Finesentence mobile logo
Sign in Login / Register

Condominium Meaning: Definition, Examples, and Translations

๐Ÿข
Add to dictionary

condominium

[หŒkษ’ndษ™หˆmษชnษชษ™m ]

Definition

Context #1 | Noun

real estate

A condominium, often referred to as a condo, is a type of residential property that is owned individually but shares common areas with other owners. Condominiums are typically part of a larger building or community, featuring amenities such as swimming pools, gyms, and shared outdoor spaces. The unit ownership extends to the interior of the residential space, while the land and common areas are managed by an association. This form of living allows residents to enjoy homeownership along with the benefits of communal facilities and maintenance. Condominiums are popular in urban settings where space is at a premium.

Synonyms

apartment, flat, unit.

Examples of usage

  • She purchased a condominium near the beach.
  • This condominium complex offers a variety of amenities.
  • Living in a condominium can reduce maintenance responsibilities.
  • They decided to sell their house and move into a condominium.
  • The condominium association holds monthly meetings.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Historical Origins

  • The term 'condominium' comes from Latin, meaning 'joint ownership,' first used in legal contexts in the United States in the 1960s.
  • Ancient Rome had a concept similar to condominiums, where families could own separate living spaces within a larger complex.
  • The first planned condominium development in the United States was built in 1960 inSalt Lake City, Utah.

Architecture

  • Many condominiums are designed with communal amenities like pools, gyms, and gardens, promoting social interaction among residents.
  • Architectural styles of condominiums vary greatly, from modern high-rises to cozy low-rise buildings, reflecting local tastes.
  • They often use space-efficient designs to maximize the number of units, making living in urban areas more affordable.

Cultural Significance

  • In urban areas, condominiums often provide housing solutions to accommodate a growing population and limited availability of land.
  • The growth of condominiums reflects changing lifestyles, where people prefer city living with access to amenities and reduced maintenance responsibilities.
  • In some cultures, owning a condominium is seen as a status symbol, representing financial success and modern living.

Legal Aspects

  • Condominiums have unique legal structures, with ownership of individual units and shared responsibility for common areas governed by homeowners' associations (HOAs).
  • Regulations about condominiums vary widely across different countries, affecting aspects like construction, management, and financing.
  • Buyers of condominiums often need to sign agreements outlining the rules and fees associated with shared living spaces, ensuring maintenance and cooperation.

Economics

  • Condominium markets can fluctuate in value based on location, demand, and the overall economic condition of the area.
  • The rise of condominiums has changed real estate investments, allowing more people to enter the property market at lower price points.
  • Many investors see condominiums as lucrative opportunities for rental income, especially in high-demand urban locations.

Origin of 'condominium'

The word 'condominium' is derived from the Latin terms 'condominus,' which means 'joint control' or 'joint ownership.' It combines 'con-' (together) and 'dominium' (ownership). The term began to take on its modern meaning in the 19th century as urban living spaces began to evolve and the concept of shared ownership became popular. Initially used to refer to properties in which individuals shared ownership rights to common areas, the term has since become a standard designation in the real estate industry, particularly in North America. The rise of condominium development witnessed a boom during the mid-20th century, correlating with population growth and urbanization trends, leading to its widespread adoption in housing markets.

Word Frequency Rank

With rank #17,248, this word belongs to specialized vocabulary. While not common in everyday speech, it enriches your ability to express complex ideas.