Denver passes construction-defects reform. What's Next?

If you missed the news last week, Denver Business Journal published an update on the construction defects issue titled "Denver City Council votes 12-1 for construction defects reform; asks for state action".  This is a big win for DMAR and the industry as a whole! For DMAR, this was a major advocacy goal over the past 1.5 years. From candidates interviews to educating Denver City Council representatives about the benefits of this reform ordinance, DMAR's Government Affairs Committee worked tirelessly, and without a doubt contributed tremendously to this win. In the end, the hard work and guidance we received from members & dedicated volunteers,  paid off! 

What's next? How will this reform impact the industry? Our Government Affairs liaison, Peter Wall, shares his thoughts:

"With regards to implications, those remain to be determined. There’s no guarantee whether or not this ordinance will help entice developers to produce more condo product, but what we do know is that the status quo isn’t working. Developers are unwilling to build owner-occupied housing because of the fear/risk associated with class action lawsuits. This ordinance provides even greater protection for the home owners while also adding additional protections for developers which will hopefully entice them to build more, attainable condo product in the City & County of Denver."

Please join the conversation, share your comments below: 

How will the new construction reform law impact the Denver metro real estate market?