Residential Condominium Construction (Doc)

Added on - 30 Sep 2019

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Running head: Residential Condominium constructionRESIDENTIAL CONDOMINIUMCONSTRUCTION
Residential Condominium construction1Table 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 construction2IntroductionAcondominiumalso called as a "condo" is a kind of ahousing tenurewhere a part of the realestate (generally of anapartment) is being owned individually. Along with the individualownership, certain legal rights are also provided such as: Using of land, getting access to variouscommon facilities in the piece owned like access to heating systems, hallways, elevators, and theother exterior areas. These rights are regulated by a joint association of all the owners whorepresent the joint ownership of that entire piece.Residential condominiumsThe residential condominiums are usually constructed in the form of apartment buildings, butnowadays 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 thosecondominiums, the exterior building, the yards, and the streets are being owned and maintainedjointly by a community association.Apartments are generally leased by their tenants (Delmelle, 2014). But this is not the situation incase of condominium units as these units are being owned outright. And the owners of thesecondominiums or individual units jointly also own the common areas of that property, likehallways, 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 ofindustrial condominium where the individual retail, as well as office spaces, are usually ownedby the businesses that occupy them. Whereas, on the other hand, the common areas of the mallare owned jointly by all the business entities owning the individual spaces. These common areas
Residential Condominium construction3and the common amenities/utilities are collectively managed by the owners by forming theirowners' association.Different terms used for condominium in different countriesThe term "Condominium" is very popular inthe United Statesand is used commonly there. It isalso very popular in mostof theCanadianprovinces, and there it is also called as a "condo." Inthe Canadian Province of theBritish Columbia,New ZealandandAustralia, it is called as theStrata title. In theUnited Kingdoms it is termed ascommonhold, and inSouth Africa, it is calledas asectional title.InItaly, it is known asCondominio (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 generallymanaged 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 astheCommonwealth of Puerto Rico.The first condominium was built in the Continental UnitedStates inSalt Lake City, Utah in the year 1960.TheFederal Housing Administrationwas allowed to insure the mortgages on condominiums byvirtue of Section 234 of theHousing Act of 1961which resulted in a major increase in the fundswhich were available for the condominium (Jones, 2016).
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