condominium

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condominium

n. title to a unit of real property which, in reality, is the air space which an apartment, office or store occupies. An increasingly common form of property title in a multi-unit project, condominiums actually date back to ancient Rome, hence the Latin name. The owner of the condominium also owns a common tenancy with owners of other units in the common area, which includes all the driveways, parking, elevators, outside hallways, recreation and landscaped areas, which are managed by a homeowners' or tenants association. If the condominium unit is destroyed by fire or other disaster, the owner has the right to rebuild in his/her airspace. Most states have adopted statutes to cover special issues involving development, construction, management and taxation of condominium projects. (See: common area)

condominium

joint ownership. The term has come to describe a flat held in this way, especially in the USA.
References in periodicals archive ?
Believing that Thunder Bay now accepts the benefits of condo living, Kauzlarick attributes the success of Signature Court to timing and quality.
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9 percent, respectively, indicating that the vast majority of condo sales that closed in those neighborhoods sold at prices above the initial asking price.
You're going to have pockets of distress because of the severe credit crisis," Rosenblatt said, referring to condo owners falling behind on their monthly common charge payments.
In the Kinki region of western Japan, the condo supply in the January-June period dived 11.
While demand for condos is clearly present, rising condo development has also been fueled by unprecedented home price appreciation (single-family and condo alike).
Condo and co-op resale activity in the Midwest was at a seasonally adjusted annual pace of 110,000 units in the first quarter, down 1.
Slowing condo price growth is indicative of a healthier market.
8226; The Most Comprehensive MLS Search for San Fernando Valley Condos, Condominiums, Townhouses, and Townhomes
Doug Heller, a real estate lawyer and a partner with Herrick, Feinstein LLP, said the price of heating oil, which condo boards have virtually no control over, is one of the biggest culprits.
Some 4,000 of those have been condo conversions approved by the city.
The number of condo offerings will be greater in Kanagawa and Chiba prefectures as well as in the capital's outlying areas in 2005 than in the preceding year, it said.