What are the differences between a condominium, a townhouse and a co-op?

A townhouse is a style of construction, whereas condominium and co-op are types of ownership. A townhouse is basically a building or unit that shares a common wall with the building or unit next door. The walls are usually straight and entry is usually from the ground floor. Townhouses usually have two or more stories. A townhouse can be a style of condominium.

A condo is where you own the actual structure of the building jointly with the other members of the association, along with common areas such as swimming pools, tennis courts or other common areas. Individually, you own the airspace and interior of the structure, but not the building itself. You and the other members of the association own the structure together.

A co-op is where you own shares of a corporation or organization that owns the larger structure, and ownership of those shares gives you the right to occupy a specific unit or apartment.

WHY ARE WATERFONT LOTS SO VARIED IN PRICE?

WATERFRONT LOTS VARY WIDELY IN TYPE OF FRONTAGE---FRONTAGE ACROSS A ROAD IS USUALLY LESS EXPENSIVE THAN FRONTAGE DIRECTLY ON THE WATER (HOUSE OR LOT ON THE WATER SIDE OF THE ROAD).

WATERFRONT LOTS OFTEN REQUIRE DEQ (DEPARTMENT OF ENVIRONMENTAL QUALITY) PERMITS, AS WELL AS, CORPS OF ENGINEERS PERMITS, DRIVEWAY APPROVALS & PERMITS, CRITICAL DUNES SPECIAL BUILDING REQUIREMENTS AND SETBACKS, ETC. ALL OF THESE PERMITTING AND OTHER REQUIREMENTS CAN REQUIRE VARYING DEGREES OF CONSIDERATION, REQUIRING MUCH TIME AND ENERGY ON THE PART OF THE OWNER AND BUILDER. THE MORE DIFFICULT THE BUILDING LOCATION AND LOT TYPE; THE MORE THE PRICE MAY VARY. DISCLOSURES MAY NOT FULLY DESCRIBE THE PROBLEMS A LOT OWNER MAY FACE IN BUILDING SO IT IS CRITICAL THAT THE PURCHASER MAKE AN INFORMED DECISION BY USING AN EXPERIENCED REALTOR TO ASSIST IN THE DISCLOSURE PROCESS.