What is a Condo

April 23, 2015

A condominium is a multi-unit property in which the people hold absolute ownership to individual units and an undivided interest in common areas.

The average price is approximately $2,000 per square foot.

Monthly common charges range from less than $1 to $4 per square foot.  The common charges do not include real estate taxes.

When buying a condo you will need a 10% down payment, and the rest can be financed.

Condo boards oversee the budget and building overall function.  They review board packages of potential buyers, but they cannot reject you.  They can however exercise their right of first refusal, which mean that they can purchase the apartment from the seller at your contact price.