Despite the recent economic downturn, condominium development
continues at levels substantially higher than those seen during the
1990s. Many areas have been revitalized through residential
construction development, which flourishes because of the
attractiveness of multi-ownership developments, particularly in
areas where land is scarce and expensive. In addition, an
increasing number of downtown areas and suburbs have turned to
mixed-use facilities, combining retail and entertainment with
integrated living space.
Although the condominium market may provide additional work for
you, condominiums are unique in a number of ways that may pose
additional risks. These risks, including increased prevalence and
size of litigation and higher insurance premiums, have caused a
number of contractors to abandon the condominium roofing business.
However, the trend of states enacting construction defect
litigation applicable to condominiums has helped alleviate some of
By better understanding the condominium market's risks and how
to reduce or mitigate those risks, you can position yourself to
take advantage of the opportunities offered by the condominium
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