Residential Condominium Construction (Doc)
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Added on 2019-09-30
Residential Condominium Construction (Doc)
Added on 2019-09-30
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Running head: Residential Condominium constructionRESIDENTIAL CONDOMINIUMCONSTRUCTION
Residential Condominium construction 1Table of ContentsIntroduction...............................................................................................................................................2Residential condominiums........................................................................................................................2Different terms used for condominium in different countries................................................................3Residential condominium construction in the United States..................................................................3Reasons for increased number of residential condominiums in the United States...............................4Residential condominium construction inVancouver, B.C....................................................................5Residential condominium construction in Seattle...................................................................................7Reason for low residential condominium construction in Seattle..........................................................7The ways through which this situation can be improved.......................................................................8Conclusion..................................................................................................................................................9References................................................................................................................................................10
Residential Condominium construction 2IntroductionAcondominiumalso called as a "condo" is a kind of ahousing tenurewhere a part of the real estate (generally of anapartment) is being owned individually. Along with the individual ownership, certain legal rights are also provided such as: Using of land, getting access to various common facilities in the piece owned like access to heating systems, hallways, elevators, and the other exterior areas. These rights are regulated by a joint association of all the owners who represent the joint ownership of that entire piece.Residential condominiums The residential condominiums are usually constructed in the form of apartment buildings, but nowadays there is an increase in the number of "detached condominiums" that in appearance, looks exactly similar to the single-family homes with the only difference that in those condominiums, the exterior building, the yards, and the streets are being owned and maintained jointly by a community association.Apartments are generally leased by their tenants (Delmelle, 2014). But this is not the situation in case of condominium units as these units are being owned outright. And the owners of these condominiums or individual units jointly also own the common areas of that property, like hallways, laundry rooms, walkways and also has the right to use the common amenities, likeHVACsystem, and elevators. Most of the shopping malls fall under the category of industrial condominium where the individual retail, as well as office spaces, are usually owned by the businesses that occupy them. Whereas, on the other hand, the common areas of the mall are owned jointly by all the business entities owning the individual spaces. These common areas
Residential Condominium construction 3and the common amenities/utilities are collectively managed by the owners by forming their owners' association.Different terms used for condominium in different countriesThe term "Condominium" is very popular in the United Statesand is used commonly there. It is also very popular in mostof the Canadian provinces, and there it is also called as a "condo." In the Canadian Province of the British Columbia, New Zealand and Australia, it is called as the Strata title. In theUnited Kingdoms it is termed ascommonhold, and in South Africa, it is called as a sectional title. In Italy, it is known as Condominio (Gabbe, 2015). In the Canadian Province ofQuebec, it is called as both, condoandcondominiumand the officialterm given is thecopropriété device. InFrance, it is called ascopropriété, "and are generally managed by aSyndicat de copropriétéResidential condominium construction in the United StatesThe first condominium law to be passed in the year 1958, in the United States was called as theCommonwealth of Puerto Rico.The first condominium was built in the Continental United States inSalt Lake City, Utah in the year 1960. TheFederal Housing Administrationwas allowed to insure the mortgages on condominiums by virtue of Section 234 of theHousing Act of 1961which resulted in a major increase in the funds which were available for the condominium (Jones, 2016).
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