What is the difference between a condo and a multiunit condo?

Asked by Elaine Brooks, Jacksonville, FL Mon Sep 29, 2008

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Mike Linkena…, Agent, Jacksonville, FL
Tue Dec 16, 2008
You may be refering to the differences between a condominium and a townhome? I've never heard the term multi unit condo, as all condos are multiunit. I have a good description of the differences between a condo and townhome on my condo website, http://www.jacksonvillefloridacondominiums.com

Mike Linkenauger
First Coast Realty Associates
(904)635-8822 http://www.firstcoastre.com
mlinkenauger@yahoo.com
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Matt Zimmerm…, , Jacksonville, FL
Tue Sep 30, 2008
In essence there is really no difference between a condo and a multi-unit condo. It depends a great deal on the correct use of the term condo. You see...a condominium refers to the type of ownership of a property. If you purchase a condominium it simply means that you own the property as part of a larger community or association. You do not have absolute rights to the property. Condominiums come in many sizes and shapes. They can look like single family homes, town homes, or be an individual unit inside a large multi-unit structure. Basically you own the space inside your individual unit. The common area of the community is jointly owned by everyone who has purchased in the community and the costs of maintaining, insuring and upkeep is shared by everyone. Owners rights of use are established not by the state but by the owners of the property. Your rights are outlined in the covenants and restrictions of the community. These covenants can be changed and adapted by the members of the governing council with the approval of the owners. If you would like more information call me and I would be happy to explain further.

Matthew Zimmerman
Broker Associate
Prudential Network Realty
(904) 514-2466
Web Reference:  http://www.MattSellsJax.com
0 votes
., , Jacksonville, FL
Tue Sep 30, 2008
Hello Elaine,

I am Jorge Nuñez, Realtor with EXiT Real Estate Gallery here in Jacksonville Florida.

Many times the terms “loft” and “condo” are interchangeable. They both refer to a single unit condominium within a multi-unit residential building. Both lofts and condominium are real estate property. Technicaly a condominium is a housing structure that is a part of a bigger unit or building and the owner of the condo own the interiors independently and the other services in the building jointly with other owners.

So what is the difference between a loft and a condo? The distinction lies mainly in design and layout. For the most part, lofts have a much more open floor plan than condominiums. Some loft spaces are nothing more than a large, undivided room with a kitchenette on one wall. It is up to the homeowner to section it off.

In adition, one must understand that the creation, sale, and management of a condominium in the US will be governed by specific statutes and that different states have different statutes governing them.

Jorge Nuñez
http://www.rentingfirst.com
904-945-2144
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