An example of a condominium is a high-rise apartment building where each unit is individually owned, but common areas like the lobby, gym, and swimming pool are shared and maintained collectively by all the owners through a homeowners’ association (HOA).
Related: How much does a commercial real estate investor make?
For instance:
- Trump Tower in New York City – individual apartments are owned by different people, but the building amenities and exterior are jointly managed.
- A beachfront condo complex in Miami – each unit is privately owned, but the beach access, parking, and landscaping are shared.