Maui Hawaii Real Estate Q & A - what's a residential condo?
When looking at the Maui real estate market you might come across a property that's a RESIDENTIAL CONDO and wonder... what the heck is that? Is it a home? Is it a condo? Well it's kind of a hybrid. Technically the property is part of a Condominium Property Regime or CPR. There are actually a couple of different kinds of residential condos on Maui.
1. Residential Condo on AG (agricultural) zoned land: Imagine a 2 acre parcel with a house and cottage on it. Now imagine each of those homes comes with it's own designated piece of ground, thus becoming condo A and condo B. Maybe they share a driveway and a water meter. Maybe they don't share anything but the name. Each parcel will have it's own Tax Map Key (TMK) and can be sold independent of the other. Making a residential condo on AG land is a quicker alternative to a real subdivision. Each owner will have to be involved in the decisions regarding their common property, such as repairs to the driveway, or fencing perhaps. Because this method of home ownership is not completely independent, the pricing usually is lower than its counterpart. There are other things to consider when buying a residential condo on AG lands, so be sure to consult with a Maui Realtor like myself. You can find this type of housing in Haiku, Kula and Lahaina.
2. Residential Condo on Apartment zoned land: Imagine 2-10 acres of land with a development of similar homes, each one free standing and not attached to its neighbor. It looks like a normal development, with rows of beautiful homes, each with a garage, organized around a recreation center or golf course. There are many shared elements, such as the roadways, the pool and fitness center, and even the landscaping. In many cases the owners don't have to do any of the yard work, or even any repairs to the exteriors including the roof. These homes look just like single family homes but are in fact condos. They come with a Home Owner Association and monthly fees. There will be CC&R's and board meetings. They can also be bought and sold independently of the others. This kind of home really appeals to owners who won't use it all the time, but come and go and want a place that's easy to lock up. The maintenance is all taken care of. Again, it's wise to have a Maui Realtor to guide you through the purchase as there are many things to be aware of when buying a condo. You will find this kind of home in Wailea and Kihei.
Got any Maui real estate questions I can help you with? Please don't hesitate to email, call or text me... 808 283-0635
Aloha from Maui - Georgina M. Hunter R(S) e-Pro
Other related posts:
- Maui Real Estate Q&A - What's a TMK number?
- What's an Ohana?
- What's Makai and Mauka?
- DOM - huh?
- What's a condo-tel?
- What's a tsunami?