Triocondominiums

OVERVIEW OF CONDO LIVING OPTIONS

Condos are attractive to many buyers because they offer them a chance to own their residence and build equity at what is usually a lower cost than a detached single family home. Of course, there are exceptions, such as the purchase of a luxurious condominium that many developers are building in downtown, affluent neighborhoods, beach sides, etc. For these buyers, the prices will seem almost comparable to buying a single family home, however size, area and amenities will determine the ultimate price on this type of purchase.

Security is also a preferred reason for purchasing a condominium as most modern complexes are located in private, gated and very secure developments. This is especially important to older residents and to single persons who live alone and want the added security to their lifestyle.

What’s mine and what’s yours When you own a condo, you own the title to the space within the walls of your living quarters only. The hallways, (outside your condo), the roofs, parking lots, attics, the common green areas, (including lawns, etc.) pools, gyms and recreation rooms, are called ‘common areas’ and are owned, and maintained by the entire condo association on a collective basis with maintenance costs covered by the condo association fees paid by each condo owner.

On some of the older condo units, or condos that have been converted from apartment buildings, you may have one or more condo units adjoining yours, to either side, on top, or below. On many newer complexes, the condos are designed more like town homes with single or multiple levels and there is a possibility that only one or two common walls will be shared with neighbors.

What’s the added costs One factor to consider when buying or investing in a condo is that condo owners generally must pay a condo association fee monthly. These fees defray the cost of most maintenance, repairs and upgrades to the common areas as well as for the overall management of the complex. They do not cover most everyday repairs, upgrades and maintenance for ‘fixes or replacements’ within your own condo unit, like electrical switches, plugs, most common plumbing problems, carpet cleaning, etc. Some, more major maintenance problems, like plumbing drains, etc., where the clog is in the ‘common plumbing’ within the walls, or ground which serves many units, may be covered, however.

In Summary If you would rather spend your free time doing something besides moving the lawn, painting the outside of your home, or waiting for the ‘pool guys’ to show up, then a condo might just be the thing for you. Of course, there are other advantages to owning a condo. Most condos offer many modern amenities as part of the complex such as pools, Jacuzzis, tennis courts, fitness centers, or clubhouses. These are part of the ‘perks’ that go along with owning a condo and paying your association fees. If you owned a traditional detached single family home, you might not be able to afford any of these amenities, let alone the upkeep and maintenance on them.

Condos, in today’s hot real estate market, are highly sought after for all of the reasons listed here.It certainly is worth looking into before investing your hard earned money.

Many condominium complexes today are very ‘family friendly’ and these complexes are ideal for raising children, especially if your family is security minded and want all of the modern amenities for the family that most condo complexes offer.

Many, of course, are adult only, or are for seniors only, and, offer amenities that other complexes don’t offer like golf courses, more traditional recreation rooms with billiards, libraries, card rooms, etc.

Condo in Las Vegas

With approximately 100 condo projects in different stages of development, ranging from plans on paper to maybe a dozen or more that are actually under construction, the Las Vegas Real Estate market looks even more competitive than does the booming U.S. market as a whole.

The builders and developers in Las Vegas aim to tap top investors and second-home buyers scrambling for a piece of the action in this prime southwest getaway location.

Las Vegas Condos, Townhouses, Lofts and Penthouses are the newest trend in urban Las Vegas living. Las Vegas is now setting the new ’standard of excellence’ for the finest available luxury & style for condos, townhomes, lofts and penthouses anywhere in the world. These new designs incorporate the most up to date and modern conveniences, amenities and ‘pure class’ ambiance that can be found anywhere. And, they are being designed, built and marketed by some of the biggest names in the industry. It’s all happening right here is the City of Las Vegas, and only minutes from the world famous Hotels and Casinos.

What’s with the new high-rise concept, you ask?
First of all this is not really brand new to Vegas.it has been happening slowly since the 1970s, but not on the scale of what is happening today and being planned for the future. With the many limitations on the amount of land that can now be developed in the Las Vegas Valley, many developers are beginning to build up instead of out. And the list consists of some very famous builders and developers that have been around the Las Vegas area for many decades.

