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Condominium Lifestyle, What is it?

Tags:   Condominiums, Greg Boan, Seaside Luxury Homes

Greg Boan, RCC, Associate Broker

Licensed Real Estate Broker, Coldwell Banker, LLC Waldorf Astoria Boca Raton Resort & Club Office

This post will serve as a simplistic overview of what a condominium is and why it has become an attractive lifestyle for millions of homeowners. A condominium association in Florida is initially formed as a corporation by filing a Declaration of Condominium with the "Division of Florida Condominiums". Filings include the Declaration of Condominium, Articles of Incorporation, By-Laws of the Association and Rule & Regulations. Generally a condo will consist of three or more units up to hundreds or even several thousand units. It differs from a single family home or units within a homeowner's association (HOA) where ownership in those dwellings are owned in "fee simple" meaning the owner has a deed not only to the structure (in and out) but also the land upon which the structure is built and the responsibility for maintenance is solely upon the owner. *An HOA may additionally own common elements such as a community pool, tennis courts, docks, gym, a security gate, etc. that are collectively paid for by the members of the association but these are "common element" amenities of the association not owned individually.

In a condominium setting the association collectively owns the building structure, all the land and the amenities. These are considered common elements of the association owned and maintained proportionately by the combined membership via maintenance fees and/or special assessments. An apartment or unit owner only receives a deed to the interior of the unit and the best way to envision this is ownership from the "dry wall in". This includes all the appliances, air conditioner, plumbing fixtures, light fixtures, unit electric panel, *usually windows, flooring, etc. which the owner may design, alter and maintain at their personal expense but must also adhere to such promulgated rules governing work within the unit/building as set forth in the association's documents as well as full compliance with all municipal code requirements.

So what is the attraction to condominium living? In a nutshell, a more carefree lifestyle. The convenience of not having to deal with the logistics of maintaining a single family home. Many condominiums offer a package of amenities such as fabulous locations, golfing, tennis, boating, beach access, fitness centers, pools, social & entertainment activities and other quality of life enhancing benefits like property management services, 24/7 security, even concierge services, all of which are not easily managed by an individual in a single family home environment.

Without question South Florida ranks high in the top tier of the nation's most popular condominium home destinations. The sunshine and moderate climate attracts people from all over the United States and world seeking a year-round residency as well as vacation homes. It just affords a more relaxing way of living for those folks who finally made the decision to abandon the cold and enjoy the myriad of amazing outdoor activities our paradise offers 365 days a year. There are also financial benefits to residing in the Sunshine State. Generally lower property taxes than the Northeast and no State Income Tax. Wow, that's huge!

© Copyright, Greg Boan, Feb. 26, 2016

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