What is a Serviced Condominium?

by Mary Ann Romans | More from this Blogger

12 Jan 2009 08:39 AM

One trend that has been appearing in major cities in the last few years is now starting to go mainstream in not only cities but suburban areas as well. That is the "Serviced Condominium. And with recent downturns in home sales, you may find that you can afford the luxury of a serviced condominium for what you might have paid for standard condominium just a few years ago. Extra services and luxury are luring buyers.

So what is a serviced condominium? Basically, you can add all sorts of hotel like amenities to your lifestyle. There are the goodies such as room service from gourmet restaurants, a concierge desk that is always on call, staffed elevator service, a full gym and more.

One set of serviced condominiums that I know of in New York City even build a school on the ground floor of the building. The private school offers preschool and kindergarten for children who live in the building and the sister building next door. Imagine being able to take your child to school without ever having to deal with rain, snow, or stormy weather! And if your child gets ill, you are only an elevator or stairwell away.

You will generally find serviced condominiums in new buildings that are built with the purpose in mind, although some older building or complexes may retrofit some services either buy adding an additional smaller building, taking over floor-level condos or arranging partnerships with local businesses to supply services.

Serviced condominiums generally include some services as part of the condo association fee, while others may cost extra. It all depends on the building and the area. But one thing is for sure, we will probably be seeing more of these types of serviced condos as builders and owners do what they can to lure potential buyers.

Mary Ann Romans writes about everything related to saving money in the Frugal Blog, creating a home in the Home Blog, caring for little ones in the Baby Blog and now relationships in the Marriage Blog. You can read more of her articles by clicking here or subscribe to the blog using the subscription box on the right.

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Learn more about Mary Ann Romans

Mary Ann Romans is a freelance writer, wife and mother of three children. She lives in Pennsylvania with her husband, the kids and a 16-pound cat.

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