Feb 12 2025 45 mins 2
Living in mixed-use communities and condo hotels offers certain conveniences but can also pose unique challenges that require careful consideration. In this episode of Take It To The Board, host Donna DiMaggio Berger teams up with Becker attorney Allison Hertz to explore the dynamics of the mixed use lifestyle, legal implications, financial responsibilities, and the day-to-day realities of living in these types of communities.
The growing popularity of condo hotels and mixed-use housing is reshaping the real estate landscape. Whether viewing these developments as investment opportunities or lifestyle choices, understanding their unique characteristics is crucial. Donna and Allison discuss the significance of branding, the dynamic nature of commercial amenities, and the value of these properties in today's real estate market.
Managing these properties isn’t without its hurdles. The duo delves into the legal frameworks—like ADA compliance—along with tax implications, liability concerns, and the nuances of insurance, maintenance, and financial assessments. They highlight potential pitfalls that can catch even seasoned buyers by surprise. Whether you're considering investing or making one of these properties your home, Donna and Allison’s conversation underscores the importance of understanding the complexities behind these highly amenitized communities before taking the plunge.
Conversation Highlights Include:
- Differences between mixed-use community and a traditional condominium or HOA
- How shared expenses typically get allocated between residential and commercial components, and common disputes that typically arise
- What potential buyers or investors should know about assessments and financial obligations in mixed-use properties
- How reserves work in these communities, especially when commercial and residential interests have different priorities
- Unique insurance challenges for mixed-use communities and condo hotels
- How shared infrastructure (parking, elevators, utilities) can complicate governance and budgeting in these communities
- Additional laws that impact people who own units in condo hotels
BONUS: Find out who is really making the decisions in these types of communities!
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