Recently, I was asked about the difference between a condo and a co-op. The question prompted me to consider the types of residential properties that are most often listed for sale Scottsdale.
Most common is the Single Family Home – This is a single free-standing home, usually with a fenced yard. Usually have a garage or carport for parking. Some single family homes in Scottsdale have zero lot lines (no yard), and others are located on leased land (land lease).
The Townhouse is a single unit, most often in a row of homes. Usually one or two story. No neighbors above or below. Often with a small enclosed yard. Some have garages or covered parking, but not all do. Home owners association is most often responsible for roof and exterior maintenance.
A Patio Home in Scottsdale is typically a single-level, duplex-style house, although some are configured in three or four units per building. While they do not typically have a yard, they often have a patio and either a garage or carport.
Condo – These units have the feel of apartment style living, and ownership is for unit itself and a percentage of the common areas, both interior and exterior. Exterior maintenance (roof and paint) is usually handled for the Home Owners Association. Covered and assigned parking can be found in some complexes.
In Scottsdale, a Loft is a more modern type of condo, with high ceilings and open rooms.
A Co-op may be configured in a condo or townhouse building style, but the ownership is different. Buying into a co-op means owning shares in a corporation that owns all of the units, and includes the right to reside in one of the units.
In 2010, single family homes were, by far, the biggest seller in Scottsdale, followed by condos and townhouses. Patio homes and lofts were a very small part of the market. Co-ops were so negligible that I didn’t even include them in my residential real estate statistics.
For additional information on the Scottsdale Real Estate Market:
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