April 23’ - Listing Spotlight
April of 2023 followed a similar trend to the previous year, and there were 16 total properties listed this April compared to the 17 listed in April 2022. With the spring market in full swing, there was definitely some more inventory for buyers to choose from this April, and there are still some of those homes available for sale. In regards to actual pricing and averages/median prices, those went up from 2022 to 2023 with the average price of all homes listed/sold in April 2023 being $943,000 (up from $700,000) and the median being $817,500 (up from $580,000). These numbers can be a bit misleading because Old Town really has some markets within the market depending on the overall size of the home, numbers of beds, and numbers of baths.
Overall, it seems as though the market as started to normalize to the new interest rates, which would certainly keep the prices a bit more honest as opposed to years past where we saw huge swings in prices going above the listed value with multiple offers. The most desirable homes that are marketed best will still potentially get multiple offers, they just may not go quite as high as they used to in the past!
151 N Bryan Ave, Fort Collins, 80521
Listed by Brady Walters, Remax Alliance DWTN-FTC
List Price: $520,000
Sold Price: Pending (4 days to offer)
Difference: TBD
This property has some really cool architectural features that wouldn’t be expected from a home of its style. Most interesting is the vaulted ceilings in the home, which give it a very cool and modern feel. The overall footprint is not too huge, and there is an additional flex space between the home and garage which provides much more livable space than the original homes footprint would imply. Good overall property that is marketed well with the right type of updates, which shows in the fact that it is under contract in short order.
929 W Magnolia St, Fort Collins, 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $525,000
Sold Price: Pending (9 days to offer)
Difference: TBD
Great location, but overall the property seems a bit plain given the charm of other homes in Old Town. The ceiling heights look to be a more traditional 8 foot style similar to those that one would expect to see in a mid-century ranch home. Despite its more utilitarian looks, the function of this home is definitely fitting for a particular buyer, and getting into this neighborhood in Old Town under $600K is a tough thing to do. This one didn’t knock the socks off of the market, but also didn’t take too long to receive and offer.
405 N Roosevelt Ave , Fort Collins, CO 80521
Listed by Josh Dowling, Elevations Real Estate, LLC
List Price: $539,900
Sold Price: Active (As of 05/03/2023)
Difference: TBD
The property photos show a vacant home, but this one is currently rented until the end of July 2023. In my experience, homes marketed with tenants in place usually take a bit longer to go under contract as it is much tougher for potential buyers to see themselves in the space. Showings can be trickier to schedule, and overall condition of the property in “show-ready” state is not guaranteed in the same way as an owner occupant or vacant listing. My guess is that this one will take a bit longer to go under contract, with a potential price adjustment in the upcoming weeks in order to attract fresh interest to the home. The numbers don’t work right now for an investor based on what they can receive for rent vs what they would be paying on a mortgage, so the timing for a owner occupant might just be whats holding this one back.
409 Mason Ct 223, Fort Collins, CO 80521
Listed by Josh Forster, Elevations Real Estate, LLC
List Price: $605,000
Sold Price: Active (As of 05/03/2023)
Difference: TBD
These condos tend to take a little bit longer to receive an offer overall, and with a mix of interest rates, price, HOA fees, and demand, this one may take a bit longer for that right buyer to come along. I see these properties as nice “lock and leave” properties for buyers who like to have a place to land occassionally while they are in town. However, HOA regulations may prohibit short term rentals of the property during those times that occupants are not around.
513 Laporte Ave, Fort Collins, CO 80521
Listed by Melissa Kaplan, RPM of the Rockies
List Price: $629,000
Sold Price: Active (As of 05/03/2023)
Difference: TBD
Originally under contract in short order, this home came back on the market about 10 days later. The timing of that would suggest inspection items, although that may not be 100% accurate. This home is currently leased, so that also may be a component in why this place is back on the market. As an investment goes, it is tough given the current interest rates to find a rental property where the numbers of what a monthly mortgage might be compared to what a property will rent for. If the gap between rent/mortgage is too small, it won’t make sense for most investors.
1018-1020 Akin Ave, Fort Collins, CO 80521
Listed by Richard Payne Jr, Fort Collins Real Estate, LLC
List Price: $689,900
Sold Price: Active (As of 05/03/2023)
Difference: TBD
This property is an agent owned rental that has been on the market in the past. It is currently being run as a STR (short term rental), which usually creates more income than long-term rentals, albeit with much more “hands on” management associated to keep the units clean and rented. Each unit is a 1 bed/1bath, so the flexibility of use for anything but a rental does not make much sense, and with rates as high as they are, I’d expect that this one may need to be reduced in price before the numbers really start to attract an investor.
