April 22’ - Listing Spotlight
April continued to provide a good amount of listings to the market in Old Town. While there were not as many listings this year as last (17 compared to 22 last April) it was the quality and price of the listings that did come on the market that made April feel quite productive in regards to fulfilling demand in Old Town. Again, there is a huge inventory black hole in the $700K-$900K price range, but it was nice to see a nice collection of single family homes from $450K-$700K this month. I was also blessed with not having to write about any high rise condos being listed on Howes st., so that is always a plus in my book (I kid…but seriously, what else can I really say about them as they aren’t that different from each other?). This month did bring quite a shift in overall 30 fixed rate mortgages as we started the month with rates around 4.7% and ended the month with rates in the 5.25% range. This ever increasing interest rate is what seems to be on every buyers mind, and sellers do seem to be catching on that the “gravy train” of double digit appreciation probably won’t continue for the whole year. I think we will start to see a few more rentals get sold this year as we near the end of the rental cycle (May-July is when many renters resign leases) which will hopefully push a bit more inventory into the market (albeit, probably not that $700-$900K inventory that we really need to see shift). If you are a buyer, I’d say don’t loose hope, there will be more inventory and some will not climb as high as before. As a seller, I see the major appreciation push to be primarily done for this year, so make sure you pull back on your pricing strategy to create a bit of tension back in the market to offset the rising interest rates and affordability. Here is what hit the market this past month:
1604 Richards Pl, Fort Collins, 80521
Listed by Leslie Henckel, Remax Alliance FTC-South
List Price: $399,000
Sold Price: Pending (7 days to offer)
Difference: TBD
You know how you can tell that a property is going to need a lot of work? When there are no interior pictures of the home….thats how! Not much to go on with this property other than that it was being advertised as an “investor special”….AKA total gut job. I look at this more as a lot sale than a home sale. I bet this closes for cash in the mid $400’s.
408 N Loomis Ave, Fort Collins, 80521
Listed by Beth Bishop, the Group Centerra
List Price: $435,000
Sold Price: Pending (5 days to offer)
Difference: TBD
Hey, do you remember reading my previous comments above about 1604 Richards Pl? The same applies to this home, but in this circumstance, there is already some building plans in place potentially to build out a home on this lot. I know that Mountain Standard Homes do a great job building a good product, so it will be interesting to see if they end up with the build on this lot.
204 Maple St 204, Fort Collins, CO 80521
Listed by Ben Woodrum, Coldwell Banker Realty FTC
List Price: $485,000
Sold Price: Active (As of 05/04/2022)
Difference: TBD
These Penny Flat condos are really nice looking inside, but I can’t help but be deterred personally by the location and proximity to the train tracks. Maybe this will change at some point in time, but given other options for the same price in the market, I would tend to look at other options before jumping on one of these condos.
510 Wood St St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $450,000
Sold Price: $475,928
Difference: $25,928
A quick sale was likely based on bargain pricing for this property. It’s not the hugest property in the world, but we have not seen too many decent homes in Old Town Fort Collins in the $400’s this year, so this one is not a huge surprise that is sold quickly.
405 Tedmon Dr, Fort Collins, CO 80521
Listed by Catherine Rogers, C3 Real Estate Solutions LLC
List Price: $475,000
Sold Price: $550,000
Difference: $75,000
Hanna Farms is still one of the most affordable spots in Old Town, especially if you are into ranch style homes. This one was under contract super quickly as it showed really well online, which obviously transferred into a quick offer.
1505 Elm St, Fort Collins, CO 80521
Listed by Jay L Mccoy, Berkshire Hathaway
List Price: $485,000
Sold Price: Pending (4 Days to Offer)
Difference: TBD
I see serious potential in this half updated home. While it is not the closest to downtown, and some may not even consider it part of “old town”, the interior of this ranch home has some great appeal and at a cost that is similar to what you would pay for the same home in Mid-town…maybe even a bit less. I think with an exterior paint job on this home to modernize the curb appeal, and some updated light fixtures, staging, and potentially some paint and carpeting in the basement and they could have listed this home around $525,000-$550,000 and still been good.
1124 W Magnolia St, Fort Collins, CO 80521
Listed by Rob Kittle, Kittle Real Estate
List Price: $539,000
Sold Price: Active (As of 05/04/2022)
Difference: TBD
This one has all of the tell-tale signs of an Old Town rental, least of those signs the dirt yard and its location on the corner of a busy road (Shields) and Magnolia. There is definitely some charm hidden underneath the college furniture, but the layout with one bedroom upstairs and 2 beds downstairs is not super ideal for other uses besides a college rental. This one did go under contract pretty quickly, but since came back on the market (about 7 days later…..I’m thinking inspection issues are likely). I’d expect that with rising interest rates and narrow buyer pool, this one will need a price adjustment (closer to $500K) before the market catches back up to it.
204 Maple St 305, Fort Collins, CO 80521
Listed by Kevin Bolin, The Group Horsetooth
List Price: $540,000
Sold Price: Pending (18 Days to Offer)
Difference: TBD
Another Penny Flat condo, this one being a 3rd floor condo, which is very nicely updated. Again, I’m not a huge fan of the location, but this one is on a higher floor, has some nice finishes, and a small outdoor balcony, which is nice on these. It did still take 18 days to go under contract, so we are seeing a bit of a ceiling on pricing on these condos at the moment.
