February 24’ - Listing Spotlight
The market activity is starting to pick up this year, with 14 homes were officially listed in February 2024. However, only 5 of those homes went under contract this month, and at the time of writing, there are 22 active listing to choose from, with a median price of those home at $795,000. Comparing last year, February had only 10 homes listed, with 2 of those being affordable housing/income restricted properties which skew the stats a little bit. Overall, the early market seems to be opening up some inventory options, although perhaps not the inventory that is most desirable and affordable. The median price for sold properties listed in February of 2023 was $610,000, whereas we are seeing quite a higher overall listed median price ($700,000) which doesn’t quite match the affordability factor for many people. When you did deeper into the homes listed this February that went under contract, you will see that those properties that received offers have a median price of $600,000. While numbers alone won’t tell the whole story, there are specifics to each property that drive or deter from sale. You can reach about those specifics on each property below:
415 S Howes St N-701, Fort Collins, 80521
Listed by Laura Gippert, Remax Alliance FTC South
List Price: $350,000
Sold Price: Active (As of 03/05/24)
Difference: TBD
There are some sleek and modern finishes on this particular apartment, and it is a 2 bedroom which is a bonus in these buildings. It looks as though the balcony looks out to the East, which in itself is totally fine, but I’d expect that buyers would be excited about this one if the view was back towards the mountains. Another added bonus for this property is that the owner is willing to pay $12,000 of buyers buydown costs for a deal that closes by March 15. Understandably, this is probably not going to happen now (a closing by March 15th) but there may be room to work in a deal for an interested buyer
415 S Howes St N-1009, Fort Collins, 80521
Listed by Ryan Livingston, Remax Alliance FTC South
List Price: $380,000
Sold Price: Active (As of 03/05/24)
Difference: TBD
Originally, this condo was listed at the very end of 2023 and spent a little bit of time on the market at the $390,000 price. They pulled it from the market and relisted at $380,000, which can be a smart move to get a listing looking fresh from buyers eyes. In fact, I’ve seen this done more frequently in the past 6 months (guilty as charged as well) as home have spent more time on the market prior to going under contract. This is another condo in this building that while fresh and clean, also looks out to the East as opposed to back towards the mountains.
1519 Laporte Ave , Fort Collins, CO 80521
Listed by Kim Tjalkens, Remax Alliance FTC South
List Price: $475,000 (originally $490,000)
Sold Price: Active (As of 03/05/24)
Difference: TBD
This property is one of the few in Fort Collins listed under $500K, so it should be getting some real attention from prospective buyers. However, it is a pretty small property overall, and I’d imagine that quite a few buyers would feel cramped pretty quickly in the space, especially in the bathroom space and kitchen space. I could see this being a nice spot for a young couple looking to get into homeownership, but it doesn’t have great potential for future growth without really expanding on the lot. That could be done, but ultimately the cost of making that type of expansion would probably limit what someone would actually take on before they just start from scratch on the lot.
1032 Sycamore St, Fort Collins, CO 80521
Listed by Matt Nesbitt, The Group Mulberry
List Price: $525,000 (originally $550,000)
Sold Price: Pending (27 Days to offer)
Difference: TBD
Not a bad opportunity to own a duplex in this price. In fact, the upstairs looks pretty attractive (for a rental) and I could see this being a good opportunity for a newer buyer to “house hack”….IE purchase and live upstairs and offset the mortgage by renting out the bottom half. Over the years, it could be a good possibility to have a rental property as an asset and move along to a more traditional home.
416 West St, Fort Collins, CO 80521
Listed by Kelly McBartlett, Compass-Boulder
List Price: $575,000
Sold Price: $591,000
Difference: $16,000
I had the opportunity to view this property the first day on the market, and it was a great little home for the price and location. The natural lighting throughout the home was really quite nice, and the addition on the back of the home was tastefully done and really added some extra functional space. The backyard was quite appealing as well, with plenty of space and serenity and the view out of the front picture window actually had direct views to the foothills. This home had multiple offers and received an offer that could close quickly above the listed price.
1002 Laporte Ave, Fort Collins, CO 80521
Listed by Brenday Mahoney, At Home Realty
List Price: $599,000
Sold Price: Active (As of 03/05/24)
Difference: TBD
The upstairs is really quite nice and put together on this home, with a somewhat spacious 1052 SQFT. Downstairs is also nice and tidy, although not totally finished. From my perspective, if the downstairs had been completely finished (IE install egress window, update lighting and add ceiling drywall, and make the bathroom a fully functioning bath with a shower) it probably would have sold closer to its original price of $650K. I doubt that all of that work would have cost $650K, so I see some good potential in this home for someone to grab an old town home with upward potential in the coming weeks.
