I find that one of the most misunderstood terms in real estate (even by real estate agents) in condominium. Many people believe it is a style of construction, but that is incorrect – condo is a type of ownership. The most common types of condos are high-rise and townhome, but detached homes, offices, and warehouses (among others) can be condos. When you own a condo, you do not own the land beneath the structure. Instead, you own a share of all the common elements. Common elements are defined for each condo development and can vary from case to case, but often include the land under all the units, pools, parks, clubhouses, and some exterior elements of the structure(s). In Austin, we certainly have high-rise condos downtown. We also have a lot of townhome condos around town, including Longhorn Canyon right here in our neighborhood. Steiner Ranch has some great examples of detached home condos as The Fairways, Lakeview, and Beverly’s Ridge are all condo neighborhoods.
If you have an interest in buying or selling a condo, I’d love the opportunity to assist, simply call me at 512-650-7300 or send me an email.
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