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 that risk.
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 market.
Owners and associations