520 N Sherwood St 2, Fort Collins, CO 80521
Listed by Travis Annameier, C3 Real Estate Solutions LLC
List Price: $600,000
Sold Price: Pending (sold before published)
Difference: TBD
It is rare to see one of these townhomes in River Rock Commons listed, so I’m not surprised that this one was actually under contract prior to being published. This community is actually a cooperative community, with an HOA that really covers quite a bit in the grand scheme of things.
815 W Magnolia St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $650,000
Sold Price: Pending (9 Days to Offer)
Difference: TBD
This is a very charming bungalow situated in a great Old Town Location. While some may balk at the price/sqft ($681/SQFT) the reality of the market is that homes like these with older charm but updated amenities, tend to attract buyers that can afford to make the deal happen. This property was originally under contract prior to being published, but that first deal fell through, and the property then hit the open market. It only took 9 days on the open market to receive another offer, which puts this as one of just 5 homes that have received a contract in February since being listed.
429 N Grant Ave, Fort Collins, CO 80521
Listed by Robert Thomas Jones, The Group Mulberry
List Price: $700,000
Sold Price: Active (As of 03/05/24)
Difference: $TBD
It is a bit tough to describe this property and what its best use is, which may be why it hasn’t gone under contract yet. The property has been used as a fully furnished executive rental with a good monthly rent roll ($4600/month). The back studio is a really nice finished property, and I could see it being a great Air BNB if the city allowed for it. However, as it stands, the city does not recognize this property as a legal duplex, and short term rental requirements have become more stringent over the years. That means extra risk for potential buyers, especially if they are banking on extra rental income to make the purchase happen.
228 N Sherwood St, Fort Collins, CO 80521
Listed by Janet Scott, Janet Z Real Estate
List Price: $750,000
Sold Price: Active (As of 03/05/24)
Difference: TBD
This is another home that may be banking on a particular use to aid in its sale. What do I mean? This home is currently being used as a long term rental until the end of May. That being said, the listing language does mention that it is in a primary short term rental zone, meaning that a future owner could purchase the property, and use a portion of the property as a short term rental. Of course, there would be requirements to go through with the city, the biggest of which being that the owner would need to be using this particular property as their main residence, and just renting out a portion of the home. The basement does look set up for this type of arrangement, and the upstairs looks like a nice an charming space! The tough part would be in qualifying for the loan on a property like this, and lenders would not allow a buyer to use short term rental income that is unverified to offset mortgage amounts. Kind of a “chicken or egg” scenario with this home as it could be another great “house hack” if a buyer could qualify for the original loan somehow.
210 W Magnolia St 350, Fort Collins, CO 80521
Listed by Allison Klein, Full House Realty Group
List Price: $795,000
Sold Price: Active (As of 03/05/24)
Difference: TBD
I find these units to be quite attractive as a downtown condo living situation goes. This type of property is a perfect “lock and leave” situation for someone who may own a property elsewhere and finds themselves in town frequently. As a full time residence, it may lack some space, however, especially as many who might consider a property like this (read retirees) may be downsizing in space, but aren’t willing to downsize quite this much.
525 Gordon St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $800,000
Sold Price: Active (As of 03/05/24)
Difference: TBD
Gordon spent some time on the market towards the end of last year (originally priced at $875,000) and has been ratcheting down price in order to gain some traction. This is the type of home in which location is likely the largest deterrent for buyers. Because it has an address on Gordon (great street) buyers may be inclined to take a look, only to realize that Mulberry (4 lane road with associated traffic) borders the property. It is a shame as the home itself is quite an attractive and solid property. Perhaps the spring market mixed with a bit of a lower price will get this one moving!
129 S Whitcomb St, Fort Collins, CO 80521
Listed by Kim Laplante, The Group Harmony
List Price: $850,000
Sold Price: Pending (5 days to offer)
Difference: TBD
This is quite a unique property within Old Town. Those who have lived here long enough may have heard both about historic designation, and the name Montezuma Fuller. This particular property is designated as a historic property due in fact that it was designed by Montezuma Fuller. This would restrict majorly altering the footprint of the property, but inside it is obvious that the design has changed over the years to match the tastes of the times. In fact, the interior of the property is probably what is driving such a quick sale as it is quite nicely modified (your mileage with color choices may vary). Pair that interior design with a decent amount of space and a price in the $800’s and it is a recipe for a quick sale in a great location.
914 W Oak St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,195,000
Sold Price: Active (As of 03/05/24)
Difference: TBD
I’m struggling to figure out what is really holding this property back from an offer, and the best that I can come up with right now is that the spaces that matter to buyers aren’t really there. The kitchen, for example, might just feel a tad small and isolated from the rest of the house, which can be a big factor when someone is making a more expensive purchase. The attached dwelling unit might also be what is holding it back, as it functions in a very particular manner for a very particular buyer. As I look up the address on the city of Fort Collins short term rental site, it shows as not allowed as a short term rental, which is a bummer given the setup. Most likely, the back ADU will be melded into the rest of the property over time, or just the right buyer looking for a multi-generational living situation may be attracted to it.
