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Lionel Vincent Mayell (4 February 1897 – 31 August 1978) was a Canadian born real estate developer and promoter who is credited with pioneering the concept of "own-your-own-apartment" (later known as condominium ownership) in the western United States in the early twentieth century.
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A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.
However, in some real-estate circles, the term condop continues to be mis-used to refer to a cooperative that behaves like a condominium or a "co-op with condo rules". Typically condo will require a lower required down payment for prospective purchasers and do not include many of the restrictive measures that impact prospective purchasers of ...
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