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Chapter 3 - -Retirement communities often structured as...

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Chapter 3: Concepts of Home Ownership Types of Housing: - Apartment complexes: groups of apartment buildings with any number of units in each building - Condominiums: popular form of residential ownership, especially if you want to own the property but not the land. o Share ownership of common facilities - Cooperative: units that share common walls and facilities within a larger building; but, owners do not actually own the units o Unit owners buy shares of stock in the corporation, not their individual units owners then receive proprietary leases that entitle them to occupy particular units - Planned unit developments (PUDs): merge such diverse land uses as housing, recreation, and commercial units into one self-contained development o Owners don’t have direct ownership interest in common areas; community association formed to maintain areas with fees collected from owners
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Unformatted text preview: -Retirement communities: often structured as PUDs; may provide shopping, recreational opportunities, and health care facilities in addition to residential units-High-ride developments (mixed-use developments): combine office space, stores, theaters, and apartment units in a single vertical community o Self-contained and offer laundry facilities, restaurants, food stores, valet shops, beauty parlors, swimming pools, etc.-Converted-use properties: factories, warehouses, office buildings, hotels, schools, churches, and other structures that have been converted to residential use-Manufactured housing-Time shares: multiple users share ownership of a single property, usually a vacation home o Entitled to use for a certain time of year; each owner pays an annual maintenance fee MORE…...
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  • Fall '10
  • ThomasGoodwin
  • health care facilities, share ownership, share common walls, offer laundry facilities, single vertical community

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