I am Jorge NuÃ±ez, Realtor with EXiT Real Estate Gallery here in Jacksonville Florida.
Many times the terms â€œloftâ€ and â€œcondoâ€ 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.