Whats the difference between condo, loft, penthouse, and apartment?

Question

whats more expensive

can a real estate person please answer my question with all the possible info you know

thanks

Answer 1

This is what I've been told:

Condo: concierge service

Loft: higher ceilings, may be a condo unit

Penthouse: top floor, more expensive (in terms of rent/purchase price because better view)

Apartment: typically doesn't have concierge

Answer 2

A condo is a unit in a building, sold as individuals.

A loft is a 2 floor condo with the upper floor being smaller and overlooking the 1st floor.

A penthouse is the unit at the top of a building.

Apartments are buildings with units individually rented out.

You also have condotels that are sold as condos, but rented out as hotel rooms where the unit owner gets a share of profits. A great investment since it earns income and the property value also appreciates.

Answer 3

Strictly speaking:

Condo and Apartment simply describe the ownership. A Condo is a unit owned by an individual owner, who pays a fee for the building to be managed and who has a say in the building's rules along with other owners. An apartment has one owner for all the units. Either can be rented out. Some condos are termed "luxury" with doormen, granite counters, plush landscaping, etc. Some apartments are too. You can't generalize. It's just how it is owned. Many apartments have been converted to condos with no physical changes.

A loft is a unit with high ceilings and few walls, often in a rehabbed industrial building. Some lofts feature huge windows, exposed brick, exposed pipes, etc. But lofts can be built new, too.

A penthouse is generally the highest unit in a building. Again, some are condos, some are apartments, some are luxury, some are just the top-most unit. But there shouldn't be anyone living above the penthouse.

Which is more expensive? Depends on size, location, amenities, age, management, etc.