Terminology

Apartments In the New York City region, the term “apartment” refers to an individual unit within a multi-unit building whether it is a co-op, condo or rental unit. In most markets outside the region, the term “apartment” refers to a rental unit.

Co-ops Individual apartments within a building owned by a private corporation. Owners retain shares within the private corporation and their propriety lease directs use of a specific unit.

Condos Individual units within a building where the owners have ownership rights in fee simple for their specific unit and own a percentage of the common area.

Townhouses In the New York City region, one to five family houses that can be delivered vacant. Elsewhere they are low rise properties that generally share a party wall with adjacent similar properties. Variations of townhouses include Brownstones, Mansions and Rowhouses.

Luxury The top ten percent of sales based on the price of properties to have closed within a particular period.

Loft Lofts are former commercial or manufacturing properties that were converted to residential use. They also include newly constructed projects that were designed to mimic the construction characteristics of turn-of-the-century commercial and manufacturing buildings.

Residential This is the generic description of all residential property types to transfer within a particular market. It include all property types typical to the market covered in a report such 1-3 family, co-ops and/or condos.

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