There are approximately 100 or so, new Las Vegas high-rise condo projects in preconstruction, construction, or somewhere in the planning stages at the present time, with many more on the way. These projects will feature unbelievable and fabulous amenities like on-site gyms and work out facilities, complete conference centers, valet services, maid services, spas, gourmet dining, chic shops, pools, and other fabulous amenities and conveniences, and some will sport their own ‘in-house’ Casino.

There are two different kinds of high/mid rise condos in the process:

Residential Las Vegas Condos :
This Las Vegas condo is for long-term living, or used as a second home. The residential condo units in most of the projects will be designed for those who want to make Las Vegas their primary residence, or have for a second home.

The Las Vegas Condo-Hotels for short stays or short term rentals:
The Condo-Hotel type units can also be purchased for long or short-term living, however, they are being designed more to be used as rentals when the owner is not using the unit. The management will rent out the unit for you and will handle all management operations, including cleaning, etc. The usual management fee for this service is a percentage of the rental fee, or approximately 50% in most cases.
Projected prices will range anywhere from $400,000.00 for a smaller unit to the upper $$Millions for larger units (penthouses with over 6000 sq. ft. etc.). Most of the units will have fantastic views; however, many of the higher end units will have unbelievable views of the city and mountains.
Another concept that is taking place here in Las Vegas are the existing luxury apartment conversions which are providing many of the lower end home buyer, and the first time home buyers with affordable alternatives to the single family home, or to the higher priced new condos. Prices start at approximately $150,000.00 and up and go to over $300,000.00 for these beautiful conversions. The prices will mainly be based on age, size and location. It’s a great way to get a ‘piece of the action’ in the booming Las Vegas real estate market.

Keep in mind that many of these new High Rise Condo Projects will also feature their own ‘in house’ Casinos. The following are just some of the High Rise Condo Projects that are in the planning, or construction process in the City of Las Vegas:

