👉 In the context of real estate, a "condo" refers to an apartment building that is owned and managed by a corporation or cooperative. It typically consists of one or more floors with a combination of apartments and common areas such as gyms, swimming pools, and communal spaces. The term "condominium" can also be used to refer to the concept of owning an apartment in a condominium complex, but it is less commonly used due to differences in terminology. In general, a condominium refers