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 As some
could suppose, condominium is never something like a private castle with the
very ancient history of the past. This is a simple form of home ownership in
which individual units of a larger complex are sold, not rented. This complex
is situated on the isolated land area. The main aspect for condominium is that
there is more than one owner. Thus, we may suppose that all urban citizens live
in condominiums, though they are not aware of that.
Condominium
is the legal term used in the United States and in most provinces of Canada. In
Australia and the Canadian province of British Columbia it is referred to as
strata title. In Quebec the term «divided co-property» (French: copropriété
divise) is operated, although the colloquial name remains 'condominium'. In
England and Wales the equivalent is common hold, a form of ownership introduced
in 2004 and still uncommon in most places. In France the equivalent is called
Copropriété (co-ownership), usually managed by the Syndic.
Condominium
for millionaires is what they deem as the comfortable location (in the reputed region
or close to the downtown), well-designed layout and area of rooms, security
service, a parking and a garage and a lot more to feel calm and comfortable,
thus all the stuff mere mortals can do without but millionaires cannot. The neighborhood
matters as well. People from the same society with quite similar preferences prefer
live close to each other without scenes of alcohol-abused neighbors disturbing
them. Only celebrities and wealthy people, very often the mix of them inhabit
condominiums. Those who purchase units in a condominium technically own
everything from their walls inward. All of the individual homeowners have
shared rights to most common areas, such as the elevators, hallways, pools and
club houses.
Presently
the most expensive apartments are offered in Monte-Carlo (though prices for
real estate traditionally go beyond all expected in Principality of Monaco): 1m²
of the 120m² flat is offered for $45713 USD. London is the next requiring high prices
for the housing, thus a square meter of the flat of 120m² total area costs
$23837 USD. And Moscow is the third in the Top Three which offers a square
meter in the flat of 120m² for about $16800. Yet, the prices are so high in
spite of the time of crisis which means that prices are slightly reduced,
however they are as high as heavens. In the previous year the average cost for
one square meter in the elite condominium in Moscow made $25500 USD to $35600
USD.
The prices
go lower and the demand is that low. Nowadays the richest of this world do not
feel like rushing and stocking places in élite condominiums since they spend
all their pains and funds to save their own businesses in the time of economic
and financial disaster. The real estate marketers get suspicious that prices
will go far more down. Construction companies suspend building housing and even
condominiums in fear that their works will be left behind.
The conditions
are also quiet in the market of existing elite housing. Fewer apartments are
proposed for sale. Though such a decrease in demand for the elite real estate
may be linked with the fact that the wealthiest of the world are attracted with
other elite housing in other countries.
Say, condominium
in Monaco is far more prestigious ulike the most elite condominium in the other
city. Millionaires prefer acquiring the property with guaranteed liquidity. To
be in the same position, the property should bring profit either be valuable
enough with some features, like the housing with ancient story or something
like that.
Cote d`Azur
condominiums all the time drag attention of millionaires of ever time. They are
good kind of investments, actually, classic and they never outdate.
The millionaires
from Foggy Albion show the same tendency - they prefer overseas market of real estate
during the crisis, while apartments in elite condominiums of London are predominantly
bought by Russian oligarchs.
Nevertheless,
the richest part of the society needs to hurry up and acquire elite real estate
until it is late. By expectations of experts in the real estate market the prices
will go down throughout the year 2009. From early 2010 the market is supposed
to get rehabilitated and in 2011 it is predicted to flourish and subsequently
prices will pop up as compared with pre-crisis price for the property.
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