How Do You Spell CONDOP?
Pronunciation: [kˈɒndəp] (IPA) 
Correct spelling for the English word "condop" is [kˈɒndəp], [kˈɒndəp], [k_ˈɒ_n_d_ə_p] (IPA phonetic alphabet).
Pronunciation: [kˈɒndəp] (IPA)
Correct spelling for the English word "condop" is [kˈɒndəp], [kˈɒndəp], [k_ˈɒ_n_d_ə_p] (IPA phonetic alphabet).
Condop is a real estate term for a unique type of residential property that combines features of both a condominium and a cooperative apartment. The word itself is a portmanteau of the terms "condominium" and "co-op." A condop represents a hybrid ownership structure that is found primarily in major urban areas, like New York City.
In a condop, the unit owners have individual ownership of their apartments, just like in a traditional condominium. However, the entire building is owned by a cooperative corporation, similar to a cooperative apartment building. This means that the residents of the condop must adhere to the rules and regulations set by the cooperative board.
Unlike with traditional cooperatives, condop owners often have more flexibility in renting out their units. They can typically rent their apartments with fewer restrictions, similar to condominium owners. Additionally, mortgage financing is often more accessible for condop owners compared to cooperative apartments.
The condop concept arises from the desire to combine the benefits of condominium ownership, such as individual ownership and the ability to rent out the unit, with the cooperative structure that provides greater control and oversight. Condops are popular among buyers who want a compromise between a cooperative and a condominium but may be limited in their options due to location or other factors.
