LOUISVILLE, Colo. — Not all survivors of the Marshall Fire are choosing to rebuild. Many are moving on.
Experts say the primary reasons are cost and underinsurance.
“Looking at the big picture of the cost and the time of it, people just don’t have the hard costs and they don’t know timing,” said Pamela Subry, realtor with RE/MAX Colorado. “You have supply chain issues with construction materials and then the biggest thing is the cost was just prohibitive, really.”
The number of lots listed for sale in the Marshall Fire burn zone is staggering. Currently, 75 lots are on the market and another 40 have already sold. That’s more than 10% of all homes lost in the fire.
“When you’re in your 40s, you might say, 'If it takes that long, I want to be in my neighborhood.' When you’re in my stage of life, that doesn’t sound so attractive,” Subry said. “'I’ll sell my lot, I’ll get my cash from insurance, and I’ll buy something somewhere else.'”
Some lot prices are sky high. Of the 75 current listings, the average lot is going for $498,000 according to RE/MAX. Of the 40 sold so far, the average sold for more than $400,000.
The most expensive lot currently listed is 1210 W. Pine Street which is priced at $795,000 in the Enclave neighborhood in Louisville with a view of the Flatirons. The most expensive sold so far was 1127 W. Enclave Circle, which sold on April 4, 2022, for $774,200.
The least expensive lot listed in the burn zone is priced at $275,000, currently.