Across downtown Boston, you can find many apartments and condominium units. You’re more likely to find condos in downtown Boston, but once you get into other parts of the Boston, particularly those around the Seaport District apartments are more common. The difference between these two types of real estate doesn’t mean much to architects because they see both as urban units. However, the distinction matters to economists who research housing markets, and it’s even more important to urban planners, developers, Boston real estate brokers, and mortgage lending officers
“Apartment” & “Condominium” Have Differences
The word “apartment” comes from French and Italian and denotes dwellings that are part of larger structures. The word “condominium” comes from Latin and means shared dominion over ownership.
Apartment buildings and complexes are ideal for real estate investors who want to squeeze as much profit as possible from multifamily structures. For this reason, many investors acquire or develop buildings to rent as apartments. In these cases, property management entities act as landlords working on behalf of the owners. Condominiums are managed under homeowners association regimes, which means condo buyers share ownership interest in the structure while retaining full ownership of their units. If the homeowners association allows it, units can be made available for rental purposes.
The city of Boston have authority over condo conversion projects. Condominiums may be approved for conversion to full rental operations, meaning a single entity will control the structure and the units as if they were apartments. Some “garden apartment” complexes in MA have been turned into condominiums. Many of the units in these areas are villas with courtyards and open parking spaces, which makes the complexes end up looking like gated communities.
Some members of the Millennial generation aren’t sold on the American dream of home ownership—thus driving them toward renting apartments—but they won’t think twice about renting condo units from individual owners if they like the amenities. They prefer the upscale gyms, underground parking, security, lounge areas, and rooftop pools with fire pits found in various downtown Boston condominium complexes
Whether you’re considering buying a condo to live in or you want to purchase one to generate rental income, downtown Boston is definitely the place to look. If you need advice on buying a condo, call on the professionals at Ford Realty, the experts on every aspect of buying and selling real estate in downtown Boston. Give us a call today at 617-595-3712
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