1201 Laporte Ave, Fort Collins, CO 80521
Listed by Mary Roberts, Roberts Realty LLC
List Price: $565,000
Sold Price: Pending (6 days to offer)
Difference: $TBD
I like this property and its exterior and interior style. It does, however, look like it could use some real love both inside and out to really make it shine again. When I see a home like this with carpet throughout what I can almost guarantee was originally douglas fir hardwood floors, it makes me cringe a bit. Then I realize that if I pull up a corner of the the carpeting, it might be a christmas moment where you see that glorious wood staring back at you. Well wouldn’t you know it…..the listing agent did just that!
If I were listing this home, I would have torn all of the carpeting out to expose the hardwood floors throughout. Even if they are in less than ideal condition, showing those off would be a great idea for a buyer to know that they are there.
227 S Sherwood St, Fort Collins, CO 80521
Listed by NOCO Home Team, C3 Real Estate Solutions LLC
List Price: $599,000
Sold Price: Pending (6 days to offer)
Difference: TBD
Perhaps not the most updated home out there, but this one certainly has plenty of charm and character, that coupled with its super close proximity to downtown, drove a quick offer on it. It is noted in the listing that the property is “120 years old” and does still have some of its “original construction materials”. I read this as the fact that it probably has some older wiring, plumbing, or a combination of both. Either way, listing at an attractive price in this market can help offset some of those inspection issues that may come up down the line.
1111 Elm St, Fort Collins, CO 80521
Listed by Kerry Key, C3 Real Estate Solutions, LLC
List Price: $600,000
Sold Price: Pending (4 days to Offer)
Difference: TBD
This one is a tidy little home with some unique southwestern vibe on the interior. I’ve many times walked past it on the alley nearby and thought that I seemed like a nice little place. Writing about how fast homes went under contract seems like a moot point in the market at this point, but I do like the overall marketing and presentation of this home from outside to in as well as the pricing.
412 Wood St, Fort Collins, CO 80521
Listed by Diane Reiser, Diane Reiser Real Estate
List Price: $675,000
Sold Price: Pending (7 days to Offer)
Difference: TBD
This one looks totally remodeled inside based on photos, but it is really hard to get a great feel of the overall layout. I always appreciate when agents spend the extra time and money to have a floorplan or 3d tour done on a home to really allow a potential buyer the opportunity to virtually walk through the home or at least see how everything fits together. Because this home is only a 2 bed, 1 bath, the pricing is largely justified based on the overall finish of the home…..less dialed in finishes and I would see this one in the mid to upper $500’s
938 Laporte Ave, Fort Collins, CO 80521
Listed by Chris McElroy, The Group Harmony
List Price: $755,000
Sold Price: Active (as of 05/04/2022)
Difference: TBD
This home has a bit of an identity crisis which may be causing some troubles with getting it under contract. When a potential buyer see’s 3 beds, 3 baths, and 2600+ sqft for $755,000 in Old Town it is bound to bring some interest. However, the property has long been a rental, and is actually comprised of 3 separate units. The listing remarks notes that the city has it coded as a single family residence, while the county has it coded as a duplex/triplex. Certainly the layout right now is of a duplex/triplex, and it could take a potential buyer some extra time, effort, and money to get it transitioned into a single family home layout that works for them.
1039 W Mountain Ave, Fort Collins, CO 80521
Listed by Jeff Hubach, Coldwell Banker Realty FTC
List Price: $850,000
Sold Price: Active (As of 05/04/2022)
Difference: TBD
It’s Mountain Ave, it’s updated, it’s under a million, but there are also some aspects to this home that will cause pause. The first is the fact that it is right on Shields st, which will provide a bit more road noise than other Mountain properties. It also has a smaller overall lot for the area, which would make it tougher to add on to it, and limits the overall yard size. I get the feeling that these characteristics, mixed with an increasing interest rate might keep this one on the market past that first weekend? Time will tell
414 N Loomis Ave, Fort Collins, CO 80521
Listed by Theresa Frith, C3 Real Estate Solutions LLC
List Price: $1,280,000
Sold Price: Pending (3 Days to Offer)
Difference: TBD
This property is really quite cool, and with a permitted Air BnB studio out back for extra funds, it is quite unique. Great marketing, great photos, I have nothing more to say about this one other than it looks like a really cool place with lots of opportunities.
513-519 Park, Fort Collins, CO 80521
Listed by Greg Roeder, Waypoint Real Estate
List Price: $1,300,000
Sold Price: Pending (2 Days to Offer)
Difference: TBD
This 4 plex went super quick, so the numbers have to have worked for a potential buyer. When you break it down, paying $1.3 million for 4, 2 bed, 1 bath properties is not a bad deal at all. That works out at $325,000 per property, which is well within what would be expected of a 2 bed 1 bath attached dwelling in Old Town Fort Collins.
124 Fishback Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,400,000
Sold Price: Active (As of 05/04/2022)
Difference: TBD
The exterior look might not suite all buyers, but the interior looks quite tidy and put together. This is also on a larger lot (9,500) which actually makes it suitable for a carriage house rental. In fact, the listing comments mention that there is a grandfathered short term rental license associated with the property, that would definitely be worthwhile to transfer to a new owner. What is unsure to me, however, is whether or not this license is for a separate unit (IE studio/garage space) or to rent out a room in the house. If it were for a separate unit, that would be ideal as I can’t see too many families or buyers wanting to spend $1.4 million to start renting out a shared space to people they don’t know. Finally, the 4th bedroom is the upstairs loft space, which while cool, doesn’t have the greatest daily access via the ship ladder style stairs.
