Editor’s Note: This is the first installment of a recurring feature highlighting accessible and often under-utilized resources that are available to the business community. More information about these resources can be found online at www.VancouverBusinessResource.com.
When the Shoe Fits is a growing Vancouver-based shoe retailer with three locations and more than $2.7 million in annual sales. But in 2004, when owners Amy and Alan O’Hara decided to draw on years of shoe-industry experience to start their own business, lenders seemed more fixated on risks than opportunities.
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Condominiums seem especially vulnerable to construction defect claims by owners' associations. A review of the Condominium Act and case law supports that perception. One Washington appeals court, however, recently ruled that a developer who converted an apartment building into a condominium was not liable for pre-existing construction defects. Concern about this potential liability likely has had a chilling effect on condominium conversions, but this ruling may give apartment or duplex owners reason to rethink a conversion. Whether the market and Federal Housing Act lender certification rules support the conversion of apartments to a condominium now is another matter, but, all things being equal, the right project may be worth pursuing.
