Despite Anticipation, Condo Growth is Stagnant

Despite Anticipation, Condo Growth is Stagnant

Nov 06, 2018

Article

Co-author, Colorado Real Estate Journal, November 2018

In May 2017, Gov. John Hickenlooper signed into law House Bill 1279, which modified a portion of the Colorado Common Interest Ownership Act. The legislation revised Colorado Revised Statutes §38-33.3-303.5 to require the approval by a vote of a majority of all condominium unit owners prior to commencing a construction defect action. This legislation, along with the favorable holding in Vallagio at Inverness Residential Condominium Association, Inc. v. Metropolitan Homes, Inc., et al. (217 CO 69), which upheld a developer’s ongoing right to control amendments to a condominium declaration in certain circumstances, was expected to spark condominium development and give developers and construction contractors enough comfort to enter the market. On this basis, it was predicted that the metro Denver area would see an explosion of new condominium construction and that at least some of the new condo product would be priced in the entry-level market under $300,000.

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