condominium

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Condominium

In the United States and most of Canada, a piece of housing property attached to other properties, each individually owned, but with co-ownership of all common areas. This is usually associated with an apartment building in which residents own their apartments, but collectively (acting through a homeowners' association) own things like elevators, electric wiring, the outside of the buildings or the courtyards. In the event of an accident, liability is often apportioned according to where the accident occurred. For example, if a pipe bursts in a condominium and ruins the floors, its owner is responsible. However, if a pipe bursts in a condominium and ruins a neighboring unit's floors, liability rests with the homeowner's association. It is informally called a condo.

condominium

A system of ownership in a multiunit development allowing individual ownership of some areas and common ownership of all other areas.The identifying feature is the legality that common areas (entrance, hallways, elevators, swimming pool, parking, etc.) are owned by all members of the community in common with each other, rather than being owned by a separate corporation or association. Residential condominium projects may be multistory apartment-style residences or may resemble traditional detached housing or garden home communities.

References in periodicals archive ?
Constricted condo inventory helped sellers get a greater share of their initial asking price as buyers competed for an even smaller pool of available units.
The end result is that getting a condo mortgage can be more time-consuming than getting a mortgage for a single-family home, although in all the aforementioned factors none of it is about the borrower.
In spite of the historic popularity of single family homes in the United States, the condo market boomed for the first time in this country in 2001.
In this case, the requirement is met because John and Mary both lived in the condo until 2004.
According to the National Association of Realtors, sales of existing condos and co-ops in 2004 reached a record 820,000 traits, representing 12.
Meanwhile, the average price of a new condo in the Tokyo metropolitan area in 2004 was 41.
Lastly, Davis says two- and three-bedroom condos resell better than one-bedroom condos.
Believing that Thunder Bay now accepts the benefits of condo living, Kauzlarick attributes the success of Signature Court to timing and quality.
They can then post messages and photos about a favorite condo, share their knowledge of neighborhood amenities such as shops, dog parks or favorite dining destinations, and rank condo buildings on a one-to-five scale.
i] The StreetEasy Manhattan Condo Market Report is a monthly overview of the Manhattan condo real estate market.
The seasonal slowdown kept Manhattan condo inventory and sales volumes low in January, while condo sales prices remain high--nearly nine percent higher than this time last year, according to the StreetEasy Condo Price Index.