What is a Condo?
Condo, short for condominium, is a type of housing where a specific unit or apartment is individually owned while common areas such as the hallway, lobby, and amenities are shared with other unit owners. It is a popular form of housing in urban areas, offering a mix of privacy and community living.
Types of Condos
- High-Rise Condos
- Low-Rise Condos
- Townhouse Condos
- Converted Condos
Condo Ownership
When you buy a condo, you own the individual unit and a share of the common areas. You also become a member of the condo association, which manages the common spaces and enforces rules and regulations.
Benefits of Condo Living
- Amenities such as pools, gyms, and security
- Maintenance-free living
- Community living and social activities
Case Study: Condo Market Trends
In a recent study, it was found that the demand for condos in urban areas has been steadily increasing. The ease of maintenance and access to amenities are among the top reasons why people are choosing condo living over traditional homes.
Statistics
According to the National Association of Realtors, sales of condos accounted for 14% of all housing transactions in the past year, with a median price of $250,000.
