Why a condo is so expensive compared with a house?

(1) Many condos are are more likely to be newer and have newer finishes/appliances/floorplans. Many people are willing to spend a lot on these shiny things.

(2) With a condo, the exterior and common spaces are maintained by the condo association (for a price). This is an added convenience that many are willing to pay for.

(3) Although expensive for their size, condos are still cheaper than a full-sized house in similar location and finish quality. Because more people can afford them, demand is higher and therefore price.

(4) It is utterly baffling and I can't understand it. Each one must come with a hidden pot of gold because people spend SO MUCH MORE for so much less. And it's not just true for well located condos, or beautiful ones, or ones in buildings with amenities or doormen.