What is the difference between a condominium project and a planned development?
The determination of whether a property is developed as a condominium project or a planned development is usually based on the physical characteristics of the buildings. Projects with only vertically-stacked units are always condominiums. Projects with only detached homes are almost always planned developments. Projects involving horizontally attached homes, or a combination of different home types, can be formed as either condominiums or planned developments. The most significant difference between condominium projects and planned developments is the distinct nature of the individually owned and group owned portions of the property. The individually owned portion of a condominium is called the unit, and typically consists of interior space within a defined set of walls, floors and ceilings. Condominium owners also frequently have exclusive use of decks, patios, and parking areas. The individually owned portion of a planned development is called the lot and typically consists of a piec
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