What is the difference between an owned "apartment" and a condo?

Asked by RetiredEngineer, Phoenix, AZ Sun Mar 27, 2011

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Greg Paielli, Other Pro, Phoenix, AZ
Sun Mar 27, 2011
Hello, I do not often hear it called an owned apartment. This refers to a condo conversion. In other words an apartment that was turned into a condo thru the condo laws of a particular state. Thanks
Web Reference:  http://www.paiellirealty.com
0 votes
Carlos Ramir…, Agent, Mesa, AZ
Sun Mar 27, 2011
I heard the term "owned apartment" once and it is precisely what we call here a "condo". It was actually a condo conversion (a place that used to be for rentals and it was converted and sold as condo units).

Carlos J. Ramirez, PC, ABR, CNE
RealtorCarlos@gmail.com
Associate Broker/Realtor, HomeSmart -
http://www.SmartAZRealty.com
0 votes
The Urban Te…, Agent, Phoenix, AZ
Sun Mar 27, 2011
I've never heard the term owned apartment before in the phoenix market. On the east coast we often here what we call condos called flats or apartments.
0 votes
Randy Hooker, Agent, Chandler, AZ
Sun Mar 27, 2011
There is no difference. A "condo" typically refers to an owned unit in a condominium development, whereas an "apartment" typically refers to a rental unit. The key is in knowing if the unit is for sale or for rent.
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