Condominium (living space) in the context of "Edgewater, Chicago"

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⭐ Core Definition: Condominium (living space)

A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.

These individual units are surrounded by common areas that are jointly owned and managed by the owners of the units. The term can be applied to the building or complex itself, and is sometimes applied to individual units. The term "condominium" is mostly used in the US and Canada, but similar arrangements are used in many other countries under different names.

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Condominium (living space) in the context of Land development

Land development is the alteration of landscape in any number of ways, such as:

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Condominium (living space) in the context of Multi-family residential

Multifamily residential, also known as multidwelling unit (MDU), is a classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. Units can be next to each other (side-by-side units), or stacked on top of each other (top and bottom units). Common forms include apartment building and condominium, where typically the units are owned individually rather than leased from a single building owner. Many intentional communities incorporate multifamily residences, such as in cohousing projects.

Housing units in multifamily housing have greater per capita value than single family homes. Multifamily housing has beneficial fiscal externalities, as their presence reduces property tax rates in the community. Contrary to some popular discourse, in particular from NIMBYs, multifamily housing are a lower fire hazard.

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Condominium (living space) in the context of Apartment

An apartment (North American English), flat (British English, Indian English, South African English), tenement (Scots English), or unit (Australian English) is a self-contained housing unit (a type of residential real estate) that occupies part of a building, generally on a single story. There are many names for these overall buildings (see below). The housing tenure of apartments also varies considerably, from large-scale public housing, to owner occupancy within what is legally a condominium (strata title or commonhold) or leasehold, to tenants renting from a private landlord.
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Condominium (living space) in the context of York University Heights

York University Heights, also known as Northwood Park, is a neighbourhood in Toronto, Ontario, Canada. It is one of Toronto's northernmost neighbourhoods, located along the northern boundary of Steeles Avenue in the former city of North York. The neighbourhood is so named because it contains the main campus of York University. This area is most popular with immigrants of Italian and Chinese descent who have established communities in the area. It is located between Sheppard Avenue and Steeles Avenue east of Black Creek (Derrydowns Park).

The neighborhood contains many private residences, many of which are detached and semi-detached bungalows, townhouses as well as a recent new urbanism development, The Village at York University, there is also a handful of condominiums, several lowrise apartments, and a few high rise apartments.

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Condominium (living space) in the context of Mansion

A mansion is a large dwelling house. The word itself derives through Old French from the Latin word mansio "dwelling", an abstract noun derived from the verb manere "to dwell". The English word manse originally defined a property large enough for the parish priest to maintain himself, but a mansion is usually no longer self-sustaining in this way (compare a Roman or medieval villa). Manor comes from the same root—territorial holdings granted to a lord who would "remain" there.Following the fall of Rome, the practice of building unfortified villas ceased. Today, the oldest inhabited mansions around the world usually began their existence as fortified houses in the Middle Ages. As social conditions slowly changed and stabilized fortifications were able to be reduced, and over the centuries gave way to comfort. It became fashionable and possible for homes to be beautiful rather than grim and forbidding allowing for the development of the modern mansion.

In British English, a mansion block refers to a block of flats or apartments designed for the appearance of grandeur. In many parts of Asia, including Hong Kong and Japan, the word mansion also refers to a block of apartments. In modern Japan, a "manshon" (Japanese: マンション), stemming from the English word "mansion", is used to refer to a multi-unit apartment complex or condominium.

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Condominium (living space) in the context of Single room occupancy

Single-room occupancy (SRO) is a type of low-cost housing typically aimed at residents with low or minimal incomes, or single adults who like a minimalist lifestyle, who rent small, furnished single rooms with a bed, chair, and sometimes a small desk. SRO units are rented out as permanent or primary residence to individual occupants within a multi-tenant building in which tenants typically share a kitchen, and may share toilets or bathrooms. SRO units range from 7 to 13 square metres (80 to 140 sq ft). In some instances, contemporary units may have a small refrigerator, microwave, or sink.

SROs are a form of affordable housing, in some cases for formerly or otherwise homeless individuals. SRO units are the least expensive form of non-subsidized rental housing, with median rents even in New York City ranging from $450 to $705 per month in 2013. The term is primarily used in Canada and US. Since the 1970s and 1980s, there has been an increasing displacement of SRO units aimed at low-income earners in a process of gentrification, with SRO facilities being sold and turned into condominiums. Between 1955 and 2013, almost one million SRO units were eliminated in the US by regulation, conversion or demolition.

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