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It all depends. Your example is is to general. I really like to go more descriptive than that:
two bedroom condo
Your example is meant for geo-targeting, however if I advise my clients to drive traffic through PPC to particular listings instead of general pages on their website.
However (I going here a little ahead) we always try to create a funnel that results in increasing the "mailing" list- that where your bread and butter is.
1- by geo-keywords
2- by geo-settings
So you can create two different groups based on that. This also allows you to do some split testing as well.
use of generic terms may get you people visiting the site but it also means getting lots of untargetted traffic and wasting money on clicks you don’t necessarily want.