Savvy developers understand the ongoing liability involved through the statue of repose following construction completion. Many things impact a developer’s risk during this period: the right choice in General Contractor, right choice of professionals, subcontractors, etc. These items are all somewhat straightforward and their impact easily understood. Another important consideration that Developers sometimes overlook is the understanding of the liability and legal requirements that might guide a decision surrounding when to use a Partywall Agreement and when to establish a Homeowners Association (HOA). Colorado law requires the formation of a Homeowners Association for any project with certain features as determined [...]
Buyer Updates are a unique tool that can be employed to allow home buyers to stay up to date with the construction progress of their unit. Due to the fact that building timelines span the course of several months, it is important that every party involved is aware of the progress made in order to ensure buyer expectations are aligned with real time construction progress. The most successful Buyer Update campaigns, which are created for each project, are delivered bi-monthly via email to each buyer and include detailed descriptions of the progress made as well as pictures to visually [...]
At redT Homes, we are experts in the full life cycle of the Built Environment. Please see the image below that recaps the process on our recent listing, 19th Row II.
Welcome to Volume 2 of our Frequent Development Mistakes series. We introduced this series in a previous post, which you can find by clicking here. Successful real estate development depends on two very different management approaches. As the owner of a firm, the primary concern must always be managing the big picture of your company’s business- finding new projects to add to the development pipeline, balancing financing considerations, relationship management, human resource considerations, etc. Many Developers excel at this upper management approach. Conversely, the success of any one individual development project requires a completely different management approach. As developers know, [...]
An often overlooked or underappreciated part of real estate entitlement is the consideration of Water Tap fees and the interrelated Sewer Use and Drainage Permit (SUDP) fees. In Denver, these fees are administered by two separate entities with differing standards. The result of this split approval process for the inexperienced can result in surprise fee increases when construction is well underway and Developers have finalized budgets and Pro Formas. Fee increases for one building alone can cost a developer up to $30,000, plus the additional expenses tied to delays and wasted time. To understand this risk, it’s necessary to [...]
Successfully selling from of Architectural Plans requires a sales approach that helps buyers have the vision of what your final product will look like. In today’s world of HGTV, you’ve probably seen television shows where television personalities show buyers digital 3D renderings of a post-remodel home that help them choose between houses that may otherwise be unappealing. This sales tool enables buyers to make confident decisions about such a large purchase and is something a modern buyer has come to expect. Agents tasked with selling townhome and condominium developments should absolutely have this capability in-house. Not only does an in-house [...]