What are the pros and cons of buying in a mixed-use development?

Asked by jangie88, Charlotte, NC Thu Jul 31, 2014

I have a son and daughter that I plan on helping buy their first homes. They are young professionals and want to live in the uptown area of our city (Charlotte N.C). There is a new mixed-use building that has just finished construction. I have reservations because this building has 172 hotel rooms, 67 condo units, 2 penthouses, a rooftop restaurant, etc. I always go into real estate thinking about the resell so with the mixed-use, as much as it's a draw for my kids, it's giving me pause. Any advice?

Link to building: http://www.skyecondos.com

Thank you

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Scott Godzyk, Agent, Manchester, NH
Fri Aug 1, 2014
The key will be availability of a mortgage. If a buyer is required to put more down, pay a higher rate or such, the value could be affected. Mix use usually equals more risk for the lender. Check to see what is available now and that will give you a good guide.
1 vote
chryslerfina…, Home Seller, Charlotte, NC
Tue Oct 7, 2014
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0 votes
Gabriel Libu…, Mortgage Broker Or Lender, Charlotte, NC
Sat Aug 23, 2014
It is a great option if you can find a lender to work with you. Luckily I finance Non-Warrantable condo's and townhouses. Feel free to reach out to me with any questions at:
Gabe Libutti
NMLS#504917
Sr. Loan Officer/Branch Manager
16325 Northcross Drive Suite C
Huntersville, North Carolina 28078
glibutti@mcleanmortgage.com

Cell: 704-450-2518
Office: 980-359-1604
fax: 980-359-1654

Apply Online at:
http://www.GabeLibutti.com
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