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Residential condominiums are started by developers who either buy existing high-density, multi-family housing and convert it to condominiums, or who build new properties.
The price of each unit depends on the location of the community, the amenities included there, and the interior size and finishes of each unit.
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Is a condominium considered commercial real estate?
Condominium is a form of real estate ownership, and may be commercial or residential.
What is the difference between a condominium unit and a condominium phase?
A condominium unit is a single unit in a condominium project, whether residential or commercial. A condominium phase is a development period, during which a developer builds, finishes and/or sells a set or collection of condominium units.
Does your condo qualify as a commercial property?
Your governing documents will give you the answer you seek: there is no standard. A residential condominium typically contains only residential condominium units. Some condominium projects offer mixed use when they include some units for commercial use such as restaurants, offices or shops at street level with residential units on upper levels. Others are strictly dedicated to commercial use. The use is clearly set forth in the Master Deed. Generally, if you own a residential condo unit you cannot use it for commercial purposes.
Is business allowed in residential areas?
Is it legal to use your apartment (condominium) as a home office in New York City
Is condominium a resident?
Condominiums can be both residential and commercial. Some condominium projects contain a mix of both. depending on the zoning. Those may have commercial units on the ground floor devoted to shops and restaurants and then residential units on upper floors. Generally, the owner cannot change the use once the project is established.
How is a casita different from a condo?
Casita is a Spanish word that means small home, from casa.A condominium is a residential unit owned in a community.
Is a condo considered commercial property?
Condominium ownership implies that all owners own a share of the real estate assets that make up the association's holdings together with the unit assigned to the owner.Commercial buildings may be condominiums. There may be commercial units within a condominium complex. As a business, however, the association is a corporation that may be for profit, not for profit or exist as an unincorporated association.AnswerThat depends on how the condominium was set up in the Master Deed. A residential condominium typically contains only residential condominium units. Some condominium projects offer mixed use when they include some units for commercial use such as restaurants, offices or shops at street level with residential units on upper levels. Others are strictly dedicated to commercial use such as office buildings or industrial complexes. The use is clearly set forth in the Master Deed. Generally, if you own a residential condo unit you cannot use it for commercial purposes.
Why were residential schools started?
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Where can I download lease management software?
Free quotes and demos of tenant and lease management software for residential, commercial, industrial, retail and condominium property management firms.
What is residential equity good for?
Equity Residential is a real estate investment trust based in Chicago. The company is one of the biggest trusts consoliding more than 550 apartment communities around US. They also offer condominium and corporate housings to their clients.
How do you define an elevator?
An elevator is a machine consisting of a boxlike compartment used for vertical transportation between floors in a residential building such as an apartment complex or condominium or in a workplace or public building.
What is a highrise condominium?
A high rise condominium is a tall building with condominium units.
