Condo unit vs Penthouse unit

[jsimner]

Hello,

I was wondering if someone can give me pointers as what are the some differences between penthouse condo units and condo units. I am appraising a penthouse in Near North side area of Chicago. It is a high-rise building.

Thanks,
JS

 

[Lee Lansford]

A unit located on the top floor may well have a value more than the otherwise "same" unit (virtually virtually the "same" views) located but a few floors below.

The above is a generalization.

 

[Deleted member 77547]

A penthouse is the top floor unit. Typically they are larger and may have luxury features. On MRED try adding/remove features, slide "remarks" over then type in "penthouse" in your neighborhood.

 

[Debra Sampson]

In MRED under Type Attached you can also choose Penthouse as a search term. It is the last item on that list. As the PP posters stated it may have more value. Sometimes the Penthouse unit is a duplex unit in a building of simplex units. Depending on the building there may be a private entrance to the unit or it may only have 2 units to the floor even if the floor below has 8 etc. Depending on how tall the building, the Penthouse unit may also have outdoor space that other units in the building do not.

HTH

 

[Brian Weaver]

Was that a Cert Gen asking the original question?

 

[Riick]

Was that a Cert Gen asking the original question?

There are few Penthouses in Convenience Stores, or, Warehouses, which leads to lesser experience with such Condominia.


.

 

[residentialguy]

Penthouse vs Condo
Kinda like...

Bob Guccione vs Larry Flint

 

[BrianMasterson]

If I may suggest, there is a great AI class being offered on 09/15 called "Association Living." It covers just about everything you could possibly want to know about appraising attached housing, particularly condominium units. It is taught by Maureen Sweeney, a great instructor, state board member, and among the most thorough and experienced appraisers I know.

PS Here's a great article about penthouses from an appraiser's perspective:
http://www.millersamuel.com/pdf-tank/1166240351VVbyF.pdf