What Is A Condo? | Beginner’s Guide to Housing Types

For some house hunters, the thought of maintaining a house and a yard conjures up anxiety. Luckily, there are different kinds of properties to choose from that don’t entail a lot of upkeep — and come at a reasonable price to boot. One of those options is a condominium.

Not sure if buying a condo is your jam? Here’s a primer on condo living to help you decide.

What is a condominium?

A condominium, called “condo” for short, is a privately owned individual unit within a building of other units. Condo owners jointly own shared common areas, such as pools, garages, elevators, outside hallways and gyms, to name a few. While condos are typically found in high-rise buildings, you can find detached condos in some markets.

“A homeowners association typically manages the common areas and oversees the covenants, conditions, and restrictions (CC&Rs) that apply to the property,” explains Holly Leonard,

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What is Condo (HO6) Insurance?

What does condo insurance cover?

Like homeowners insurance, HO-6 insurance safeguards against property losses and liability claims, except in cases where your condo association’s master policy provides coverage. Here are the standard condo insurance coverages:




Coverage type Definition

Dwelling

Definition
Pays to repair or replace everything in your unit from the drywall in if your property is damaged due to a covered loss.

Personal property

Definition
Pays to repair or replace your belongings, up to specified limits, and is never included under the master insurance policy for your condo association. Anything that isn’t attached to your condo is considered your personal property, including clothing, furniture, and electronics. Note that some condo insurers combine dwelling and personal property coverages.

Liability

Definition
If you’re legally responsible for someone else’s damages or injuries, personal liability provides coverage
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Condo Prices Climb 5.4% in August, Lagging 11.9% Growth for Single-Family Homes

SEATTLE, Oct. 2, 2020 /PRNewswire/ — (NASDAQ: RDFN) — Condo sale prices in the U.S. increased 5.4% year over year to a median of $266,000 in August, trailing growth in single-family home prices, which surged 11.9% to $343,000, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the largest price-growth gap between the two property types since 2014.

About one in five condos (21.9%) sold for above the price at which it was listed, up slightly from 19.2% in August 2019. That compares with one of every three single-family homes (33.6%), up from 24.3% a year earlier and the highest share on record.

“Home prices have been growing across all property types, as record-low mortgage rates have suddenly equipped Americans with more buying power. But condos have experienced relatively modest price growth because the coronavirus pandemic has motivated many homebuyers

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Brand-New $4.77 Million Condo For Sale In Ocean City

OCEAN CITY, NJ — This is the largest single Gold Coast corner lot in Ocean City, according to the listing. Take a look around.



a large brick building with grass in front of a house


© Realtor.com


  • Address: 2437 Wesley Ave Unit 1ST, Ocean City, New Jersey
  • Price: $4,775,000
  • Square Feet:
  • Bedrooms: 6
  • Bathrooms: 5 Full and 1 Half Baths
  • Built: 2020
  • Features: Wow! Wow! Wow! Achristavest has done it again!!! Never before, never again! This One-of-a-kind Beachfront masterpiece boasts a Gold Coast first! This 1st floor unit offers 6 BEDROOMS, 5 FULL BATHROOMS, 1 Half Bath, Plus it will contain its own private elevator and its own private pool located Beach Front. This stunning estate is Raising the bar in home building excellence. This One of a kind corner lot is located in the most idyllic setting in Ocean City’s exclusive Gold Coast! IT IS LITERALLY THE LARGEST SINGLE GOLD COAST CORNER LOT IN ALL OF OCEAN CITY! IT BOASTS
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Spacious, contemporary style condo with high-end finishes for sale in private gated community

KENT COUNTY, MI – Nestled in a quiet area of Ada Township, is a sleek, contemporary style condo that features high-end finishes and spacious, flexible floor plans with light-filled living areas.

The stand-alone condo, located at 5659 Sanctuary Dr. NE, in one of West Michigan’s premier gated communities, The Sanctuary, is MLive’s House of the Week. A home is showcased every Wednesday.

This modern home with three bedrooms and two and half bathrooms is for sale for $715,000. But the house itself is only part of what makes a home. Good neighborhoods have amenities, appearance and accessibility.

“The neighborhood is in a 75-acre community that focuses on preserving nature,” said Realtor Leslie Ruppel with J.H. Realty Partners. “There are groomed walking paths, a small pond and gazebo for the neighborhood to enjoy and a babbling stream that is very relaxing to listen to.”

