Traditionally, an apartment-style home that you own. However, condos can resemble apartments, lofts, townhomes, or single-family homes. California has a lot of gated single-family detached homes that are marketed as condos because landscaping,
common areas, the community
pool and spa, and tennis courts are taken care of as part of an astronomically high association fee. They can be converted and upgraded from their apartment days or built with their intended purpose from the start. They make good vacation properties and can provide rental income when not in use. Condos are the international
language of homeownership because you can get one anywhere in the
world. Condos can be on
golf courses, beaches, greenbelts, etc. A penthouse is the king of condos.
"I don'
t have
time to take care of a yard because I'm a medical doctor who works 80 hours a week, that's why I own a $2 million dollar condo in Hollywood whose association dues cover a club room, rooftop deck, movie theater, sauna, tennis courts, workout room, weight room, and pool and spa. I could own a 6000 sq. ft. home in the suburbs for the same
money, but I want an
urban lifestyle with all the amenities and shopping and I don't want a half-hour commute.