EL PASO COUNTY, Colo. — Finding homes that people can afford has been challenging for years. A lack of condos is not helping the situation.
Colorado lawmakers want to fix the issue with a new bill this year.
For the past 10 years in El Paso County, data from the Pikes Peak Regional Building Department shows very few condos have been built, even some years with no condo construction.
"It's disappointing and frustrating," said Scott Smith, a member of the Housing & Building Association of Colorado Springs.
Smith represented home builders in Colorado for years.
"I was former president of HBA, former president of state home builders association," Smith said.
Smith says the housing market changes rapidly.
"In fact, several years ago, condos were as much as 25 to 30 percent of total new homes delivered," Smith said.
He says it's not anymore because of litigation risk.
"Followed by costs of insurance. Insurance costs are extreme. Insurance costs for building a condo, from my understanding, are a little over 20 thousand dollars per unit. Single-family homes cost 5 to 6 thousand dollars," Smith said.
If HB1272 passes, it would ensure that builders have a third-party inspector check their work during construction, which would help them avoid possible litigation and provide legal protections for builders.
"When you build condos, you are almost virtually sure you will get sued. Very likely," Smith said.
Pikes Peak Housing Network's executive director, Jill Gaebler, says the community needs more affordable housing.
"People want the American dream. They want to be able to purchase homes. The average age of first-time home buyers has increased from 28 years old to 38 years old in the last 20 years," Gaebler said.
Smith says condominiums are a very important part of the housing equation.
"Come up with legislation that can still protect homeowners and minimize the cost," Smith said.
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