130 N Mack St, Fort Collins, CO 80521
Listed by Shelley Anne Goldrich, Group Horsetooth
List Price: $800,000
Sold Price: Active (As of 05/03/2023)
Difference: TBD
What a charming house in an amazing neighborhood! I frequently walk past this house on my morning walks with the dog to City Park as it is just around the corner from me. This is the type of home that I think many people have in their heads when the start out searching for a “charming Old Town bungalow”. Despite the fact that “bungalow” is thrown out willy-nilly for any home that someone finds cute (don’t get me started on the semantics), this home certainly has some attractive appeal based on size, bedroom/bathroom count, and location. I’m somewhat surprised to see it still on the market and recently price reduced to $750K. I think there is some great value in this home for a potential buyer
211 N Grant Ave, Fort Collins, CO 80521
Listed by Siduri Taylor, C3 Real Estate Solutions LLC
List Price: $885,000
Sold Price: Pending (5 Days to Offer)
Difference: TBD
It is rare to find a property of this size and bedroom count that doesn’t start pushing the million dollar mark, so just the price along mixed with the “on-paper” characteristics should make this an attractive proposition for buyers. Given that it was under contract in 5 days, that seems to be the case. The home has a classic look to it both inside and out, a decent sized lot, and a rare 4 car tandem style garage.
829 Laporte Ave, Fort Collins, CO 80521
Listed by Jordan Obermann, Jordan Obermann Real Estate
List Price: $905,000
Sold Price: Pending (5 days to offer)
Difference: $TBD
Another home that is just right on size, price, location, and updates in this turn of the century home. Recent remodels and addition really created a nice living feel in this home, and the kitchen/dining/living space off the back of the home is quite appealing. There have also been other modern updates throughout this house, and with a 3 bedroom, 2 bathroom layout it should meet the criteria of many Old Town buyers looking in the market. Unsurprisingly, it was under contract in just 5 days.
424 W Olive St, Fort Collins, CO 80521
Listed by Angie Spangler, Remax Alliance FTC-Downtown
List Price: $950,000
Sold Price: Pending (5 days to offer)
Difference: TBD
Classic and historic from the outside and modern and sensible on the inside might best describe this home. It is designated as a historic home with the city of Fort Collins, which means that alterations to the exterior are much more difficult to do. However, the interior really does have a nice upgraded feel in all of the right spaces, and the woodworker in me wonders just how nice the painted floors might be if their original character were unlocked?
617 Wood St A, Fort Collins, CO 80521
Listed by Mark Keller, Remax Advanced Inc.
List Price: $1,200,000
Sold Price: Pending (29 days to offer)
Difference: TBD
There are only 4 units in this modern style complex of 2007 built townhomes. This particular unit will set the record for the highest sale of these homes, but at the moment it still is available. This may be dictated by the price, and I can see how the price can be justified based on size, bedroom/bathroom count, and overall upgrades. However, attached dwellings in this price range start to compete with single family homes, so the potential buyer really has to value the low-maintenance living and the HOA cost associated with that type of living. Locationally some might be turned off by its proximity across the street from the city service center, but I’d have to point out that you can’t get much closer to the poudre river trail access for enjoying nature and the outdoors from this location.
508 W Olive St, Fort Collins, CO 80521
Listed by Bobby Kahn, Integrity Real Estate
List Price: $1,395,000
Sold Price: Active (As of 05/03/2023)
Difference: TBD
Perhaps there is a bit of identity crisis in this home between new/old and occupant/rental? The property on paper is large with 7 bedrooms and 4 bathrooms in roughly 3000 sqft, but I think if you break down those numbers it starts to make a bit more sense. The home has 2100 SQFT above grade with the remainder below grade (with what looks to be pretty low ceiling heights). Additionally, and more importantly, there is a 500 SQFT carriage house that is currently licensed and used as a short term rental (STR). While that is an awesome income producing property, future owners may not want to take on the work associated, and may prefer to pay a bit less for the property overall as I’m sure they have factored in the STR is the pricing strategy of this home.
912 W Mountain Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,650,000
Sold Price: $1,650,000
Difference: 0
Mountain Ave almost always demands a premium price for homes, and in this circumstance, the home itself is nice enough to demand the premium even if it were listed on another street in Old Town. A complete remodel and addition in 2013 means that this home has been updated recently enough to really drive the value up. I love that they choose to remodel with timeless features that won’t be outdated (sliding barn door aside). I really like this particular block of Mountain Ave as well, and I’m sure that the new owners will love living in the area with a home as nice as this one.
1223 W Mountain Ave, Fort Collins, CO 80521
Listed by Denise Loree Staab, Group Mulberry
List Price: $1,950,000
Sold Price: Active (As of 05/03/2023)
Difference: TBD
Recent sales on the block/general area in this price range were certainly a consideration of value on this home and future homes to be listed. The exterior is a very nice craftsman style, and that is equally matched with solid woodwork throughout the above grade level and a warm charm to the home. An extra solarium is a nice bonus in the backyard, and overall this home does have good quality throughout. I’d be attracted to live in this home, but perhaps it still remains a dream to many due to the price at the moment.
