Types of Residential Real Estate may include single-family homes, multi-family homes, townhomes and apartments. When the transaction involves a main homestead for a person (usually the buyer) to live in, you are dealing with Residential Real Estate. As a home or area developed for the purpose of living in or on, it cannot be used for commercial or industrial purposes.
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FINE HOMES & ESTATES
Generally unique to its market, Luxury Real Estate is defined by CENTURY 21® Judge Fite as a dwelling priced at $750,000 or higher. Although there is not a checklist for features included in luxury real estate, you will commonly find shared characteristics such as high-end finishes, prime location, large square footage and/or unique amenities. Luxury Real Estate also varies from homes to estate to condominiums.
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FARM & RANCH
The term Farm & Ranch is generally associated with the sale or purchase of rural property. This can include land and its associated residences(s) in various acreages, sizes and price ranges. With unique amenities and/or specifications, transactions categorized as Farm & Ranch often include distinct contracts and appraisals.
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Broadly defined, the term Commercial Real Estate is used to refer to any property owned to produce income. It could involve leasing out office space, owning an apartment complex or selling property as part of the sale of a business. In investment terms, commercial real estate can also include agricultural property (land). Unless the property is a residence where the homeowner is living, you’re probably dealing with Commercial Real Estate.
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