By: Betty Smith

Condominiums and townhouses are popular – and it’s easy to see why. They offer many advantages in a variety of price ranges, from starter homes for first-time buyers to luxury models catering to empty nesters.

It can be difficult, however, to know whether a unit is a condo or a townhouse.  The names are often used interchangeably. Adding to the confusion, there are even townhouse condominiums to choose from.

But there are important differences.

First, a little history: A “townhouse” was once the city residence of a noble or wealthy family that would own one or more country houses. The family and their servants would move to the townhouse during the social season, when major balls and other events took place to be closer to the city.

These days, townhouse refers to a style of housing where a row of identical houses share walls. A townhouse typically starts on the ground floor and may be built as a single- or multi-story unit. Townhouses often have at least one separate outside entrance. Basically, if you’re buying a townhouse, you’re buying a home from top to bottom.

Condominiums, on the other hand, describe the style of ownership. Condominiums can include most every housing style from highrise to midrise to patio homes, even townhouses. But it’s quite common for condominiums to be part of a bigger, often multi-story building, with at least one entrance to a common hall or entry area.

Perhaps the biggest difference between a townhouse and a condominium is the condo owner owns the interior of his or her unit – essentially the space they are using. They also jointly share common areas, such as hallways, exercise rooms or pools.  They do not own the land.

Townhouse owners own the interior of their unit, plus the land the unit sits on.

One similarity: Both condominiums and townhouses are usually maintained by a homeowners’ association, which manages and cares for the exterior of the building and common areas.

For more information about condos, townhomes and other properties, contact your Allen Tate Realtor®.

Written Phyllis Brookshire (Senior Vice President)

Courtesy of Allen Tate’s Blog

By: Betty Smith
Custom built by Dwight Stone, these  varied home plans are a maintenance free product in a maintenance free community! Southern Gates will have a total of 29 townhomes. There will be 17 single homes and 12 twin home sites available. We build townhomes from 1500 sf to well over 3000 sf. Talk to us about how we can right size your next home in the heart of convenience! Hurry, we have 7 remaining single townhome sites and 9 twin home sites still available.

Visit our furnished model: Open House Saturday and Sundays 1-5
The model is open week days, Monday, Tuesday and Friday. 11-5
Call for an appointment….Gail Ramsburg 336-215-1103 or gail.ramsburg@allentate.com

Written by Gail Ramsburg

Linda Says:

I grew up in Winston-Salem and later moved to Greensboro in 1989. I started my real estate career in 1996 as a Community Association Manager with Priestley Management Company then later started selling real estate in the Piedmont triad in 2003 specializing in new home construction sales and marketing.
I am pleased to be a part of the Smith Marketing Team at Allen Tate. My goal is to use my knowledge and experience to help individuals and families achieve their dreams of home ownership. I am dedicated to providing the highest quality service to my clients. Furthermore, I will work hard to achieve their goal by using the most innovative and exceptional real estate tools available. My goal is to build long-term relationships, which are beneficial to all parties. Whether buying your first home, selling your home to move into a larger home or to downsize, I am committed to making the process as pleasant and stress free as possible with professionalism and integrity.
Member of the National Association of Realtors®, North Carolina Realtors® Association, Greensboro Regional Realtors® Association.
Serve on Board of Directors of HOA at Condominium Association, Serve on Real Estate Committee at Lawndale Baptist Church.
By: Betty Smith

By: Betty Smith

Now that the home building industry can officially say that it is coming out of the housing recession, it would be a good time to assess current housing needs. The elephant in the room is and has been the 76 million baby boomers that are between the ages of 49 and 67 and looking for the perfect “nest” for their golden years. You would think with that many people either in the market or soon to be, that developers and builders would be designing and building homes and communities to attract this segment of the market.

There are a myriad of reasons why the building and development community is lagging so far behind on addressing this demographic –  the most recent being the great recession that we just experienced. However that light at the end of the tunnel is not another train coming but a bona-fide demand for houses and communities that will cater to the needs of this active, affluent and eager group looking to have fun and enjoy their senior years.

With this last economic scare, we don’t know when the boomers will be able to retire. We do know that more will be working and have income, equity in their homes again and some money in their 401(k)s that will allow them to qualify for a mortgage or buy their new mini-castles for cash. C’mon builders and developers – wake up; this should be music to your ears!  We have qualified buyers with money who all want new homes … but there is no place for them to go!

Of course, this is an exaggeration. There are a smattering of “Active Adult” or “Age Restricted” communities dotting our metro areas but not nearly enough to satisfy the demand that currently exists and will continue over the next 20 years. These communities have mega amenities, are the size of a small city and are built by large corporations. These are great destination offerings but the real demand is for small manageable communities located “near” all the amenities that these active boomers want. The good news for builders and developers is that mega amenities are not requirements; thus, the community becomes easier to finance and is more affordable for the buyer.

This is a win-win for both sides … affordably developed communities, in desired locations, with homes designed for the needs of this tidal wave of  existing and future buyers. So let’s go, builders and developers. You’ve got some catching up to do. While the great recession was happening, there were several million more boomers getting closer to that ultimate move-down. Now, they are just waiting for you to build them their perfect community and “nest”.

By Mike LaRuffa (President, Builders Services, Inc.)

**Courtesy of Allen Tate’s Blog