I love having a balcony and use it a lot if it is large enough to fit furniture like a sofa and planters, and has a gas outlet for a BBQ (propane tanks are almost always prohibited), but it seems like I am the minority here.
I agree that balconies are overrated as most people don't use them much and often becomes an eyesore where it becomes storage for bicycles, unused furniture and other junk. Fritted glass balcony railings do help in hiding resident's unsightly belongings, but not many condos have that feature.
Not only that, I found that balconies often creates a busier and cluttered appearance on buildings -- I like the pure look of a tower devoid of balconies which you often see in New York.
I am surprised with all these very tall condos popping up everywhere you don't hear more reports of furniture or objects flying or thrown off the balconies which poses a serious safety issue. On the topic of debris from balconies, there will always be residents who are not respectful of their neighbours and will clean their stuff (like shaking off rugs), throw cigarette butts or litter, or let their pets defecate on their balcony which is clearly against condo rules -- I have seen it often and even reported a neighbour who let their two dogs piss and crap on their balcony which drips on to the balconies below.
The biggest issue that not that many people are aware of are the big energy loss and building failures associated with balconies. Balconies are not required by code to be thermally broken and no developer are willing to pay for this expensive feature. Balconies are simply extensions of the concrete floor slab which are left exposed to the elements. This causes the cold to transfer into the interior of the building.
What's even worse is that condensation will form between the floor slab and finished floor (often wood or laminate) which causes mould or the flooring to warp or deteriorate. I have seen this problem in a lot of buildings as young as 3 years old where the flooring is buckling near a balcony door or window wall. If you live in a building that has wrap around balconies it's an even bigger problem to face in the future. Terraces are a much better alternative as the top surface is built-up above the slab and the underside is heated and protected from the interior of the unit below. However depending on the building's design terraces are rare in condo towers and often limited to the podium level.
