Condominiums - Sharing the City

By: Andy Asbury

Though condos can built anywhere, perhaps one of the most appealing things about them is that they afford people a high quality lifestyle in expensive high-density areas. Million dollar luxury condos aside, condominiums in desirable areas are typically cheaper than single family homes. If you work and play in the city, buying a condominium can put you in the right place at the right time - all the time.

CONDOS - HOW DO THEY DO IT?

The term condominium refers to a type of ownership rather than type of unit. Condos can be low-rise, high-rise, lofts, warehouse spaces or ground level town homes. When you buy a condo, you own the unit as well as a share of all common amenities: shared spaces, facilities and services. In some cases, condominium owners also own the land the unit sits on.

Essentially, what's shared and how it's shared defines the nature of condominium ownership. In contrast, single family homeowners are wholly responsible for everything themselves. This gives them greater autonomy but also a greater financial burden. Condominium owners on the other hand, pay home association dues or condominium fees that help cover shared costs and labor for the community. These fees cover general maintenance issues like landscaping, exterior paint, heat, water, roofing and insurance along with luxury perks like swimming pools, fitness gyms, saunas, parking garages, security, playgrounds and party rooms.

LOCATION LOCATION LOCATION...AND MONEY

Though condos can built anywhere, perhaps one of the most appealing things about them is the fact that they afford people a high quality lifestyle in expensive high-density areas. Million dollar luxury condos aside, condominiums in desirable areas are typically much less costly than single family homes. If you work and play in the city, buying a condominium can put you in the right place at the right time - all the time.

A survey of of over one thousand condo owners released by the NAHB in 2007, revealed that for people who purchased condos over the last two years, price and location topped their list of priorities at 70%. This was followed closed by design and size of the unit and the desirability of the neighborhood overall.

So though the pools and workout rooms are absolutely lovely, where you swim and workout still matters a great deal. For people looking to invest and have a greater level of control over where they live than renters, buying urban real estate in the form of condominium ownership is a dream come true.

It's a fact that Minneapolis's mix of historic architecture, culture and natural beauty make the downtown core a great place to be. Chosen by Frommers as one of the top places in the world to visit in 2007 - it's certainly one of the most desirable urban locations in the Northeast. For years, the thriving economy and job market have been attracting young professionals looking for opportunity.

In Minneapolis, developers are continually addressing this demand by building well-designed, affordable condos in the downtown core. Loft apartments, studio spaces and conversions are being snapped up by all kinds of people. Those starting their careers, young families, single men and women and even students who would otherwise be stuck paying rent are venturing into the Minneapolis real estate market. Stylish and affordable downtown condo developments like Olin Crossings are loved for the way they allow people to live and raise their families exactly where they work and play. Forget the suburbs and mind-numbing commutes. With the business district, arts district, walking trails and light rail just steps from the front door what are you waiting for?

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