• Turnberry Place is located in the heart of the city, minutes from the airport, near many of the must see attractions. Premier shopping, dining and entertainment is nearby.
• Park Avenue has a spectacular location and gives you the best of both worlds. You can choose: from breathtaking nature or ‘fast nightlife’. Conveniently located within five miles of McCarran International Airport and the heart of the Las Vegas Strip, this 24-hour guard-gated condo community consists of 20 residential buildings.
• Liberty Towers will be located on the Las Vegas strip. The single high-rise tower will be 20 stories with a 132 condominiums. These high-rise condos will come with gourmet kitchens and with your choice of finishes and the latest in appliances and modern amenities.
• MGM Residences at MGM Grand Las Vegas is located on over 22 acres on the MGM Grand Hotel and Casino site. The first 40 story tower will be completed first and will offer all the comforts of living at the MGM Grand. All the most modern and convenient amenities are yours in these high-rise condos.
• Newport Lofts will be 22 stories and will feature 168 units, all of which will be located above the 7th floor. Located downtown Las Vegas.
• The Platinum luxury condominium resort hotel offers fabulous views of the strip and neighboring mountains. Located on Flamingo Road just off the strip and just one block from Bellagio and Caesars Palace.
• Soho Lofts are located downtown (at the end of the Las Vegas Strip) The Soho Lofts will give you freeway access and is close to the airport. Great entertainment, shopping and dining are just minutes away, in any direction.
• Loft 5 residences range from multilevel lofts with high ceilings and private terraces, to luxury penthouse lofts with private sky decks. Very high end amenities and wonderful views.
• Park Towers are t wo incredible high-rise towers of prestige focused on easy living with the greatest security available. Park Towers is located in the Hughes Center overlooking the Las Vegas Strip.
• Metropolis is overlooking the Wynn Las Vegas Golf Course. These are the first high rise condos project that will have loft style floor plans. Turn of the Century Art Deco design, lots of stainless steel and neon lights for these lofts and flats. Presenting a contemporary luxury high-rise that reconsiders the very notion of what a residence can be. Combining sophisticated modern living environments with imaginative social and recreational spaces, world-class shopping and dining, as well as a host of superlative amenities and services, Sky Las VegasT is set to redefine the concept of modern urban living in America’s fastest growing metropolitan area.
• Vegas Grand is located at the corner of Flamingo and Swenson, just minutes from the famous Las Vegas Strip. These are mid rise condos featuring the most exquisite of amenities.
• Sky Las Vegas are luxury high rise condos and located on Las Vegas Blvd., otherwise known as the ’strip’. A great view in the middle of everything that Vegas has to offer. Centered by a magnificent 44-story tower sculpted in a striking blue glass, Sky Las VegasT offers discriminating buyers their own personal window to the stunning and spectacular views of Las Vegas; from the glittering neon lights of the Strip to the majesty of the surrounding mountains.
• Panorama Towers will be luxury high-rise condos and will be located just 1/4 mile from the Las Vegas strip with sweeping views of the Las Vegas skyline and surrounding mountains.
• One Las Vegas will be located on at the south end of the Las Vegas strip, and among the finest restaurants and shopping in Las Vegas. Located within 10 minutes of McCarran airport. Resort style pools, a health and fitness club, valet, guard-gated.
• The Cosmopolitan Resort & Casino will create a whole new standard of living in Las Vegas. The complex will have 2,000 luxury condominium units. 75,000 square-foot full-service casino. 1,000 hotel rooms. Over 150,000 square feet of integrated business, convention and conference space available for meetings or special functions and much much more.
• Stanhiwill redefines downtown living with super luxurious accommodations including a full time concierge service. A world-renowned spa and health club, nothing will come closer to full-time hotel-style living.
• Boca Ratonis a seven-story building w/underground parking located at the South End of the Las Vegas Strip. 24 Hour Guard gated, fully equipped Clubhouse which includes Spa, Steam Room, fitness room, business center with computer access, theater with 15 person seating, meeting rooms, dining areas, warming kitchen, and a self-service coffee area. This place has it all and all in pure luxury too. Units range from 593 sf. to over 2,400 sf.
• Trump Tower Construction on Donald Trump’s first Las Vegas project a 64-Story tower located on Las Vegas Boulevard behind the New Frontier — across from the Fashion Show mall and Wynn Resorts is well underway. The tower will include 880 studio units, 352 one-bedroom models and 50 deluxe penthouse suites of one, two and three bedrooms on floors 60-64.
• Allure Las Vegas is an extraordinary community for living well. Two 40-story high-rise condominium towers of contemporary beauty overlooking the world famous Las Vegas Strip. It promises to set a new standard for upscale urban living in Las Vegas .
• Turnberry Towers will include two 45-story towers with one-, two- and three bedroom residences. Turnberry Towers is located just a few miles from McCarran International Airport and near the city’s best shopping and dining.
• Pinnacle is two 36-story towers rise more than 400 feet into the air. Unbelievable views of the city and mountains are right here. 1-3 bedroom units with multiple floor plans, also penthouses, poolside bungalows are available.
• Sullivan Square, Las Vegas is the newest urban type community. A 1.5 acre Central Park providing the residents serenity and calm in the center of the Most Happening City of Las Vegas.
• 17th and Vine Downtown Lifestyle. Uptown Amenities. A whole new concept of modern living in Vegas. Schools, libraries and all the other facilities Las Vegas has for families is close by. Freeway close, and close to downtown and the strip.
• Promenada at Rainbow is just ten minutes from the world famous Las Vegas Strip and McCarran International Airport. It offers upscale living at its best, restricted access and parking offers the ultimate in safety and security. Plans ranging from 828 to 1,478 square feet.
• VERGE , Downtown Uptown Living Downtown Vegas! VERGE’S location is walking distance to all the action. 296 residences built into a community that offers the latest in modern living, state-of-the-art architecture and design. There are 39 impressive floor plans starting at $149,900, including studios, one, two, three bedroom condominiums and spectacular lofts with 23-foot ceilings. Many residences have floor to ceiling views of Downtown Las Vegas, The Strip, the valley, surrounding mountains and atrium courtyards; affordable.
• Bella Venezia at Vegas Grand 11 Designer Home Plans from 650 sf to over 2100 sf. Ranging from the low $300k’s almost $1 Million. The famous Las Vegas Strip is just steps from your luxury condominium residence. At Vegas Grand.. Offering luxury residences with open floor plans, high voulted ceilings, oversized terraces and private balconies, where careful attention is paid to every detail. Luxury at its best.
• MGM City Center MGM Mirage’s $7 billion Project City Center is proceeding quickly. Pre sales are available now. This is going to be one of the finest, without a doubt.
• Streamline Tower Downtown Vegas at its best. Located in the middle of a $13 Million downtown renovation. 21 stories with 275 luxury condos that are one, two and three bedroom floor plans and all modern amenities.
• Queensridge Place Beautifully designed units of distinctive architecture and style. These units offer wonderful amenities. This project is close to everything, great shopping, entertainment, elegant dining, fast food too, golf and casinos.
• C2 Lofts Condominiums under construction in West Las Vegas. The loft’s will offer wonderful views of the strip and city. Residences will consist of 100 residential lofts configured in two, five-story buildings that offer eight different floor plans. Units will range from 1,400 to more than 2,800 square feet.

