2007-03-27 08:42:28 · 4 answers · asked by dennis v 1 in Business & Finance ➔ Renting & Real Estate
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2007-03-27 08:45:37 · answer #1 · answered by cabridog 4 · 0⤊ 1⤋
Developers build apartments and lease them out. Then, to gain a return on that investment, they sell to another developer who decides to sell each unit as a "condo" which pays association fees. Technically the difference is in ownership, you can't own an apartment, you can own a condo. Typically before this sale takes place, minor upgrades are made (often cabinetry, countertops, fixtures, lighting, sometimes flooring).
2007-03-27 08:51:15 · answer #2 · answered by austin_texan 3 · 1⤊ 0⤋
It could either be a rent to own situation, or they may just have their verbage mixed up. A town-home is typically a two story "apt" or "condo" with common area on first floor and "sleeping quarters" on second floor. They may have meant a townhome style.
2007-03-27 09:00:47 · answer #3 · answered by Ashley S 1 · 0⤊ 1⤋
I don't know. That's not proper. Condos are something that you have to pay a condo association fee for. I would think that it's a 1-story condo and that they have it backwards.
2007-03-27 08:46:11 · answer #4 · answered by jdecorse25 5 · 0⤊ 1⤋