According to recent estimates released by CoreLogic Inc., there are 94,212 homes in Colorado considered to be at high or very high risk for wildfire damage. The estimates were issued in the first CoreLogic Wildfire Hazard Report, which examined the risk of fire damage to homes in western states that are notorious for wildfires. In the wake of the recent fires outbreak that occurred this summer, Colorado residents are especially vigilant with regards to fire safety precautions. As a result, real estate that features fire safety features is likely to increase in value.
California is ranked first among states that pose a wildfire risk, and Colorado follows closely behind in second place. The recent fires that made national news devastated many Denver home owners; nonetheless, buyers have not been deterred whatsoever from investing in Denver real estate. The market has seen an unprecedented upswing in activity in a remarkably short period of time, and developers are eager to begin new construction projects.
The Waldo Canyon fire just outside of Colorado Springs burned 346 homes this year, and the High Rise Park fire near Fort Collins claimed an additional 259 homes. According to the CoreLogic report, Boulder is the area with homes that are in the greatest risk of fire damage, and Denver real estate is estimated to be at a much lesser risk for destruction.
If you’ve found this article to be helpful, sign up to our weekly updates. You’ll benefit from having the latest information on the Denver housing market when it comes time to think about your mortgage options.