Interesting blog post on the history of condos in the US and around the world, titled "Why do condos even exist?"
The author's big problem with condos is that once a condo building is developed and sold it becomes nearly impossible to tear down and redevelop. He gives a few explanation for the popularity of condos but overall I share his skepticism. If you live in a condo in downtown Chicago you're paying at least $1000 per month for assessments and taxes. At that point do you really "own" the condo? Plus you have to give up a lot of rights and freedoms for living in the building. To me this really seems like a version of long-term renting, you have to pay a lot of money up front then deal with the hassle of selling it down the line.