In co-owned buildings, walls, roofs, parking lots and other common elements technically belong to a special kind of nonprofit, usually a condominium association, run by an elected board of tenant directors who volunteer their time. And those people do much of the management themselves. Apartment owners can also share the expense of amenities like gyms and swimming pools.įurther savings come from the fact that buildings aren’t owned by landlords but by their residents. It’s cheaper to share boilers, roofs, doormen and janitors than to pay for all that on your own. Paying for services as a group saves money, too. ![]() Many families can live on a lot that might otherwise have fit just a few houses. Part of the savings comes from sharing land. Not only does co-ownership allow people to share housing in convenient or beautiful locations, it usually keeps their home-related expenses down. Matthew Gordon Lasner Affordability is part of the appeal This 1964 ad in Florida Architecture touted ‘the private world’ of the Fountainhead condo in Ft. ![]() By the 1880s, about a decade after the first apartment buildings went up, the co-ownership model emerged in U.S. There were also complaints about sky-high rents. Many Americans, though, were squeamish about sharing a building with other families, especially if their neighbors would be temporary. Low-income Americans moved into tenements, the middle class resided in boarding houses and residential hotels, and the prosperous inhabited apartments. cities grew dramatically in the 19th century, many of the people moving into urban areas clustered together in new kinds of housing. Those advantages have made this kind of lifestyle popular for more than a century. ![]() People who buy condos can more easily afford choice locations, have less maintenance to deal with and get the freedom to remodel. Many also became more aware of the pitfalls of condominiums and other forms of co-ownership in which each unit in a multifamily building or other kind of housing complex is individually owned, while the structure itself is owned, and managed, collectively.Īs I explain in my book “ High Life,” however, there are many benefits to co-ownership. The tragic collapse of Champlain Towers South in Surfside, Florida, on June 24, 2021, made millions of Americans focus for the first time on the risks of high-rise construction and oceanfront living.
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