Types of Condominiums

What Exactly is a Condominium?

     A condominium is legally considered a form of real estate ownership. The three most common forms of real estate ownership are fee simple (owning land and home), condominium (owning a unit within a building), and cooperative (buying shares of a property).

     In modern property law, a condominium is the individual ownership of one dwelling unit and the legally described airspace within that unit, with an undivided ownership interest in the land and other components of the building shared in common with other owners of dwelling units in the building.

What is a High-Rise Condominium?

      When you say “condominium,” what comes to mind most often is a high-rise condominium. If you own a high-rise condominium, you own a unit within a multi-story building and share an undivided interest in common areas such as hallways, pools and rooftop decks. High-rise condominiums can be newly constructed or renovated older buildings. Unit sizes range from smaller lofts to 4,000+ square foot spaces.      This style of condominium is often popular for the added luxurious amenities, such as on-site tennis courts and concierge services. While high-rises are synonymous with downtown areas, some high-rise condominium developments can be found in other areas of the city.

 

 

 

What is a Hotel Condominium?

Typically found in larger cities, this newly added innovation to the condominium market is an investment for people who wish to purchase real estate as an investment for income and appreciation, rather than a residence.

 

What are Townhome Condominiums and Villas?

  Townhome condominiums are clusters of private houses that are attached by a common wall. They tend to be larger than high-rise condominiums and have attached garages. The sizes are more comparable to a regular home and come in ranch, 1.5-story and 2-story, can have fenced-in yards, and most likely will have common areas that are managed by an association.

     The fees usually include yard maintenance, snow removal, exterior and roof maintenance, and other amenities like tennis courts, swimming pools, and club houses. Again, the association documents determine who is responsible for what.

Villas differ the most from high-rise and townhome condominiums because they are simply private stand-alone houses with association dues that cover mainly lawn and snow removal. Association fees are usually cheaper than condominium fees due to the fact that there is very little common area. A common area may include a neighborhood playground. This will be spelled out in the association’s documents.

 

For more infomation on Omaha's condo market or to schedule a tour of condos, town homes, or villas call Steve Torneten (402)215-7118 or go www.condolivingomaha.com