A condominium, or 'CONDO, ' to a real estate agent is a type of housing UNIT that is owned by an individual, but is part of a larger building or complex that is jointly owned by multiple people. Condos are typically located in urban areas and offer amenities such as shared pools, gyms, and other recreational facilities. They are often seen as a more affordable alternative to single-family homes, and can be a great option for those looking to invest in real estate.