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To High-Rise or Not—Is This the Right Time?


To High-Rise or Not—Is This the Right Time?

Residential buildings changed forever in 1852 when Elisha Otis invented the first “safe” elevator that had the ability to catch passengers in case of a cable break. The higher floors, which were typically reserved for the lower class due to being less desirable, were suddenly all the rage.

As a result, the buildings got taller and taller, and in 1931 the Empire State Building was completed becoming the tallest building from 1931 to 1971. The tallest building today? Saudi Arabia’s Jeddah Tower standing at 3,280 feet. It is a mix use building filled with apartments, a Four Seasons Hotel, shops, and a whole lot more.

So, what is the benefit of living this high-rise lifestyle? While the views are certainly spectacular with the average price of a unit going up $5,000 for every floor you scale, there has to be something more to make this way of life have serious staying power.

The number one benefit most owners would say is security. Having a doorman, building staff, and even a fulltime concierge is now seen as a top-notch perk. Museum Tower in Dallas, known to be the cream of the crop amongst luxury homeowners, offers Thursday night cocktail parties for residents organized by the permanent concierge and even recently had a State Fair Party complete with corny dogs and even a midway with games and prizes.

Having set monthly costs is also a plus as most high rises will have an HOA that includes most of your utilities, valet, pool maintenance, exercise rooms, and even a handyman. These homes are usually in some of the more walkable areas of the city and result luxury services and transportation being more accessible.

And last but certainly not least, living in a high rise is having a built-in family. People tend to be very close with their building neighbors, and in a time where loneliness and isolation is at the top of all our minds, this benefit alone could be the one factor that makes people make the decision to finally sell their sprawling spread and move to their new home high in the sky.

Christy BerryOctober 28, 2020