Pikes Peak Regional Building Department issues highest number of condo permits since 2007
Celeste Springer
COLORADO SPRINGS, Colo. (KRDO) — The Pikes Peak Regional Building Department (PPRBD) says they’ve issued more condo permits in 2025 than they have in any year since 2007.
According to the department, they’ve issued 60 condo permits this year. The latest installment includes permits for more than 20 condos in the Victory Ridge area off Interquest.
Photo: PPRBD
According to a study by the Common Sense Institute, the number of condo developers in the Centennial State has plummeted in recent years. The organization says that from 2007 to 2022, the number of condo developers working on condo projects in Colorado dropped 84%. The Common Sense Institute cited construction litigation laws and liability costs as a few of the reasons for the decline.
Politicians at the state level have said that creating more condos and townhomes in Colorado is a priority. The age of the average homebuyer continues to rise, with homeownership out of reach, according to lawmakers. Condos, they say, offer an opportunity to people who otherwise can not afford a single-family home.
A new bill, which was signed into law this year, hopes to increase the number of condo developers in the Colorado market by limiting “construction defect” litigation. HB25-1272 creates a voluntary incentive program for builders. In exchange for builders providing more up-front consumer protections, there are stricter limitations on construction defects that can later be claimed against builders.
“This law is a proactive solution that incentivizes responsible development, making it a win-win for homeowners and builders alike. It’s intended to meet the demands of our communities, respond to changing demographics, and provide housing that is adaptable to different housing sizes and needs,” said Senate President James Coleman, D-C.O., in a release. “With this new law, we can create more attainable housing opportunities and ensure that more Coloradans can achieve the dream of homeownership.”
HB25-1272 stipulates that to participate in the Multifamily Construction Incentive Program, builders must:
Provide a warranty that covers any defect and damage at no cost to the homeowner for specified periods
Have a third-party inspection performed on the property; and
Record a notice of election to participate in the program in the chain of title in the real property records
In exchange, a number of legal protections are set up in favor of builders. For example, there are changes to the statute of limitations for defect claims. For housing in the program sold after Jan. 1, 2026, the law creates an eight-year statute of limitations for construction defect claims. If the defect was covered by a warranty, the limitation is six years, according to the law.