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When one says condo they generally mean a multi story building with other units above, below, and beside you. Shared halls, lobby, elevator, garage, etc.
When one say townhouse they generally mean multi-level, with other units only beside you. Private entrance, garage, and no shared halls, etc.
My HOA is single family, one and two story, standalone patio homes. Homes run from 1100sq ft to 1500sqft. About 15ft between adjoining homes. Some have garages, some do not. Fenced in backyards about 20ft x 30ft. The HOA does all outside maintenance including landscaping, house shell maintenance, sprinkler system, etc. We have no amenities (pools, tennis, etc.) so we keep dues costs very low. About $900 per year. Homes run from $120K to $150K. Best of both worlds. Privacy and carefree living.
Condos where I live are generally not as much hi-rise, as they are basically just connected houses with garages, as I have.
Price isn't the only reason people purchase condos or townhouses.
I suspect that more people buy condos/townhomes more often due to lifestyle preferences than price when it's said and done. Most of the responses here resonate with what I have observed myself with why some prefer condos/townhomes to SFR.
Probably not because condos are harder to unload (at least where I live). I never understood the appeal of condos. You pay for that "maintenance-free" living, at least $ 300.00 a month.
Older people seem to like them because they are maintenance free and some come with a lot of amenities. My niece lives in a casita which is similar to a townhouse and their pool area is more like a resort. They even have a movie theatre and an ice cream shop. Of course her HOA fees are round $650 a month.
I don't plan on staying in this SFH for more than a few years. Then I also will be checking into townhouses or patio homes.
Building trends have a huge impact for those looking for shiny and new. Counties keep changing their density per square acre, so the only way builders can keep pace is to move from SFD to TH to condo. I would estimate more tha 50% of condos built in our area would formerly be called THs. Buyers are forced to pick their priority: shiny & new vs. TH & older. The condos today are not the condos of yesterday. Today's condos have garages and rooftop terraces.
As an empty nester, I opted for older (that was a rehab). My wood floors are the 3 inch wood strips that has many more lives. My 4 foot wide staircases, hallways and room openings can't be found in today's new home market. But my biggest plus, I am 1/2 mile from I95. Any commute time is 30 minutes less than most other choices when I bought.
It's personal preference and the available choices. I think a small group actually says, I want to buy a condo. It's what they find available that appeals to them.
Probably not because condos are harder to unload (at least where I live). I never understood the appeal of condos. You pay for that "maintenance-free" living, at least $ 300.00 a month.
My condo's HOA fees are $190/month. Got a new deck in 2017 and will be getting a new roof in 2019.
No lawn to mow but I have a dog park (admittedly I'd rather have my own yard space at this point). There's a pool and gym (which also admittedly; I never use...but it's nice knowing I could if I wanted to haha)
My neighbor's crawl-space was having major moisture issues and they got a new vapor barrier and better drainage system put in.
Not saying it's "the only way" and it certainly isn't the best option for everyone...but it is a great option for some people; and that's why they exist.
Probably not because condos are harder to unload (at least where I live). I never understood the appeal of condos. You pay for that "maintenance-free" living, at least $ 300.00 a month.
To many people, including myself, the appeal is huge. No worries about yard work in 90 degree heat and humidity, no shoveling show, all the exterior maintenance is taken care of, huge pool to use, massive clubhouse with a gym, etc. Yes, these things come at a cost, like anything in life. But a chunk of the monthly fee is for insurance, which you would be paying for anyway.
The best part is that the monthly fee keeps out the rif-raff. Every sfh neighborhood has some rif-raff there that doesn't mow their lawn, has a hillbilly above ground pool in the back, etc. None of that garbage in a nice condo community.
And condos where I live (at least the nicer ones) are selling in days, not months.
That's another factor in my area, too. The attached homes seem to have lots of extra fees, so it really isn't that much more to just go ahead and get the sfh.
You missed the theme of this thread. It's a lifestyle choice and some folks don't want the single-family home lifestyle. It's not purely a cost issue.
Also, not everyone these days are having kids. There are plenty of hetero or same-sex couples that have chosen to forgo kids. It's a shift the developers and realtors need to recognize to be successful.
I personally can't stand yards. All I need is a little patio area for a grill. I have no need for quarter acre of grass, and I absolute despise the maintenance that comes with growing artificial grass. But I don't mind being a close walk to a city park. This is why I prefer a townhome, over a single-family home, even though they are more expensive per sqft than single-family.
I know most of the population prefers single-family homes, but there is a segment of the population that eschews them.
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