For assistance in selling or purchasing real estate in the Clark County Nevada, contact a realtor at RE/MAX Preferred in Las Vegas for all real estate needs, whether it be a single family home, condo, townhouse or land, there is a Las Vegas Realtor associate who specializes in Las Vegas Real Estate.

Apartment to a Condo: Tips for Success

So you want to leave apartment life behind and move into a  condo? While this sounds like you, you have most likely done all of your homework. You know the  advantages of moving to a condo as well as what you will be leaving behind.

You may want to learn a bit more about condo living before you make the last leap. After all,  anytime that you change the way that you live it is a big decision. You require to make certain that  your move to a condo is the right one.

For those who want to move from an apartment to a condo, the  following are three tips for success.

1. The most significant thing that you can do is make certain  that you look at more than one condo before you buy. Condo developments are on the rise, and you will  want to make certain that you move into a complex that is going to suit your requirements. The best  way to assure yourself of this is to check out several units, and then decide on what is best from  there.

2. Determine a budget for your move, and then stick with it no matter what. Not only do you  want to have a budget for the actual cost of the condo, but you will want to do the same if you are  furnishing your unit. You should never spend more money than you have, and by setting a budget you  should be able to avoid this problem without any issues arising.

3. Not all condos are created  equally.
Make a list of what you would like to see in your new condo, and then search for units that  meet this criteria. This could consist of things such as parking spots, a swimming pool, or basic  comforts. As a matter of fact you should get what you want if you move into a condo. While you have a  checklist of features and comforts it will make it much easier on you.

The above three tips should  allow you to move from your apartment to a condo with a high level of success. The most important  thing to remember is that rushing is not going to get you anywhere. You should follow the three tips  above when taking your time all the while. This will allow you to get the most out of your condo  buying experience.

Renting Your Condo Can Be Hazardous to Your Financial Health

Condos – Paradise on Earth

Moving from an Apartment to a Condo

If you have ever thought about moving from your apartment to a condo you are not alone. This is one of the most common housing moves that people make. The reason for this is quite simple. Living in an apartment complex is much like it is in a condominium community.

Moving to a Condo: Tips for Success

So you want to leave apartment life behind and move into a  condo?
While this sounds like you, you have almost certainly done all of your homework.

Modern Furniture for Home

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Condominium

A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece. Colloquially, the term is often used to refer to the unit itself in place of the word “apartment”. A condominium may be simply defined as an “apartment” that the resident “owns” as opposed to rents.

Condominium is the legal term used in the United States and in most provinces of Canada. In Australia and the Canadian province of British Columbia it is referred to as strata title. In Quebec the term “divided co-property” (French: co-propriété divisée) is used, although the colloquial name remains ‘condominium’. In England and Wales the equivalent is commonhold, a form of ownership introduced in 2004 and still uncommon in most places. In France the equivalent is called Copropriété (co-ownership), usually managed by the Syndic.

The difference between a condominium and an apartment is purely legal: there is no way to know a condo from an apartment simply by looking at or visiting the building. What defines a condominium is the form of ownership. The same building developed as a condominium (and sold as individual units to different owners) could actually be built someplace else as an apartment building (the developers would retain ownership and rent individual units to different tenants).

Technically, a condominium is a collection of individual home units along with the land upon which they sit. Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home (Anglo-Saxon law systems; different elsewhere). The boundaries of that space are specified by a legal document known as a Declaration, filed of record with the local governing authority. Typically these boundaries will include the drywall surrounding a room, allowing the homeowner to make some interior modifications without impacting the common area. Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium’s creation. The corporation holds this property in trust on behalf of the homeowners as a group–-it may not have ownership itself.

