New Construction Thanks to Construction-Defects Law
With the struggles of low inventory, news about a condo development in the works is exciting news for those in the real estate world. It’s with great anticipation that a new development is coming to Denver in the LoHi neighborhood. This development will be condos ranging in size and price and is the first development in the area from Alpine Investments Denver. This new development is thanks to the Colorado Legislature that passed earlier this year reforming the construction defects law which stopped condo development dead in its tracks for cities across Colorado.
The construction defect reform was signed into law by Governor John Hickenlooper in May 2017. This construction defect reform allows for more attainable housing options for consumers and encourages builders and developers to start building again while protecting the legal rights of individual homeowners. As it is written, nothing in the law stands in the way of individual owners who have a legitimate construction issue from seeking a legal remedy. Additionally, the law protects homeowners by ensuring they are aware of a potential lawsuit that could impact selling or refinancing their home and tightening up voting procedures so a majority of homeowners must approve the initiation of a legal action against a builder rather than leaving that decision to the homeowner association board.
Signs of new construction and developments blooming across Denver is reassuring. It will be interesting to watch the growth as more developments go underway in the next few years.
To view the Full Article written by, Caitlin Hendee visit Denver Business Journal HERE