Law meant to protect Wash. homeowners instead pushing up condo prices | KIRO-TV
SEATTLE —
In a housing market rife with new apartment complexes, there is an extremely short supply of condominiums being built and sold. Puget Sound developers point to substantial risk in building condos, due to the Washington Condo Act, a risk that does not exist for apartment development.
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What is this supposedly draconian law that developers are whining about?
It states a condo must be:
(a) Free from defective materials;
(b) Constructed in accordance with sound engineering and construction standards;
(c) Constructed in a workmanlike manner; and
(d) Constructed in compliance with all laws then applicable to such improvements.
Doesn't sound all that oppressive to me.
2 comments:
As long as it puts a stop to condo development, it must be good.
...and the explanation seems lame. Condominiums are designed for ownership not leasing whereas apartments are intended for lease. Something is amiss.
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