Maui Real Estate Blog
Maui Residential Condos
When you are looking through the listings for Maui Homes for Sale, you may see a couple of listings that seem a little out of place. The acreage will often be anywhere from 2 to 5 times that of comparably priced properties. Chances are that this property is a residential condo. That larger chunk of acreage is likely shared between multiple homes. In some cases, the land is considered to be common area except for a small area immediately surrounding the home. Owners in residential condo complexes then would have an undivided interest in that common area. In other cases, individual residential condos can have very clearly defined discrete acreage. For example, it might be possible to condominiumize a five acre parcel with 2 homes on the property and end up with 2 distinct residential condos on 2.5 acres.
Why do people condominiumize properties? In some cases, they are trying to create a community similar to a traditional condo complex. Discrete homes are set up around commonly maintained grounds with amenities such as pools. In other cases, residential condos can be a more restricted way of subdividing. If properties do not have all the necessary infrastructure to subdivide like separate water meters or necessary acreage, they may choose to divide a larger parcel into smaller discrete parcels through the residential condo process. It is worth noting that residential condos tend to be more restricted when it comes to building future structures than a traditional single family home. For additional clarification on residential condos, Contact The Maui Real Estate Team today.
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