Low condo demand in Colorado responsible for lack of development, report finds
A lack of demand for condominiums is causing the dearth of condo development in Denver, rather than backlash from the construction defects law, as many developers and brokers have said.
That’s according to a new report commissioned by a local coalition of homeowners. Boulder-based Pacey Economics Inc. completed the study, titled “Housing Market Analysis: Supply and Demand.”
It comes just as the 2015 legislative session kicks off, during which construction defects is expected to be a hot topic.
Economic conditions following the recession have contributed to a market in which buying a home is more difficult and expensive than it used to be, the study says.