What should I look for when purchasing a condominium in a mixed use development?
In light of the burgeoning residential and commercial condominium development in downtown Detroit, many individuals have expressed their concern in regard to buying a residential condominium in a mixed use development with retail. My answer to such concerns is that it simply all depends upon the construction of the condominium and the quality of the condominium documents prepared by the developer’s attorney.
Owning and living in a mixed residential/retail development can be a very rewarding experience or it can be a nightmare depending upon the efforts that are being undertaken by the developer to insure that the retail does not interfere with the useful enjoyment of the condominium premises in the residential structures. There should be appropriate allocation of expenses and clear definitions of who will have control of the condominium project between the retail and the residential. I have seen situations where developers have been sloppy in regard to the documents which they have created thereby causing problems for the residents of the residential area. Reviewing the documents in full before one makes a purchase in a mixed development condominium should be the first rule of thumb.
Downtown Detroit is especially making a comeback with new developments in both residential and business districts as well as mixed use condominiums. There is much to offer prospective tenants in the Downtown Detroit area in the way of businesses, shops, restaurants, and entertainment; however, one is best advised to look into the various issues of mixed development condominiums with a knowledgeable condominium lawyer and perhaps an engineering consultant prior to making a purchase.