Colorado Springs Fire in Mountain Shadows from a Realtor's Perspective

By
Real Estate Agent with Monument, Black Forest, Falcon, Fountain homes

                          Colorado Springs Fires 2012

                                               Grey House was our previous home where we raised the kids

 

 

 

Devastating fires are raging even today in Colorado Springs, Waldo Canyon, and up to Woodland Park.  I personally watched as did the rest of Colorado Springs as a wall of flames raged down upon Mountain Shadows, one of the city’s most beautiful neighborhoods.  I lived next door to Mountain Shadows for over 15 years and my kids went to school in that neighborhood.  It was my community and our roots here in the Springs.  I’m also a Realtor and from a business perspective this fire has immediate and long term repercussions that will be felt for years.

 

Obviously we have a charred mountain community and all current contracts this week are null and void.  Our Colorado contract states that during contract period more than 10% damage to home gives the buyer the right to cancel- enough said. The contract also states that buyers can terminate based upon subjective evaluation of the home including smells- enough said.   Even for those homes lucky to be left standing the entire aesthetics of the area has been damaged and we all know property values have just been altered for the time being. This was one of the area’s most affluent communities with homes ranging from mid 200s to over 900K for those displaying the panoramic views of Colorado Springs.

 

For the buyers this week thinking they had found their perfect home we have to guide back into the market, help them recover and regroup as well, and find a new property that meets their needs. The question is whether they will be willing, after watching this disaster, to venture into one of our neighboring mountain communities until the shock wears off. Insurance adjusters have warned that new policies in the burn zip codes of 80919 and 80904 will be difficult to obtain- but not impossible.  A State Farm representative informed me that new policies for homes on the west side of Colorado Springs will include a visual inspection of the lot to see if landscape mitigation will be necessary prior to implementing a policy.  This might delay some closings and become an issue of concern as to who is going to mitigate the property.  One new hurdle to deal with on bank owned and distressed properties. 

 

For the owners that have lost their homes I’m going to be dedicating a large portion of my business to helping them find rental homes in an already tight rental market.  This is pro bono work but gives me joy to help and I’m there to assist traumatized residents in finding a home for the year or so it will take to rebuild.  This is one small way for us as Realtors to step up to the plate and donate our resources to assisting home owners. 

 

As Realtors we will have to readjust pricing to include changes from the perfection the area enjoyed to its current blemished state.  I foresee a new wave of foreclosures as financially strapped residents now own property (even with a rebuilt home) that is devalued due to an event beyond their control but has sucked them into a vortex of monumental proportions.

 

 We will rebuild the community and I’m positive the residents will take proactive measures to return the beauty to the area with full grown trees, landscaping rock, grass seed and sod, and other processes to obscure the charred remnants of hillside to a colorful stable environment.  I’m proud of how our city has reacted coming together in mass force to provide services addressing the immediate needs of the displaced and traumatized residents and preparing for the long term effects of this historical event.  As a Realtor I’m here to engage with my resources to assist where ever and whenever but also understand that the future of Mountain Shadows from a Realtor perspective has taken a dramatic turn. 

 

 

 

 

 

 

 

 

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Topic:
Real Estate Industry
Location:
Colorado El Paso County Colorado Springs Mountain Shadows
Groups:
Colorado Real Estate
Bananatude
Tags:
woodland park
mountain shadows
peregrine
colorado springs fires
waldo canyon fires

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Rainer
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Dan Hopper
Keller Williams Realty Downtown LLC - Denver, CO
Denver Realtor / Author / Advocate/Short Sale

It is such a tragedy for all, Lorriane. We will continue Our prayers for Colorado Springs and the community. 

Jun 28, 2012 12:19 AM #1
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I'm watching the news and my thoughts and prayers are with you all in CO Springs. I will be visiting there this November, and I will see the destruction after the fact. The current scenes make want to cry. I have to hold back the tears when I think of everything these people are losing. There's also the emotional distress as well. It's a lot to deal with. Hang in there. I hope you stay safe.

Jun 28, 2012 12:21 AM #2
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Lorraine - Our thoughts are with you. We're going through this ourselves - several clients and friends lost homes in the High Park fire - and it will really present some huge challenges and some major changes in the market. But other than helping to locate temporary housing for those affected, we haven't been able to start thinking about the real estate impacts of these tragedies yet.

Jun 28, 2012 01:33 AM #3
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Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

Lorraine my thoughts and prayers are with all of you. You have laid out things to think about and what it's going to be like and what it's going to take to assist and help all these people.  Bless you with your efforts...it's going to be a long road back to some kind of normal life.

Jun 28, 2012 02:36 AM #4
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93,559
Lorraine Sayer
Monument, Black Forest, Falcon, Fountain homes - Colorado Springs, CO
Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX

Dan Thanks for thinking of us.  What an epic event for the Springs

Debbie I hope your visit is a great one!  Despite this event the Springs is an awesome place.  I'm so proud of our community and how it has come together to assist those in need

Dick unfortunately after the count of homes lost today we have surpassed your 240+.  I don't think we have processed the long term effects quite yet. 

Anna this has affected me personally as well as professionally and what a challenge for all.  Just the logistics of finding temporary housing, clearing debris, cleaning homes still standing, and starting the rebuild is enough to boggle the mind, but we are a strong community and we will rebuild!  

Jun 28, 2012 12:29 PM #5
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220,050
Carolyn Crispin
Keller Williams Tri-Lakes - Branson, MO
Crispin Team Sells Branson Homes Land & Commercial

wow the picture speaks volumes about the devastation. please keep us up to date on the situation.

Jul 04, 2012 12:21 PM #6
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Lorraine Sayer
Monument, Black Forest, Falcon, Fountain homes - Colorado Springs, CO
Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX

Carolyn we are now blessed with our summer rains although the barren land is subject to flash flooding.  The fire is almost fully contained and damage is being assessed.  Home owners are returning to the area to sift through for belongings while our insurance adjusters are working full speed to process claims.  Builders are gearing up for the upcoming contracts and Vantage even offered this week to research old plans from their builds in the area to help residents obtain the same floor plans.  It is a process but I'm proud of the systematic approach our community has taken to return life to some sort of "normalcy" for these folks. 

Jul 10, 2012 02:41 AM #7
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Lorraine Sayer

Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX
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