In part thanks to work from the Washington REALTORS® Condominium Work Group and some passionate members across the state, Washington REALTORS® was able to help pass condominium liability reform that continues to protect the consumer but adds a fairer standard that should encourage developers to start building condominiums again.
“Condominium liability reform is a huge win for our communities and members. Condominiums are a critical element of homeownership supply, especially near job centers, and we are thrilled that the Legislature and the Governor are taking real steps to increase the supply of condos all over the state,” said J. Lennox Scott, Chairman & CEO of John L. Scott.
After looking at the more balanced bill, one developer shared that once developers got comfortable with the new regulations, we should expect a “mini condo boom” in Washington. To learn more about the bill, read the Puget Sound Business Journal’s article about the passage here.