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Owner-occupancy or home-ownership is a form of housing tenure in which a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which they live. [1] The home can be a house , such as a single-family house , an apartment , condominium , or a housing cooperative .
Some condominium buildings in the United States have been listed on the U.S. National Register of Historic Places. In some cities in the United States, such as Lakewood, Ohio, city governments have attempted to invoke eminent domain upon residents to take over their property and enable private developers to build condominiums. [2]
Historic district of 43 buildings constructed between 1888 and 1930. The district runs on Broadway between Cable and Barkwill Avenues, and on E. 55th Street between Lufkin and Broadway Avenues, with a few buildings to either side. It is the heart of the Czech community in Cleveland, and was once the second largest shopping district in the city. 20
The building opened for business in 1972. [5] The property was originally named Winters Bank Tower and served as the headquarters for Winters Bank. After Bank One, which was headquartered in Columbus, acquired Winters Bank, the building owner, Virginia Kettering, the daughter-in-law of inventor Charles F. Kettering, changed the name to Kettering Tower.
Sales of condominium units in the building slowed considerably in 2008 before picking up again around 2014. Residential units sold for $348,000 to $2.9 million. The final unit in the development, a 1,960-square-foot "loft" condominium, sold in 2015 for $537,000. [7] [5]
Passage of the Condominium Act then opened a wave of construction of condominium buildings. [40] The cooperative form can be advantageous as a building mortgage can be carried by the cooperative corporation, leaving less financing to be obtained by each co-op owner. Under condominium ownership only the separate condo owners provide financing.
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The building is considered a luxury condominium building, although units range significantly in price. In 2006, the most expensive cost around $1 million, while the least expensive were $90,000. Unlike the many offices and warehouse buildings converted for residential use, Waterford Tower was built for residential use, allowing for more amenities.