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So I can't say what I'd do if I were you. Your affection for the tree, your tolerance for risk, your insurance policy and your budget are only a few factors that might influence your decisions. I'll inform you to the best of my ability, then make the best of your decision.
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Very well put--you got my point perfectly. I had one of these just the other day. Here's the report:
ASSIGNMENT
I was asked by Ms. to inspect a tree managed by inc. in the greenway south of Drive in to assess the risk it poses, and recommend management strategies to lessen that risk. I was also assigned to inspect trees at... Road
GREENWAY OBSERVATIONS
The greenway tree is a southern red oak, Quercus falcata. Its top looks like it was broken about ten years ago, possibly by Hurricane Fran. Its base had small round crunchy black fungal structures, of the genus Inonotus, in one crevice between buttress roots. It had a cavity in another crevice, without signs of fungus. I excavated loose soil and decayed wood, and found active scar tissue around the cavities. I found vigorous root growth directly beneath the two affected crevices. The only other defect in the trunk was insect activity evident in one of the holes made by climbing spikes.
RISK ASSESSMENT
This tree appears to have a very low risk to fail. There is no way to be certain of the extent of the decay inside, but all exterior signs show that the tree is actively walling off and outgrowing whatever interior decay there is.
homesite OBSERVATIONS
A small red oak in the SW corner of the yard has recently had lower branches removed. This makes the tree top-heavy and imbalanced. Holes in the trunk indicate the climber wore spikes to ascend the tree. This method is not in compliance with ANSI standards and is damaging to the tree, as noted in the nearby red oak. A nearby sweetgum was leaning toward the house, so it was removed. I pointed out that pruning the sweetgum may have corrected that lean at a lower cost to the homeowner. With the sweetgum gone, the red oak is subject to higher wind loads. All told, this recent work has greatly increased the level of risk posed by the red oak. See the attached article on risk mitigation.
A large pine tree in the middle of the front yard has a scar halfway up the trunk. From the ground, it appears that there is a considerable amount of woundwood strengthening this area of the trunk. If this area shows a significant hollow, greater than one-half of the cross-sectional area, the risk of failure may be considerable. Less than that, and the risk may not be great enough to warrant any action.
I looked at a white oak in the greenway near the driveway. It has a dead stub where a lower branch was improperly pruned. This does not appear to be of structural significance. It has a narrow-angled fork near the top, and the tree has been growing toward the house in search of sunshine. A light reduction of these branches will greatly reduce the risk of failure.
I was told about the hollowness of another oak that was cut down. No pieces were left to substantiate this depiction. Considering the spiking of the red oak, and the quickness to judge the pine defect as terminal, it seems that the present contractor may not currently have the competence or objectivity needed to inspect trees and assess their risk. (See the attached article on risk assessment) Before they measure the decay in the pine tree, they should be reminded that an arborist may be reinspecting the tree to confirm their findings.
It was my understanding that residents were required to obtain a permit before removing trees in this neighborhood. Had these residents gone through the proper channels, they might have avoided the damage to the red oak, and the needless expense of the other tree removal. I do not know what enforcement is possible after the fact, but if the resident replanted trees in their own yard, and paid to install trees in the area off ...Drive where the sycamores were recently lost, that would replace part of the canopy that was improperly removed.
This concludes my report. Please contact me for clarification or questions.