The other side of the Colorado “condominium crisis”
A wonderful realtor and friend of mine sent me an email yesterday asking my opinion about SB 15-177. The Colorado Association of Realtors strongly supports this bill and sent an email blast to all realtors providing its support of the bill. The email to the realtors, in turn, requested that the realtors send an email to their representatives and senators supporting the bill. I can certainly understand why the CAR’s business interests are served by such a proposed law, but unfortunately at the expense of the homeowner clients they purport to serve.
I gave her a quick summary of the reasons why SB-15-177 is wrong for Colorado. Then today I read an article that did it even better.
I have some more criticism of the bill, but this article hits the main points very well. Colorado has some of the most builder-friendly laws in the country. The condo market was oversaturated in the housing boom of 2003-07, and for various reasons, demand for condos has dwindled.
The solution to the “problem” of builders getting sued for defective construction is to stop building defective homes. Taking away homeowners’ rights once they have purchased a defective home does not benefit anyone except the builders. It is very disheartening to see now that the Colorado Association of Realtors have seemingly chosen profit over the rights of the Colorado homeowners they purport to represent.