The history of condominiums begins with the word itself. It has a Latin origin with con meaning ‘together’ and dominium meaning ‘right of ownership’. This word is an apt description of what a condominium is all about.
Definition of Condominium
Multiple-unit dwelling, with ownership of individual units is separate and joint in common areas. The condo association manages the building, either through a professional manager or directly. Owners of the units shoulder the cost of building maintenance and of the common area. Owners are also responsible for maintenance expenses and upkeep of their own units. (definition courtesy of www.condoChic.net)
This style of ownership dates back to the early 1700s in Europe and later spread to South America. The first condominium law was passed in the US in 1958. Historically, the use and practice of condominium purchases have happened when the cost of land exceeds the cost of building, with economical and practical benefits to those involved.
As condominiums change and evolve, new and interesting projects emerge, such as the use of the condominium model for specific use property such as garage condos.
The same principals apply to the garage condo as to a housing condo. There are multiple garages built on the same property and they have areas that are used and maintained by all of the owners. In the case of Premier Garage Condos, the common area would be the club house, car wash and RV sani-dump. Individual units are maintained and customized by their individual owners.
Who knows what the future will hold? Today, the concept of a garage condominium is still a new idea for many, but once it is a common type of development, who knows what the future holds… maybe something like this underwater condominium project will have us living together below the sea…