This is a very interesting article about the Denver marketplace. The article suggests that developers are not building too many condos because they keep getting sued and, it is therefore not worth it. Apparently marketplace factors and high insurance make this problem particularly bad there.
But, in New Jersey all associations must go through "transition," the process where the associations takes control from the developer. Often this results in fights between the association and the developer, with litigation not being uncommon. Especially when you consider a 10 years statute of repose that makes these suits difficult, maybe impossible, to file if ten years pass after issuance of a certificate of occupant.
Read this article here .
Will condos become a rarity in New Jersey as well for the same reasons?
Lieberman and Blecher practices community association law in New Jersey and New York. www.liebermanblecher.com
But, in New Jersey all associations must go through "transition," the process where the associations takes control from the developer. Often this results in fights between the association and the developer, with litigation not being uncommon. Especially when you consider a 10 years statute of repose that makes these suits difficult, maybe impossible, to file if ten years pass after issuance of a certificate of occupant.
Read this article here .
Will condos become a rarity in New Jersey as well for the same reasons?
Lieberman and Blecher practices community association law in New Jersey and New York. www.liebermanblecher.com
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