The term Condominium usually brings to mind an image of a mid-rise or high-rise “apartment-style” building, however actually refers to the type of ownership and can be applied to attached and even detached homes as well. The more common form of housing is a single family detached home with fee-simple ownership, particularly in smaller metropolitan areas and the suburbs. The concept of condominiums while originally most likely begun by the Romans were first introduced into the U.S. around 1960. Since the introduction of condominiums, they have gained in popularity, particularly in densely populated metropolitan areas such as New York Los Angeles, Miami and Chicago but also slowly made their way to St Louis and have gained in popularity here as well, particularly with older baby boomers, as well as younger millennials, both of whom are attracted to the lifestyle offered in condo living.
In St Louis Nearly One In Every 8 Home Sales Is A Condo –
As the table below shows, during 2015 nearly one of every 8 (12.22%) home sales in St Louis has been a condominium, exactly the same as last year, and higher than the 11.61% rate on the national level shown in the second table below. On the national level, the share of home sales attributable to condominiums is trending downward this year after peaking last year but St Louis, which also peaked last year, appears to be maintaining the pace.