Traditionally, an apartment-style home that you own. However, condos can resemble apartments, lofts, townhomes, or single-family homes. California has a lot of
gated single-family detached homes that are marketed as condos because landscaping, common areas, the community pool
and spa, and
tennis courts are taken care of as part of an astronomically high association fee. They can be converted and upgraded from their apartment days or built with their intended purpose from the start. They make
good vacation properties and can provide rental income when not in use. Condos are the international language of homeownership because you can get one anywhere in the world. Condos can be on golf courses, beaches, greenbelts, etc. A penthouse is the king of condos.
Example:
"I don't have time to take care of a yard because I'm a medical doctor who works 80 hours a week, that's why I own a $2 million dollar condo in Hollywood whose association dues cover a club room, rooftop deck, movie theater, sauna,
tennis courts, workout room,
weight room, and pool
and spa. I could own a 6000 sq. ft. home in the suburbs for the same money, but I want an urban lifestyle with all the amenities and shopping and I don't want a half-hour commute.