthouse Apartment in Chicago?
For individuals with the necessary financial resources, investing in a penthouse apartment in Chicago can be advantageous. It provides an ideal living experience, and Chicago apartments have high chances of value appreciation. Nevertheless, it’s important to keep in mind your financial goals since the investment is significant.
How Do You Qualify for a Penthouse Apartment?
Eligibility criteria for penthouse apartments include:
Proof of income: Most lenders, as well as landlords, want to require that you pay a high rent or mortgage.
A good credit score: A favorable borrower’s repayment history is important to ascertain payment capacity on a lease.
Background check: When applying for this type of accommodation, anticipate a criminal record check together with some reference checks.
FAQs about Penthouse Apartments in Chicago
How much do penthouse apartments in Chicago cost?
Penthouses in Chicago cost anywhere between $1 million to over $10 million. The prices greatly depend on the area, square footage, and included features.
Are penthouses a good investment?
Yes, they can be a penthouses are a good investment especially of in strategic areas like the Gold Coast or River North, where property values tend to appreciate over time.
Is it possible to rent a penthouse in Chicago?
Certainly, there are numerous penthouse apartments up for rental consideration, with prices approximately ranging from $5,000 to $30,000 per month.
What are some advantages of living in a penthouse?
Advantages include stunning views, enhanced privacy, larger living areas, as well as access to luxurious amenities.
How is a penthouse different from a regular apartment?
The primary difference is that a penthouse is located on the top floors of the building and offers superior views, larger living area, and exclusive amenities.
How can I find penthouses in Chicago?
Chicago penthouses can be accessed through listed websites, real estate offices, or luxurious property directories. Additionally, consulting with a realtor for high-end properties can prove useful.
Conclusion
Penthouses in Chicago provide an exceptional combination of luxury, elegant lifestyle, and breathtaking views. Chicagoland’s premier areas for both purchasing and renting real estate offer numerous options for upscale living. With the right information and assistance, searching for the perfect penthouse in Chicago can be an exhilarating experience, epitomizing a lifestyle of unrivaled opulence.
