The condo market has to rise steadily in recent decades. According to the National Association of REALTORS (R), condo values rose by more than 27 percent between 2000 and 2002, and the median value of luxury condos sat just below that of single-family houses ($168400) in mid – 2003. Our Exclusive Marketing & Sales Agent is always ready for your help.
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Just what is a condominium?
A condominium development can take the kind of style apartment complexes, townhouses or become multi-family dwellings. What distinguishes it from other multi-tenant buildings is that the programmer has officially declared that a condo and people can purchase units in the building or complex.
The typical areas of development, like stairways, dividing and outside walls, health spas, and rooftop gardens, are shared possession. Each unit owner has some interest in these spaces.
So as to handle the upkeep and repair of common areas shared, each condo development has a condo association, also called a unit owners association. The institution is chosen by the owners of condos and makes decisions in the communal interest of their community.
Condo costs include:
* Arras, mortgage and property tax
* Condo fees also called maintenance fees. Condo fees are paid by all residents to assist with building maintenance, salaries of groundskeepers, janitors or tasks, and supply facilities like luxury swimming pool, gym or rooftop garden. Condo fees are paid monthly and are subject to change
* Special assessment prices. These rates can be asked when an unexpected repair or planned modification exceeds the cost of fees collected condo.