October Real Estate & Flood Update

 

Recovering from the Great Flood of 2013

As we start to clear and rebuild our basements, homes

and our communities, more  stories of our fellow Coloradans in

need come to light. Below is a list of ways you can help

with time and donations. Also included…

 

  • Outlook on how the flood is impacting the real estate market
  • Estimates on road and bridge repairs
  • Mitigation tips if your home was flooded

Help Rebuild Jamestown, Colorado

Ravaged by the Colorado floods of 2013, the small

mountain town of Jamestown suffered unimaginable

destruction. You can help people rebuild their beloved

town with a Jamestown t-shirt or poster.

Your purchase supports the Rebuild Jamestown Fund.

Click here for more information: http://campsteve.com/jamestown#sthash.p16HLAVg.dpbs

Help Your Neighbor 

Help Your Neighbor is a Google doc that is circulating to post an item or

service that you are in need of, or if you have an item or time that you

can offer to someone in need, please fill in the following spreadsheet

with your information so that everyone receives the help they need.

To access the list, click here : Help Your Neighbor  All changes and

additions are automatically saved.

Boulder Flood Relief

Boulder Flood Relief is a local, boots on the ground, all-volunteer

group organizing relief for displaced and in need individuals.

Volunteer, Sign up for Help, Donate.

Click here for more information: http://boulderfloodrelief.org/

The Great Colorado Flood Relief Project

Support the victims of the Colorado Flood – 100%

of net proceeds of t-shirt and sticker sales will go

directly to relief agencies helping those who have

been displaced by the floods.

Click here for more information: http://www.coloradofloodrelief.com/

HelpColoradoNow.org

A comprehensive website of Foundations, Funds and Responding

Agencies to give monetary donations

Click here for more information: http://helpcoloradonow.com/

Left Hand Brewing Co., Longmont

All donations will be collected by the Left Hand Brewing Foundation.

The Left Hand Brewing Foundation provides direct support to

our community and beyond. The LHBF affords Left Hand Brewing, in

partnership with the Longmont Community Foundation, the opportunity

to respond quickly and efficiently, with a directed act of support, for

issues and emergencies important to the Longmont community and beyond.

Click here for more information: http://www.lefthandbrewing.com/blog/shop/category/co-flood-relief-donation/

Colorado Proud

Colorado Farm Bureau has set up a disaster fund to aid farmers and

ranchers directly impacted by the recent flooding in northeast Colorado.

100 percent of the funds will go directly to aiding these producers as

they face the aftermath of this disaster.

Click here for more information: http://coloradofarmbureau.com/disasterfund/

Proper flood mitigation if your home sustained flood damage

We are seeing many cases where homeowners are not mitigating the

flood damage in their homes properly before rebuilding or repairing.

This can lead to many problems down the road such as mold, structural

and electrical issues. Besides removing all affected carpet and drywall,

all electrical wiring will need to be replaced as well. Homes need to be

thoroughly dehumidified and measured for moisture in the basement,

crawl space, floor joists and remaining walls before rebuilding can begin.

Many homes will take weeks or more to completely dry out.

Professional mold and electrical inspections and restorations/mitigations

are highly recommended. Below is a list of Colorado based companies

who provide flood clean-up and mitigation. This list was primarily derived

from the list of certified professionals of the IIRC – Institute of

Inspection Cleaning and Restoration Certification (http://www.iicrc.org/).

Action Catastrophe 303-964-1188    actioncatastrophe.com 1

605 E. 69th Ave. Denver CO 80229
Thermal Clean 303-817-3012           thermal-clean.com

3050 West 71st Ave. Westminster CO 80030
ServPro Greater Boulder 303-494-2000    

www.servprogreaterboulder.com 697 S Pierce Ave.