The neighborhood connects to the Ada walking

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Social media confounded by bizarre interior of Florida condo for sale: ‘Dear God’

A two-bedroom, two-bathroom condo in Lake Worth, Florida, is on sale for just $100,000 — but it requires a very, very specific buyer.

Why? Well, the walls of the “social media-worthy” condo are covered almost entirely in empty cans of Budweiser.

Whoever the current owner and seller of this condo is clearly has a thing for the American-style pale lager. Every single room, save for one ordinary bathroom, is decorated floor-to-ceiling with cans of Budweiser.

Credit: Zillow
Credit: Zillow

Though it’s impossible to ignore the beer cans everywhere, whoever the listing agent is for the condo did their best to make them sound appealing rather than alarmingly confusing.

“Entering the spacious 2BR/2BA corner-unit condo, you immediately reminisce of long road trips and the inevitable belting out of the beloved song, ’99 Bottles of Beer on the Wall!’” the listing says. “Budweiser’s biggest fan meticulously adorned the walls and ceilings with Budweiser beer

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Apartment vs. Condo: What’s the Difference?


 8 MIN READ

It may come as a surprise to many of you renters out there that condos and apartments are in fact not one in the same, though they share many similarities. There are several key differences between a condo and an apartment (stemming from ownership). While a condo is owned and managed by a landlord, an apartment is typically owned and managed by a corporation, known as a property management company. Let’s dive into the details to discover more about each rental option, shall we?

What Is a Condo?

A condominium (what us cool kids – and everyone else – like to call a “condo”) is a private residence that is rented out to tenants like yourself. A condo is typically located in a residential building or community, but the unit itself is privately owned by an individual who becomes the landlord of that property. The

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Florida condo covered with beer cans inside

If you love beer and you’re looking for a place to live, there’s a perfect home to buy.

An 815-square-foot condominium at 4707 Lucerne Lakes Boulevard in Lake Worth, Florida is covered in actual beer cans. Every. Single. Room.

Listing agent Kristin Kearney of Kearney & Associates Realty told realtor.com that the late owner was a lifelong fan of Budweiser.

“It was his life’s mission to wallpaper his home in beer cans, and he did it,” Kearney told the real estate website.

The condo also contains sports memorabilia on the beer-can walls.

The condominium was priced to sell at $110,000, and then listed at ten grand less earlier this month.

Apparently, there was a thirst for the place. The home is currently under contract.

On her first visit to Apartment 102, “I was just blown away,” Kearney told Today Home. “I really didn’t know what to think. “It’s just such

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Johns Creek Condo For Sale Priced Under $135,000

JOHNS CREEK, GA — This condo for sale in Johns Creek overlooks the 8th hole of the Rivermont Golf Country Club, and can be yours for under $135,000.

  • Address: 8101 Fairview Blf, Johns Creek, Georgia
  • Price: $134,000
  • Square Feet: 1342
  • Bedrooms: 2
  • Bathrooms: 2 Baths
  • Built: 1989
  • Features: Welcome to this private, charming 1st floor condo in Johns Creek. Voted one of the safest cities in America for 2019. Home overlooks the 8th hole of award winning Rivermont Golf Country Club and boasts a Creek View in a serene setting. Home features a large open living room with a gas fireplace, a generous master bedroom, and a master bathroom with a garden tub and a double vanity. Located in a great school district with easy access to GA 400 and I-285, this coveted area is convenient to the Avalon, downtown Roswell, The Forum, and Northpoint Mall. The community offers delightful
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15 Central Park West Condo Hit With Foreclosure Action

Sheikh Sultan A. Al Qasimi and 15 Central Park West (Google Maps)

Sheikh Sultan A. Al Qasimi and 15 Central Park West (Google Maps)

“You are in danger of losing your home.”

That was the warning attached to a foreclosure action filed this week against Sheikh Sultan A. Al Qasimi, ruler of the Gulf emirate of Sharjah and owner of unit 2A at Zeckendorf Development’s 15 Central Park West.

Al Qasimi and his daughter, Bodour Al Qasimi, bought the 2,915-square-foot pad in 2014 for $14.25 million — about $4,888 per square foot — according to property records.

Lawyers representing Bank of New York Mellon and an affiliated trust allege that the family has since failed to pay the balance of a $334,101 tax lien sold to the trust in August 2019. The lawyers argue the parties have grounds to foreclose under the city’s Administrative Code and are asking the court to order the sale of the property, with proceeds going toward the

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