September 27, 2025 “Real Estate Matters” Video Podcast – What is a Townhome?

Real Estate Matters, for more than 11 years, the voice of real estate for Palm Coast and Flagler County. Sponsored by Veranda Bay, the new luxury Intracoastal Community in Flagler Beach.

What is a Townhome, a Single-family dwelling, a Condominium, or an Apartment Complex? The answer involves both style and legal description.

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Raw Show Notes

Our behind-the-scenes guide to the show’s flow, covering many topics we didn’t have time to get to on the show. This is raw and likely contains typos. Data reflects the date of the show’s recording.

Show Notes 9-27-2025

Recorded 9-25-2025

Welcome to Real Estate Matters, for over 11 years, the voice of real estate in Flagler County and Palm Coast, Florida.

I’m Toby Tobin, the publisher of GoToby.com, contributor to the Palm Coast Observer, and a Florida-licensed Realtor with The Landmark Group at Compass. Co-host Annamaria Long, with the Flagler County Homebuilders Association, is in the studio with me today.

Thanks to Our Sponsors:

• Our Lead Sponsor is Veranda Bay – A private developing community of lots and luxury homes on the Intracoastal Waterway in Flagler Beach, featuring custom homes by Olsen Homes, AR Homes by Arthur Rutenberg, ICI Homes, and Hulbert Homes. Newly opened sections feature homes by Toll Brothers and Dream Finders. To learn more, visit VerandaBay.com.
• Flagler County Home Builders Association
• Hammock Community Church – On A1A in The Hammock – Small enough to know you but large enough to serve you. North of the toll bridge with the message sign out front. It’s not just for Hammockians. Like me, many people cross the bridge.

September MTD

• 171 Homes sold via the Flagler MLS at $375K vs 221 homes at $362.4K last September, DOM=61 this year
• $250K and lower = 7, 3 were cash, DOM 9
• $1M+ = 11, 8 were cash, DOM 98
• Homes listed – 1,321, down from 1,438 in July
• Homes Pending – 341 up from 294 in July
• Median Price of homes pending – $389,990K
• GINNdex is down from 4.9 in July to 3.9
• SFR building permits in Palm Coast – 71 issued MTD and 146 applied, many from Meritage Homes building in Flagler Village and Colbert Landings.
• Average 30-yr. Fixed-rate mortgage interest rate down to 6.26% (Source: Freddie Mac)

Main Topic: What is a Townhome? A Condominium? A Single-family home?

The other day, I noticed a recent sale of a Tidelands condominium on MLS. It did not appear under a search for “Condominium,” but rather under the category of “Townhouse.”

Tidelands has 252 condominium units. Some are in traditional multi-story buildings (3 and 4-story). Others are in two-story buildings constructed in a townhouse style but they are not townhomes (details to follow). Surprisingly, the listing agent is a long-term Realtor.

There is a lot of confusion.

Why does it matter?

The Tidelands listing did not show up under a Condominium search criterion, limiting the number of potential buyers.

While a townhouse “style” may be a condominium, they are usually not, misleading the potential buyer.

What is a townhouse?

Multiple single-family attached residential units with shared demising walls.

No more than two-stories

Separate outside entrance

Ownership includes the land on which the unit stands and the entire vertical structure

Must be stacked with no vertical overlap

There is typically an agreement that defines overlapping responsibilities, such as roof maintenance

Townhome living mimics SFR unattached living more so than does condo or apartment living

HOAs typically govern townhome communities

What is a single-family residence?

It can be either attached or unattached, although most people assume it is unattached.

From a zoning perspective, structures or groups of structures with more than four living units are classified as multi-family and imply higher density.

What is a condominium?

Condominium is a legal description, not an architectural style

A condominium is typically defined as the interior of a building, including wall finishes but excluding the exterior walls.

Everything else is common area, owned fractionally by all unit owners.

Common areas can be defined as shared or limited-use

Condominiums can define both residential and commercial properties

Condominiums can include single-family, unattached or attached units

Condominiums do well in dense urban environments where their typical vertical structures optimize land usage

Condominiums are typically governed by documents of condominium and condominium boards

SFR HOAs usually have the lowest association fees, followed by SFR attached associations, then condo associations.

How are apartment complexes different?

A single entity owns apartment complexes. Like condos, they can be of several structural types. Units do not have separate assessed values or tax IDs. They cannot be homesteaded. Renters do not share in equity gains.

A quarter of all owned households in the United States paid either a condominium or a homeowners association fee in 2024, with 3 million facing hefty monthly charges of more than $500, according to a new U.S. Census Bureau survey.

The $5M American Dream

Living the American dream—owning a home, raising kids, retiring comfortably, and maybe throwing in a vacation or two—has never been cheap. Still, a new report from Investopedia presents a striking statistic: Over a lifetime, checking all the traditional boxes now incurs a $5 million price tag.

Investopedia calculated the estimated lifetime costs of eight milestones Americans most often associate with the dream: retirement, healthcare, homeownership, raising two children and sending them to college, weddings, cars, annual vacations, and pets.

In 2024, the median household income was $84,000, or only $2.8M over a lifetime.

Filler News:

• According to WalletHub, four Florida cities are among the best places to retire. Orlando #1, Miami #4, Tampa #5, and Fort Lauderdale #7
• Homeownership Costs Have Jumped 26% Over 5 Years as Hidden Expenses Rise. Typical monthly expenses for homeowners surged by more than a quarter in the five years through 2024, a comprehensive new report from the U.S. Census Bureau has revealed.
• The median monthly ownership costs for U.S. homeowners with a mortgage jumped to $2,035 last year, according to new American Community Survey data released by the bureau on Thursday.
• That was up nearly 7% from a year earlier in nominal dollars, and a 26% increase from 2019, when the typical monthly cost for mortgage holders was just $1,609.

Wrap up:

Video podcasts of Real Estate Matters are now available on GoToby.com. Click on Podcasts on the top navigation bar.

If you have a question or a suggestion for Real Estate Matters or GoToby.com, reach out to me.

(386) 931-7124 or email me at Toby@GoToby.com

I’m Toby Tobin and I approve this show.

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