Louisville CO 80027
Service Master of Boulder County 303-443-6020     

smboulder.com 270 S. Taylor Ave. Louisville CO 80027
Belfor m303-425-9700    www.belfor.com/en/USA/Colorado.aspx

5085 Kalamath St. Denver CO 80221
Red Truck Restore 303-530-5555    redtruckrestore.com

3082 Sterling Circle Boulder CO 80301
All Phase Restoration 303-749-5830   aprestoration.com

2771 West Oxford Avenue, Unit 2 Englewood CO 80110
Help Ltd. 720-336-9287   helprestoreco.com
Delta Disaster Services 303-933-4888   www.trydelta.com

5535 W. 56th Avenue, Unit 104 Arvada CO 80002
Summit Restoration 720-432-3103   summit-restoration.com

8141 W. I-70 Frontage Rd., Ste 7 Arvada CO 80002
Rocky Mountain Catastrophe (970) 531-7308   www.rkymtncat.com

72287 U.S. Highway 40 (P.O. Box 597) Tabernash CO 80478
Above All Cleaning & Restoration (303) 292-5340 www.goaboveall.com

5160 Parfet Street, Unit A-1 Wheat Ridge
24/7 Flood Response 303-239-1416 24-7floodresponse.com

6225 West 48th Ave Ste 206 Denver CO 80033
Denver Disaster Solutions 303-888-8987 floodmoldsmoke.com 

Denver
1-800 Water Damage 303-284-0145

www.1800waterdamagedenver.com 4731 S Santa Fe Cir., Unit 2 Englewood
KC Restoration 303-953-7099 www.kcrestoration.net
Elite Restoration 720-309-3091 www.eliterestoration.org

6562 Vine Court Denver CO 80209
Colorado Cleanup Services 303-237-4406 www.ccsmold.com
RTC Restoration & Renovation 970-663-3400

www.rtcrestoration.com 1343 South Garfield Avenue Loveland CO
Project X Restoration 303-699-6989 www.xrestoration.com

7170 Washington Street Denver CO 80229
Abbots Fire & Flood 303-801-4918 abbottsfireandflood.com

2301 S. Jason St. Denver CO 80223
All Dry Water & Fire Damage 303-478-6127 alldry.com

2301 S. Jason St. Denver CO 80223
Professional Restoration 720-457-1831

www.prorestoration.com 2494 West 2nd Ave Denver CO 80223
Jim Black Construction 303-452-8710

jimblackconstruction.com 12279 Pennsylvania St.  Thornton CO 80241
COCAT Restoration 303-565-3800 www.cocat.com

4905 Lima St. Denver CO 80239
Property Assurance Restoration 303-888-6113

propertyassuranceco.com
Property Doctors 303-456-0911 www.property-drs.com
NuBilt Restoration & Construction 303-368-4688 www.nubilt.com

2134 S. Valentia St. Denver CO 80231

How will the flood impact the Colorado Real Estate Market?

  • Inventory was already low in all affected areas but came down an additional 1/3 since last week as we expect many homes have experienced water damage.
  • FEMA has been involved from the beginning and most likely, flood plain maps will be significantly changed, causing homeowners to need to purchase flood insurance. How this will affect the value of those homes is yet to be seen. Time will tell. Historically, it hasn’t affected the real estate values specifically in Boulder.
  • The rental market is booming as displaced homeowners have to find other places to live temporarily. Investors have jumped into the market quickly this week.
  • Anecdotal evidence indicates that in Boulder, those buyers on the fence between condos and houses seem to be leaning towards condos now.
  • Most believe properties in the floodplain will take a hit (especially those most affected), however, since most own insurance in the floodplain, there is also an opportunity to remodel and rebuild if homeowners can make it through this initial, critical time. The homes that were hard hit and out of the floodplain (so no insurance) are expected to fare the worst. Especially those in investor-owned areas and among those without the equity to rebuild. These include many homes in Martin Acres (a fairly affordable neighborhood in Boulder), among other places.
  • Re-inspection by appraisers has been required for all Boulder and Weld counties, causing delays in closings and sometimes, loss of interest rate locks for buyers.

Long story short, this natural disaster is not unlike others (wildfires, etc). Many believe the property values in the affected area will be negatively affected for at least a year.