Typically, a condominium consists of multi-unit dwellings (i.e., an apartment or a development) where each unit is individually owned and the common areas, such as hallways and recreational facilities, are jointly owned (usually as “tenants in common”) by all the unit owners in the building. It is also possible for condominiums to consist of single family dwellings: so-called “detached condominiums” where homeowners do not maintain the exteriors of the dwellings, yards, etc. or “site condominiums” where the owner has more control and possible ownership (as in a “whole lot” or “lot line” condominium) over the exterior appearance. These structures are preferred by some planned neighborhoods and gated communities.

A homeowners association (HOA), consisting of all the members, manages the condominium through a board of directors elected by the membership. The same concept exists under different names depending on the jurisdiction, such as “unit title”, “sectional title”, “commonhold,” “strata council,” or “tenant-owner’s association”, “body corporate”, “Owners Corporation”, “condominium corporation” or “condominium association.” Another variation of this concept is the “time share” although not all time shares are condominiums, and not all time shares involve actual ownership of (i.e., deeded title to) real property. Condominiums may be found in both civil law and common law legal systems as it is purely a creation of statute.

The Cosmopolitan, a condominium in Singapore

The description of the condominium units and the common areas and any restrictions on their use is established in a document commonly called a “Master Deed” (also known as the “Enabling Declaration”, the “Declaration of Conditions”, or the “Condiminium Document”) which authorizes a board of directors to administer the condominium affairs and to assess the owners for adequate maintenance. Rules of governance are usually covered under a separate set of Bylaws which generally govern the internal affairs of the condominium. Condominium bylaws usually establish the responsibilities of the owners’ association; the voting procedures to be used at association meetings; the qualifications, powers, and duties of the board of directors; the powers and duties of the officers; and the obligations of the owners with regard to assessments, maintenance, and use of the units and common areas. Finally, a set of Rules and Regulations providing specific details of restrictions and conduct are established by the Board and are more readily amendable than the Declaration or Bylaws. Typical rules include mandatory maintenance fees (perhaps collected monthly), pet restrictions, and color/design choices visible from the exterior of the units. Generally, these sets of rules and regulations are made available to residents and or as a matter of public record via a condo or homeowners association website, or through public files depending on the state and its applicable laws. Condominiums are usually owned in fee simple title, but can be owned in ways that other real estate can be owned, such as title held in trust. In some jurisdictions, such as Ontario, Canada or Hawaii USA, there are “leasehold condominiums” where the development is built on leased land.

In general, condominium unit owners can rent their home to tenants, similar to renting out other real estate, although leasing rights may be subject to conditions or restrictions set forth in the declaration (such as a rental cap for the total number of units in a community that can be leased at one time) or otherwise as permitted by local law.

In the United States, condominiums are regulated by “condominium associations”. The associations are responsible for common areas within the building and in almost all circumstances the associations charge monthly dues above and beyond the mortgage.

Non-residential condominiums

Condominium ownership is also used, albeit less frequently, for non-residential land uses: offices, hotel rooms, retail shops, group housing facilities (retirement homes or dormitories), and storage. The legal structure is the same, and many of the benefits are similar; for instance, a nonprofit corporation may face a lower tax liability in an office condominium than in an office rented from a taxable, for-profit company. However, the frequent turnover of commercial land uses in particular can make the inflexibility of condominium arrangements problematic.

By country

United States

Aqua waterfront condos in Long Beach, California, United States

The interior of a loft condominium

A historic mansion converted into luxury condominiums in Chicago, United States

The first condominium law passed in the United States was in the Commonwealth of Puerto Rico in 1958.^[1] English Common law tradition holds that real property ownership must involve land, whereas the French civil law tradition recognized condominium ownership as early as the 1804 Napoleonic Code; thus, it is notable that condominiums evolved in the United States via a Caribbean government with a hybrid common-civil legal system. In 1960, the first condominium in the Continental United States was built in Salt Lake City, Utah.^{[citation needed]} Initially designed as a housing cooperative (Co-op), the Utah Condominium Act of 1960 made it possible for “Graystone Manor” (2730 S 1200 East) to be built as a condominium. The legal counsel for the project, Keith B. Romney is also credited with authoring the Utah Condominium act of 1960. Romney also played an advisory role in the creation of condominium legislation with every other legislature in the U.S. Business Week hailed Romney as the “Father of Condominiums”.^{[citation needed]} He soon after formed a partnership with Don W. Pihl called “Keith Romney Associates”, which was widely recognized throughout the 1970s as America’s preeminent condominium consulting firm.^[2]

