What is an example of a condominium?

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).

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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.