Despite fire, Gold Run property still in demand
Last Friday’s fire at the Gold Run apartment complex was the second one in almost as many years.
The inferno that displaced 50 to 60 people follows another fire in January 2006 that left even more homeless. After two fires, property values are in question.
Adrienne Custode, a Prudential Rocky Mountain listing agent who is selling a property at Gold Run isn’t concerned.
“I don’t see a correlation between property values and the fire,” she said. “There’s periodic fires in subdivisions around the country.”
Tom Orlando, director of relocation for Housing Helpers, a business that matches landlords to tenants, went a step further.
“Actually, believe it or not, the last fire, the value went up,” Orlando said.
Much of Gold Run was built in the 1980s, when older fire codes were in effect. After the 2006 fire, the apartments that were rebuilt were brought up to newer fire codes, with more up-to-date fire protection. The units that replace the ones destroyed on Oct. 26 will also be worth more.
The rebuilding after last fire, Orlando said, took a little less than a year.
Orlando also pointed out the demand for housing at Gold Run, which is a stone’s throw away from campus.
In a housing market like Boulder’s, where “pretty much anything that’s available gets snatched up quickly, I can’t see any hiccup whatsoever,” Orlando said.
Orlando also admitted that it was too early to tell if property values will go up or down in Gold Run after this latest fire.
Gold Run apartments each have individual owners who rent out the property.
Gold Run resident Kelly Page, who owns the property she lives in, said “I’m more concerned for my safety than the property value.”
Contact Campus Press Staff Writer Sam Dieter at sam.dieter@thecampuspress.com.
