The condo took on popularity in the 1960’s and remains popular today offering ownership and luxury even in today’s harsh real estate market.
A condominium is basically a unit in a building, each of which is individually owned by someone. These units can be as numerous as an apartment complex or as few as townhouses but what they have in common is generally the concept of location and luxury without a spendy price tag for either.
The advantage to owning one of these units include being able to utilize shared prime real estate that a single housing unit could not afford to accommodate. In other words land is at a premium and with only so much land to go around it makes more sense to put up a condo that can house a multitude of people than to use that same space for one single family dwelling.
With this concept in mind these home units are usually placed in locations that can at best be described as playgrounds for adults such as beach fronts, golf courses or areas that are converted into private fortresses and gated communities.
Luxury is the key word with the condo and that means that even a small unit will be tastefully designed with the appropriate upgrades of appliances, granite countertops and top of the line flooring. You won’t usually find these high end units that are sought after by the young yuppie or retired couple, cheaply done or designed with the budget of the poor and working class in mind. The units may mirror one another but there is no cookie cutter concept in building or designing these units like there is with the row houses of suburbia.
On the upside the price for the average condominium unit is not above the pay grade of the average up and coming professional couple that these units usually appeal to. Since the units share a common area- the building itself and any lot around the building the care and upkeep fall to the group, usually in the form of home owner association dues that pay for snow plowing, walk way clean up and painting as needed. It also helps to keep the unity the units on the outside to increase the value of the individual home units.
And finally if you’re not convinced that the idea of the individual housing unit known as the condominium is the greatest thing since the invention of nondairy creamer and soft contact lenses-the investment value of these hot little commodities is strong and they historically have held their value when the single family home was losing value.