RE-160 Lecture 2: Real Estate Principles - 2
18 Dec 2020
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Document Summary
Residential property types (some overlap with commercial) Possible for owner occupied building providing rental income. Response to housing demand in crowded urban areas. Offers security of owning a home without the care and maintenance responsibilities. An owner shares a unit with with other unit owners under common elements. Building exteriors and common facilities provided by governing association paid out monthly by owners. Units that share common walls and facilities within a larger building. Each owner owns shares in a corporation that holds title to the real estate. Each shareholder receives a proprietary lease to a specified unit in the building. Merge diverse land uses as housing, recreation, and commercial units into one self-contained development. Use zoning ordinances to maximize use of open space by reducing lot sizes and street areas. Owners do not have direct interests in the common areas. Single vertical community of apartment units, stores, office spaces, etc.
