Plummeting property values near crumbling Arnold retaining wall

FOX Files

ARNOLD, Mo. – It’s been almost a year since a massive retaining wall in Arnold collapsed. Work is finally beginning to repair the wall. Nearby homeowners, however, say the good news didn’t come without another blow.

In a time when the real estate market is on fire, residents near the Arnold retaining wall say they’re seeing their property values plummet.

“Luckily, we’re not moving right now,” said Jane Konsewicz. “If we were, I would lose my shirt.”

Konsewicz lives directly below the collapsed portion of a retaining wall that separates a strip mall on JeffCo Boulevard from homeowners on Windcrest Circle. She and her neighbors feared their home values would be hurt, but not by this much.

“We had the assessor come out and he said, ‘Oh, figured it would be maybe 30%, but no, it’s up to 40%; which is what my property has taken the hit on,’” she said.

That’s a loss of $80,000 to $100,000; and that’s if someone made a serious offer.

“I’ve gotten a couple calls and they want to give you nothing and I’m not going there,” Konsewicz said.

This news right after getting one of the first positive updates in a while. Work is now beginning to repair the wall.

As FOX 2 reported last month, the plans are sealed as proprietary, but residents got a peak and learned the wall won’t be rebuilt. Instead the wall will be repaired and patched, using a contractor that specializes in emergency landslide repairs and rockfall mitigation.

A permit pulled by the Fox Files shows it’s expected to cost about $350,000. Land clearing and prep has now begun, with the specialist contractor arriving next week.

Homeowners have desperately tried to avoid filing a lawsuit, hoping those responsible would also get moving on making homeowners whole.

“We’re not lawyer kind of people. We’re not ambulance chasers. We’re not trying to get something we’re not due. We just think we should have the right to get the property valued at what it should be,” Konsewicz said. “If this was their house, would they think this was great? I don’t think they would.”

The original developer and current property manager, Raven Development, has not responded to our 10 plus requests for comment, including another email and phone call on Wednesday.

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