Puget Sound Business Journal Quotes Joe McCarthy on Encouraging Condominium Development in Puget Sound Region

Stoel Rives’ Real Estate, Development & Construction Practice Chair Joe McCarthy was quoted in the Puget Sound Business Journal in an article titled “Harbor Custom Development sees opportunity in South Sound condos,” published July 2, 2021. (Subscription required.) The article discusses legislation recently signed by Washington Gov. Jay Inslee designed to lower the barrier for developers such as Harbor Custom Development Inc., to pursue condominium construction.

McCarthy was asked what would be necessary to encourage more condominium development in the Puget Sound region, where potential developers are deterred by the exposure they face from being required to offer warranties to buyers.​

“Condominium development would be more attractive if the warranty exposure was limited,” McCarthy said. “Would it eliminate all the risk? No, but it would definitely make a difference. Many developers say the warranty exposure is really difficult to manage, so it deters them. After they’ve done one condo project, many developers have said they will never do another.”