Great news coming out of the Colorado state legislature yesterday. As the Denver Business Journal reported, "After years of failed negotiations, business leaders and Democratic Colorado legislators finally have reached an agreement to move forward a bill that will reform construction-defects law."
With rising home prices and increasing concern about the lack of affordably housing in the Denver metro area, the billaims to jump-starting what is largely a non-existent condominium construction market. Our data for the first quarter of 2017 illustrates the current condo market.
"Condominiums now make up less than 3 percent of the new housing stock in Colorado, and builders say they are unwilling to build because current law makes it too easy for just a small group of homeowners association board members to file multi-million-dollar defects lawsuits."
"The dearth of entry-level housing worries business leaders who say young professionals are forced to rent rather than buy, and it worries metro mayors who have been unable to develop condominium communities around the FasTracks rail system for millennials and downsizing baby boomers."
Search for condos in Denver here, and read the entire article athttp://www.bizjournals.com/denver/news/2017/04/19/legislators-business-groups-reach-agreement-to.html
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