What do you think of when you hear the word "condominium?" If you're like most people, you'll visualize either a high-rise apartment or a row of low-slung, garden-style walk-ups. And you'll be wrong. Of the nation's nearly 6 million condominiums, only 28 percent are in buildings with five or more units, according to a profile of the nation's nearly 6 million condominiums by the Mortgage Bankers Association. The profile is based on data from the Census Bureau's 2005 American Housing Survey.

Truth be told, the condo market is as varied as it is large, the study found. And because the term condominium refers to a type of ownership rather than a type of dwelling unit, a condo can have any number of characteristics, including tenure, type of structure and location.

Surprise: Most condos are not in multi-family buildings. In fact, 49 percent are in buildings of four or fewer units, and 36 percent -- more than a third -- are actually single-family houses. "How's that?" you ask.

Because a condo, as a type of ownership, allows someone to own a dwelling in a property of similarly owned units, be they detached or attached. The owner's name is on the deed, and the owner may or may not have a mortgage. In addition, the owner may hold an interest with all other owners in the project's common elements, including the grounds, hallways, entryways, elevators and amenities.

Because they combine individual ownership of the dwelling with shared ownership of the common facilities, condos tend to fill the market niche between renting and owning a detached home and the lot on which it sits, the MBA profile points out.

But many condo boards -- the government-like groups which run the properties on behalf of all owners -- set restrictions on the number of units which can be owned by investors who don't occupy the dwellings but rather than rent them to others. Lenders also limit the share of units that can be investor-owned.

And as a result, nearly two-thirds of all condos are owner-occupied and only 21 are occupied by renters. The remaining 16 percent are vacant.

As you might expect, single-family condos are the least likely to be renter-occupied. Only 14 percent of the occupied detached houses and 13 percent of the attached houses, or townhouses, are occupied by renters, By contrast, according to the MBA, 32 percent of the apartments in building with 50 or more units are rented, and 31 percent of the units in building with 20-49 apartments are rented.

In terms of sheer volume, though, MBA researchers found that 35 percent of the condos that are rented-occupied are in properties with four or fewer units, and 48 percent are in properties with between five and 49 units. The rest are in buildings with 50 or more units.

Actually, townhouses, not apartments, make up the largest single block of condominiums. And as a result, 59 percent of all condos are in the suburbs. Just 32 percent are considered city dwellings and 9 percent are outside metro areas.

Published: December 6, 2006

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When Lew Sichelman first started writing about housing in 1969, he was the youngest real estate writer in the country. Now, 37 years later, he's one of the oldest -- and most decorated. He has been rated the top housing columnist in the country by the National Association of Realtors as well as by his peers in the National Association of Real Estate Editors. Indeed, NAREE has recognized his work on numerous occasions. One year - due to his advancing age, he can't recall which one - he earned top honors in the annual NAREE Journalism Contest in three out of the four major writing categories. It was the first time one writer has won so many NAREE awards in a single year. Known for his ability to make even the most difficult topics understandable, Sichelman also has been honored by the National Association of Home Builders and the Mortgage Bankers Association. He began providing in-depth coverage of and consumer-oriented information about housing and housing finance at the Washington Daily News, where he was real estate editor. He held that same position for nine more years at the Washington Star, which purchased the News in 1972. The Star, a so-called "writer's newspaper" which also had the misfortune of being an evening paper, was put out of its misery in 1981, and Sichelman, who had begun self-syndicating his column in 1978, decided to become a full-time columnist. Today, his column, "The Housing Scene," is distributed by United Media to newspapers throughout the country. He also is on the staff of National Mortgage News, an independent newspaper which is considered the bible of the mortgage business. And he writes for numerous other publications, including MarketWatch.com, where he answers readers questions once a week, Sports Illustrated (don't ask), RealtyTimes.com, BigBuilder and others. Sichelman is married, the father of five and grandfather of eleven.