Although often mistakenly credited with coining the term “condominium”, Romney has always been quick to point out that it harks back to Roman times, and that he merely borrowed it.^{[citation needed]}

Nowadays, the leadership of the industry is dominated by Community Associations Institute or CAI.^{[citation needed]}

Section 234 of the 1961 National Housing Act allowed the Federal Housing Administration to insure mortgages on condominiums, leading to a vast increase in the funds available for condominiums, and to condominium laws in every state by 1969. Many Americans’ first widespread awareness of condominium life came not from its largest cities but from south Florida, where developers had imported the condominium concept from Puerto Rico and used it to sell thousands of inexpensive homes to retirees arriving flush with cash from the urban Northern U.S.^{[citation needed]}

The primary attraction to this type of ownership is the ability to obtain affordable housing in a highly desirable area that typically is beyond economic reach. Additionally, such properties benefit from having restrictions that maintain and enhance value, providing control over blight that plagues some neighborhoods. Major American cities, including Miami, San Francisco, Chicago, New York City, Los Angeles, and Washington D.C., have abundant condo development.

In recent years, the residential condominium industry has been booming in all of the major metropolitan areas such as Miami, San Francisco, Seattle, Boston, and New York. It is now in a slowdown phase.^{[citation needed]} According to Richard Swerdlow, CEO of Condo.com, “You’re not going to see this giant overbuild again. It’s hard to imagine that you’d see in the next decade what we just saw. Real estate brokers and the developers were in almost a ticket-collecting mode. They were processing orders because there was so much business to go around. Now that sort of investor phenomenon has gone away.” He added, “That phenomenon has stopped.”

An alternative form of ownership, popular in the United States but found also in other common law jurisdictions, is the “cooperative” corporation, also known as “company share” or “co-op”, in which the building has an associated legal company and ownership of shares gives the right to a lease for residence of a unit. Another form is leasehold or ground rent in which a single landlord retains ownership of the land on which the building is constructed in which the lease renews in perpetuity or over a very long term such as in a civil law emphyteutic lease. Another form of civil law joint property ownership is undivided co-ownership where the owners own a percentage of the entire property but have exclusive possession of a specific part of the property and joint possession of other parts of the property; distinguished from joint tenancy with right of survivorship or a tenancy in common of common law.

Ontario, Canada

In Ontario, condominiums are governed by the Condominium Act, 1998^[3] with each development establishing a corporation to deal with day-to-day functions (maintenance, repairs, etc.). A board of directors is elected by the owners of units (or, in the case of a common elements condominium corporation, the owners of the common interest in the common elements) in the development on at least a yearly basis. A general meeting is held annually to deal with board elections and the appointment of an auditor (or waiving of audit). Other matters can also be dealt with at the Annual General Meeting, but special meetings of the owners can be called by the board and, in some cases, by the owners themselves, at any time.

In recent years the condo industry has been booming in Canada, with dozens of new condo towers being erected each year. Toronto is the centre of this boom, with 17,000 new units being sold in 2005, more than double second place Miami’s 7,500 units.[1] Outside of Toronto, the most common forms of condominium have been townhomes rather than highrises, although that trend may be altered as limitations are placed on “Greenfields” (see Greenfield land) developments in those areas (in turn, forcing developers to expand upward rather than outward and to consider more condominium conversions instead of new housing). Particular growth areas are in Kitchener/Waterloo, Barrie, and London. In fact, after Toronto, the Golden Horseshoe Chapter of the Canadian Condominium Institute is one of that organization’s most thriving chapters.[2]

The Ontario Condominium Act, 1998 provides an effectively wide range of development options, including Standard, Phased, Vacant Land, Common Element and Leasehold condominiums. Certain existing condominiums can amalgamate, and existing properties can be converted to condominium (provided municipal requirements for the same are met). Accordingly, the expanded and expanding use of the condominium concept is permitting developers and municipalities to consider newer and more interesting forms of development to meet social needs.^{[citation needed]}

