Inside Real Estate News got it right: "Consumers want them. Politicians want them. And developers want to build them." But thanks to fears of construction defects litigation — and it's no big news to the industry — condos aren't being built in Colorado.

There's been some pressure to change how construction defects suits can be filed at the state legislature this session. And metro mayors and economic development councils have gotten involved this year. Yet, as John Rebchook said in his Inside Real Estate News column, the Metro Denver HBA reported that only 125 condo permits were issued in the metro area last year. And that's ranging from Boulder to Castle Rock. Compare that with the 2,040 permits pulled in 2007, and it's easy to see that there's trouble -- right here in River City, as the Music Man said. In fact, the Brookings Institution recently observed that adding condos near light rail stations is an important component of transit oriented developments. Read more...

Business is beginning to make noise about the lack of affordable housing, too. The Denver Business Journalreported this week that the metro area is feeling the pain of record-high rent, coupled with few apartment vacancies. That combination is causing CEOs to ask bankers and EDCs where the people they attract from around the country will live. Denver's light rail and the anticipated air train to makes it even more attractive for companies to relocate or expand in the metro area -- if there's affordable housing available for their employees. The pressure's on for condo development at the state legislature. This time, though, other stakeholders are leading the charge. Read more...

 

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