The Wall Street Journal delved into the construction defects lawsuits that have stifled condo development in Denver.
Excerpt:
Gary Godden used to specialize in designing condominiums for first-time buyers near Denver, often completing eight to 10 projects a year before the real-estate crash.
But while the Denver area has re-emerged as one of the nation's hottest real-estate markets, Mr. Godden's architecture firm has all but exited the condo business. The reason: The threat of litigation for potential construction defects in Colorado makes most projects impossible for developers to finance, he said.
"We have a saying here that there are two types of condo projects," said Mr. Godden, principal of Godden Sudik Architects in Centennial. "The ones that have been sued, and the ones that haven't been sued yet."
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