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In real estate, a condominium conversion or condo conversion is the process of entitling an income property or other lands currently held under one title to convert from sole ownership of the entire property (which often already is a multi unit property) into individually sold units as condominiums. Such entitlement is generally derived from ...
Multifamily residential, also known as multidwelling unit (MDU), is a classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. [1] Units can be next to each other (side-by-side units), or stacked on top of each other (top and bottom units).
Often seen in multi-story apartment buildings. Multi-family house – Often seen in multi-story detached buildings, where each floor is a separate apartment or unit. Terraced house (a.k.a. townhouse or rowhouse) – A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.
In other property regimes, such as those in Hong Kong and Finland, the entire buildings are owned in common with exclusive rights to occupy units assigned to the individual owners. The common areas, amenities, and utilities are managed collectively by the owners through their association, such as a homeowner association or its equivalent.
Multi-family building permits dropped 3.0% to a rate of 393,000 units in October. Building permits as a whole fell 0.6% to a rate of 1.416 million units. They decreased 7.7% from a year ago.
Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. In many U.S. states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.
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