Cultural differences
Mar. 7th, 2026 10:25 pmYesterday I got to explain to a slightly confused Spaniard that "condominium" in the US means the type of multi-unit residential building that is apparently standard here, where each unit is owned by the person who lives in it, and that the type of building that's owned by a company which then rents out the units to residents, is so much seen as the default in the US that it doesn't have a specific name.
(The difference in corporate attitudes to profit-making that this implies is fascinating to me - I feel like the overall sentiment, not just in real estate but in everything lately, is that renters who pay over and over are easier to squeeze money out of than customers who buy once and then own the product. But apparently here the main model is that a company buys land, builds a residential building, sells off each unit to an individual buyer who presumably intends to live in it themself, then moves on to the next project. However, does that mean that finding housing is less of a struggle? No, it's just different.)
(The difference in corporate attitudes to profit-making that this implies is fascinating to me - I feel like the overall sentiment, not just in real estate but in everything lately, is that renters who pay over and over are easier to squeeze money out of than customers who buy once and then own the product. But apparently here the main model is that a company buys land, builds a residential building, sells off each unit to an individual buyer who presumably intends to live in it themself, then moves on to the next project. However, does that mean that finding housing is less of a struggle? No, it's just different.)