On this issue, Ontario condominium lawyer Michael Clifton writes, “Condominium development has steadily increased in Ontario for several years. While condominiums typically represent attractive lifestyle and home-ownership alternatives for buyers, they also, importantly, introduce a new approach to community planning for home builders and municipal approval authorities in Ontario. …[There are] opportunities for developers to be both creative and profitable in building, and municipalities more flexible and imaginative in planning and approving, developments that will become sustainable communities.” (In, A Comment about Condominiums, Community Planning and Sustainability, Forum Magazine, Dec 06/Jan 07, p. 28.)

Denmark

Condominiums (Danish ejerlejlighed, literally “owner-apartment”) comprise some 5 % of Danish homes.^[4] They are traded and mortgaged on the same markets as free-standing houses, and are treated legally much like other forms of real estate. Each owner-tenant directly owns his own apartment; the rest of the building and the ground on which it stands is owned jointly by the apartment owners who execute their joint ownership through an owner’s association. The expenses of maintaining the joint property is shared pro rata among the owners.

Another 5 % of Danish homes are in housing cooperatives (Danish andelsbolig), which occupy a legal position intermediate between condominiums and housing associations. The entire property is legally owned by a non-profit corporation in which the tenants own shares; each share carries the right and duty to lease an apartment from the cooperative. Shares can be bought and sold, but often the cooperative’s rules strictly limit the price for which they may change hand. (In contrast, condominiums are traded on a free market). Because the official share prices are often lower than the market value and sellers often retain freedom to select whom to sell to, under-the-table payments are common.^[4]

Current public policy favors condominiums over housing cooperatives, and recent legislation have aimed ad making the latter more condominium-like. For example, since 2005, cooperative shares may be used to secure bank loans. (However, Danish mortgage banks still may not mortgage individual housing cooperative apartments).

India

Condominiums are more commonly known as “flats” in India. This type of housing is very common in larger cities like Delhi, Mumbai (Bombay), Kolkata (Calcutta), Bengaluru (Bangalore), Hyderabad and Chennai (Madras) but are not commonly found in rural areas. In India, they are registered as “co-operative housing society” rather than condominiums in that the owners actually have a share of the co-op and not the actual real estate itself. Owners can sell the “share” in the open market, but they must receive approval from the co-op to complete the transaction.

Singapore

In Singapore, “Condo” or “Condominium” are terms used for housing buildings with some special luxury features like security guards, swimming pools or tennis courts. Most Housings without such features are built by the governmental Housing Development Board (“HDB”), and such HDB units can be possessed for rent or individually bought from the government. Condominiums and HDB flats make up the overwhelming majority of available residential housing in the country.

Australia

In Australia, condominiums are known as “community title schemes”.

Condos Aren’t What They Used To Be

There was a time when condos were considered a better choice financially, but it seems as though condo prices have gone up. But so has their popularity. Many people are turning to the alternative stating it’s a much better selection, and that condos are more impressive then before.

In the 70s and 80s condos were considered only to be for first time home buyers and retirees. But now there is quite a demand for condos. Many of the buyers are retirees and even rich baby boomers. Condos have become very popular in Chicago, Las Vegas, New York, South Florida and many more places.

There are many more luxurious choices and many options for condos. The prices have a wide range so it can fit your budget. There range from 2 million dollar penthouse condos on the market, hotel condos, family homes, to studios. So you don ot necessarily have to buy a 2 million dollar condo, there are some better options that can fit your needs.

Many times these condos contain a doorman, 24 hour monitored security and security staff, maid service, spas, pools, tennis courts, fitness centers, and many many other luxury items and services. But having many of these luxury items also means having an expensive condo. So don’t forget about that.

But that is a small price to pay for happiness; many people enjoy having a condo over looking the ocean.So you can make those dreams come true. Also many people want more space, a 2000 sq ft three bedroom condo used to be normal but now many want 4000 sq ft and up for their condos.

Many feel that a condo is better suited for them and their families. The old idea of who should own a condo has changed dramatically. Now a lot of people enjoy and love condos.