Site
condominiums
and the lots
they're
built on are
considered
in the real
estate
market to be
equivalent
to platted, single family subdivisions. The homes and
lots are identical to single family subdivisions except
for their legal description.
Site Condos became popular with home developers in Michigan due to a costly and time process of platting subdivisions that became law in 1967.
Site
Condominiums
are owned by
Fee Simple
ownership
(the most
common way
to hold
title to
real estate)
and should
not be
confused
with typical
condominium
developments
that have
Home Owner
Associations
that share
common
elements.