9 News Report, 9/16/2013. http://www.9news.com/money/356488/344/Floods-impact-Colorado-real-estate-market

Year to Year Comparison:  January 1st – September 30th2012 vs. 2013

Residential:

Location          

Total #Sold 

Avg. Sales Price

Avg. Days to Contract 

Median Sales Price

2012

2013

2012

2013

2012

2013

2012

2013

Boulder

649

608

$676,468

$739,500

73

35

$565,000

$635,000

Denver

23,681

27,807

$300,028

$332,621

65

43

$249,900

$278,000

Louisville

203

200

$434,418

$495,548

61

32

$393,000

$453,800

Lafayette

263

279

$366,374

$404,546

63

38

$329,000

$370,000

Broomfield

635

726

$331,702

$364,933

67

36

$295,000

$315,000

Superior

143

135

$422,306

$459,955

41

26

$408,000

$437,000

Erie

324

424

$343,865

$368,138

74

43

$324,500

$340,600

Mountains

1,073

1,220

$397,476

$435,161

130

99

$340,000

$365,000

Longmont

833

997

$268,199

$281,218

64

43

$231,000

$260,000

Attached Dwelling:

Location          

Total #Sold 

Avg. Sales Price

Avg. Days to Contract

Median Sales Price

2012

2013

2012

2013

2012

2013

2012

2013

Boulder

578

668

$310,553

$322,233

102

48

$254,500

$265,000

Denver

7,862

9,997

$190,668

$220,186

72

43

$149,000

$173,500

Louisville

44

64

$206,585

$254,099

71

36

$199,500

$214,750

Lafayette

104

128

$185,199

$210,097

67

36

$189,000

$203,000

Broomfield

163

195

$212,847

$225,254

105

56

$209,389

$219,700

Superior

34

49

$199,452

$213,655

45

37

$180,000

$193,000

Longmont

206

242

$173,904

$192,786

77

46

$158,950

$184,200

Information Provided by IRES, Information and Real Estate Services and Metrolist. All reported sales were not necessarily listed or sold by Four Star Realty and Property Management, Inc. and are intended only to show trends in the area.

 

 1212 S Emery Street F38
 $217,000
 Longmont, Colorado
 

 757 Casper Drive
 $254,500
 Lafayette, Colorado

 5828 N Saint Louis
 $335,000
 Loveland, Colorado

1350 Lawrence Street C6
 $349,500
Denver, Colorado
Estimate of when damaged highways and roads would be reopened and repaired
From the office of Congressman Jared Polis

US 34 between CR 27 and Estes Park: The contractor began the damage assessment this week. More information to come soon, but the goal is to reopen  US 34 in a temporary state by December 1, 2013.

US 34 between CR 27 and the Dam Store: This two-mile stretch of US 34 is scheduled to reopen by the end of September or early October 2013.

US 34 between Greeley and Kersey: This section of US 34 will reopen to traffic in late September or early October 2013 as a temporary road. Paving will occur after the highway opens to traffic.

US 34 between 37th Street to CR 49 in Greeley: This section of US 34 Business will reopen to traffic in early to mid-October 2013.

US 36 between Lyons and Estes Park: The National Guard is working with CDOT to make temporary repairs. The highway is scheduled to reopening by December 1, 2013.

US 36 south of SH 66: The location on US 36 has been closed due to a damaged bridge. The repairs are nearly complete and is scheduled to open to one-lane alternating traffic by tomorrow. This will allow motorists to travel from Boulder to SH 66.

State Highway (SH) 7 between Lyons and Estes Park: The contractor began the damage assessment this week. More information to come soon, but the goal is to reopen SH 7 in a temporary state by December 1, 2013.

SH 39 between Goodrich and I-76 and SH 144 between US 34 and Weldona: The contractor is just now able to mobilize now that the water has receded. More information to come soon.

SH 71 near Snyder: The contractor is just now able to mobilize now that the water has receded. More information to come soon.

SH 72 between SH 93 and SH 119: Repairs are underway and should be completed by the end of November 2013.

SH 119 between Boulder and Nederland: SH 119 is scheduled to reopen in mid to late October 2013.

SH 144 between US 34 and Weldona: The contractor is just now able to mobilize now that the water has receded. More information to come soon.

 

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