Condominium vs. a Timeshare (co-op) in Key West

A condominium is a common-interest community in which individual units are separately owned but the owners share an interest in common areas, for example, hallways, roofs, and exteriors. With a Real Estate cooperative, or timeshare, buyers purchase shares of stock in a corporation that owns a building. A Key West condominium owner has title to his or her unit; a co-op owner receives a proportionate amount of shares in the corporation that owns the building, based on the unit's proportion of the building.

For the purposes of income tax laws and other laws regarding real estate, a condominium is treated as a single-family home. But an association has the right to impose maintenance fees, demand escrow payments for large repair bills, and manage the overall operation of the entire building. Owners of co-ops real estate must abide by the corporation rules; additionally, if they fail to pay their fees, they may be evicted because they do not hold title to their unit. (See the section on shared ownership in the chapter on home ownership, (chapter 5) for more on living in this kind of property in Key West.