condominium

(redirected from condo)
Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Encyclopedia, Wikipedia.

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 ?
We think Thunder Bay can absorb one, maybe even two, condo projects per year," he says.
Once registered on the site, users can save their search criteria in My Saved Searches and save favorite condos and/or buildings in My Watch List, which will send them an email alert whenever there is a price reduction or new listings on the market.
As supply continues to shrink and sellers hold on to the bargaining power, condo buyers can expect competition to remain fierce.
Some condo owners, he said, cannot, or will not, pay rising common charges.
The ratio of sales contracts to newly supplied condos in the area was 86.
First, as mortgage rates continue to rise and the single-family housing market slows, so will condo sales, resulting in more properties being delivered as rentals than the market is anticipating.
About half of all condos are purchased by first-time buyers," said NAR President Walt McDonald, broker-owner of Walt McDonald Real Estate in Riverside, California.
A reflection of lower sales activity, condos in Manhattan spent a median of 82 days on the market in January, 19 days longer than December and the longest time on market since February 2013.
Mary Ann Rothman, executive director of the Council of New York Cooperatives & Condominiums, a nonprofit organization that advises co-op and condo boards, said one of the most noticeable spikes in fees came right after Sept.
Christensen and others said condo conversions rehabilitate older buildings, spruce up neighborhoods and spur redevelopment.
Home purchasers' appetite for new condo offerings will remain strong, because their tendency to prefer condos in central Tokyo to those in the capital's outlying areas will remain,'' the analyst said.
has acquired Canada-based condo review platform TheDirt.