Jill Finkelstein - Compass



Posted by Jill Finkelstein on 5/19/2019

Called “common-interest housing” condos, co-ops, flats, townhomes, and apartments have different meanings to different buyers and even have different colloquial meanings than the official real estate industry meanings. Below you'll find a breakdown of the differences between these housing types along with the advantages and disadvantages of each. 

What is “Common Interest Housing”?

Before going too deep, it is essential to understand just what "common-interest housing" actually is. This type of real estate involves a combination of individually owned areas and shared areas in a single property. Shared areas often include pools, parking, and clubhouses, but it can also mean shared landscaping, exteriors, fences and roofs depending on the type of property. A property manager, homeowners association (HOA) or a combination of the two maintains common areas.

Condos and Co-Ops

Condominiums, more commonly called condos, are single home units in a shared property. A homeowner separately owns each unit. The shared property types range from high rise buildings, also called apartments or flats, to conjoined homes townhouse-style. A single family home in a planned community or a mobile home in a community or park can also be condos. Instead of a specific type of home style, "condominium" is a legal term in the United States that refers to the ownership status, so homes of any form, connected or not, can qualify if they are part of a shared property community. 

A co-op, short for cooperative housing development, is another thing entirely. While similarly structured with private and shared areas, co-op owners purchase and own shares in the real estate development instead of their specific portion of the property. All the shareholders have a voice in the real estate corporation, and their investment includes the right to live in a unit. Usually, the monthly expenses of the real estate corporation split between shareholders, so this can be an extra expense you need to plan for. Similarly to condominium, "co-op" is a legal term that refers to the ownership style of the building or neighborhood instead of the building's structure. Depending on your area, you can find co-ops in apartment-style buildings, single family home neighborhoods and townhome style shared wall housing. 

Flats, Townhomes, and Apartments

You’ve noticed the words flat, apartment and townhome in the descriptions of condos and co-ops above. This is because apartments, flats, and townhomes don't have such specific legal meanings. The term "apartment" most often refers to rental units, usually in a single building or set of structures. These are generally not owned, but instead leased or rented from the owner of the entire building or complex. However, since apartments are just a building style with several units that have shared walkways and entryways, apartments can be rentals, condos or co-ops depending on the situation. 

Townhomes refer to a specific building style where the house connects to another house on at least one side. Just like apartments, townhomes could be rentals, co-ops, condos or single-family homes. The true townhome design requires both homes to have separate side-walls even though they touch. However, a lot of condo, co-op and apartment designs look like townhomes without actually meeting the construction requirements. Do this by styling the front or backs of each unit differently, even if constructed as part of a single building. 

Are you thinking of buying a condominium or co-op? Talk to your real estate agent about what's available in your area!




Categories: Uncategorized  


Posted by Jill Finkelstein on 6/1/2018

This Condo in Needham, MA recently sold for $855,000. This Townhouse style home was sold by Jill Finkelstein - Berkshire Hathaway Home Services Town and Country Real Estate.


34 Webster Street, Needham, MA 02494

Condo

$849,000
Price
$855,000
Sale Price

7
Rooms
3
Beds
2/2
Full/Half Baths
OPPORTUNITY KNOCKS IN NEEDHAM!! NEWER BEAUTIFULLY APPOINTED LUXURY TOWNHOUSE! This fantastic three bedroom plus den unit with two full and two half baths features a main floor with a spacious fireplaced living/family room, formal dining room, granite/stainless kitchen with a breakfast bar, half bath and laundry. The second floor offers a wonderful master suite with master bath and walk-in closet plus there are two more bedrooms and a family bath. In addition, this special townhome has a bonus den/bedroom/office on the ground floor, a large storage closet, a half bath and direct entry from the garage. Amenities include hardwood floors, gas heat, central air and central vacuum. This complex is conveniently located for easy commuting access to the highway and train as well as directly on the bus line. Easy to show this mint move-in condition lovely family home.

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Tags: Needham   Real Estate   02494   Condo  
Categories: Sold Homes  


Posted by Jill Finkelstein on 4/2/2018

This Condo in Boston, MA recently sold for $746,000. This Rowhouse style home was sold by Jill Finkelstein - Berkshire Hathaway Home Services Town and Country Real Estate.


9 Albemarle St, Boston, MA 02115

Back Bay

Condo

$719,000
Price
$746,000
Sale Price

4
Rooms
2
Beds
1
Baths
Renovated parlor level, floor through, two bed with high ceilings and generous sunlight on picturesque, quiet, dead-end, tree-lined street along the Back Bay/South End border. This home features a completely renovated kitchen with granite counter tops and stainless steel appliances, all new hardwood floors, updated electrical, a private deck, fireplace, and laundry facility on site. Association has a low condo fee and parking available on a first come, first serve basis. One minute to the shops at Prudential Center and the South End's best restaurants. Walking distance to Newbury Street, Museums, Universities, Whole Foods, Symphony Hall, and the Orange line. Unit is rented until May 31st, 2018 and can be delivered vacant after.

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Tags: Real Estate   Condo   Boston   02115  
Categories: Sold Homes  


Posted by Jill Finkelstein on 2/23/2018


34 Webster Street, Needham, MA 02494

Condo

$849,000
Price

7
Rooms
3
Beds
2/2
Full/Half Baths
OPPORTUNITY KNOCKS IN NEEDHAM!! NEWER BEAUTIFULLY APPOINTED LUXURY TOWNHOUSE! This fantastic three bedroom plus den unit with two full and two half baths features a main floor with a spacious fireplaced living/family room, formal dining room, granite/stainless kitchen with a breakfast bar, half bath and laundry. The second floor offers a wonderful master suite with master bath and walk-in closet plus there are two more bedrooms and a family bath. In addition, this special townhome has a bonus den/bedroom/office on the ground floor, a large storage closet, a half bath and direct entry from the garage. Amenities include hardwood floors, gas heat, central air and central vacuum. This complex is conveniently located for easy commuting access to the highway and train as well as directly on the bus line. Easy to show this mint move-in condition lovely family home.
Open House
Sunday
February 25 at 12:00 PM to 1:30 PM
Cannot make the Open Houses?
Location: 34 Webster Street, Needham, MA 02494    Get Directions

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Tags: Needham   Real Estate   02494   Open House   Condo  
Categories: Open House  


Posted by Jill Finkelstein on 2/23/2018


34 Webster Street, Needham, MA 02494

Condo

$849,000
Price

7
Rooms
3
Beds
2/2
Full/Half Baths
OPPORTUNITY KNOCKS IN NEEDHAM!! NEWER BEAUTIFULLY APPOINTED LUXURY TOWNHOUSE! This fantastic three bedroom plus den unit with two full and two half baths features a main floor with a spacious fireplaced living/family room, formal dining room, granite/stainless kitchen with a breakfast bar, half bath and laundry. The second floor offers a wonderful master suite with master bath and walk-in closet plus there are two more bedrooms and a family bath. In addition, this special townhome has a bonus den/bedroom/office on the ground floor, a large storage closet, a half bath and direct entry from the garage. Amenities include hardwood floors, gas heat, central air and central vacuum. This complex is conveniently located for easy commuting access to the highway and train as well as directly on the bus line. Easy to show this mint move-in condition lovely family home.
Open House
No scheduled Open Houses

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Tags: Needham   Real Estate   02494   Condo  
Categories: New Homes  




Jill Finkelstein