April 24’ - Listing Spotlight
April of 2024 followed a similar trend to the previous year, and there were 15 total properties listed this April compared to the 16 listed in April 2023. 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. Given that March was an incredibly slow month, this positioned April to be much more active with pent up demand, and there were a fair number of homes that delivered on the type of inventory we needed. In fact, the median of all homes listed in Old Town in April was $659,000 which is way down from the median in April 2023 of $836,500. Another thing to note, a majority of the homes listed were single family homes instead of condos, which is also helpful for providing the type of inventory that most buyers in the market are wanting. Roughly 50% of homes listed in April are either under contract or already sold, and you can read a bit more about each one below to see my thoughts on what drove those sales, and why some of the others might still be sitting. With an increasing inventory count overall (2.7 months of inventory in Old Town) we are creeping toward a more balanced level of inventory, but I suspect things won’t feel balanced overall unless the remaining inventory is closer to the overall median needed price in Fort Collins (which is currently $560K).
229 Clover Ln, Fort Collins, 80521
Listed by Bonnie Tilford, Home Suite Design and Realty
List Price: $475,000
Sold Price: $515,000
Difference: $40,000
Rare sub $500K listing on the outskirts of Old Town. With 5 beds and 2 baths, it is a good value across all of Fort Collins for the size and style. The wood floors throughout the upper section of the home add a solid feel to the home, and the unfinished basement space provides plenty of opportunities for future expansion. This home went under contract in less than a week, which makes sense given the value for the price in the current market.
126 Sylvan Ct, Fort Collins, 80521
Listed by Kellen Harmon, Home Savings Realty
List Price: $498,000
Sold Price: Pending (3 days to offer)
Difference: TBD
As neighborhoods go, this is a super rare “pocket neighborhood” sandwiched between elegant Mountain Ave to the South and Laporte Ave to the North. It is a rare occurrence to see homes listed in this neighborhood, and this property, while on the smaller end of sqft, does look to be in great condition. Add a price under $500K and it becomes quite an attractive property to the first time home buyer or potentially a retiree looking to move into town. This one went quickly, so they hit the mark on the pricing perfectly.
1205 Maple St , Fort Collins, CO 80521
Listed by Charles Sparks, eXp Realty LLC
List Price: $524,000
Sold Price: Active (As of 05/03/2024)
Difference: TBD
This home has that exterior victorian cottage look to it, which I personally think draws some attention, especially in this neighborhood where most homes are 1950/1960 ranches. Inside, this home is quite funky, with a somewhat oddly shaped main living space that may be hard to set up. The charm noted on the exterior gives way to a bit more utility inside, and I would imagine that most people would probably want to make some stylistic changes to the interior. It originally came on the market at $535,000 and received an offer within 4 days. However, it came back on the market just a few days later, and is now sitting at $524,000. There is potential, but it is hard to easily envision that potential in this home to me.
136 N Shields St, Fort Collins, CO 80521
Listed by Crystal Whitworth, RE/MAX Alliance-FTC Dwtn
List Price: $535,000
Sold Price: Active (As of 05/03/2024)
Difference: TBD
In my opinion, this home is going to be a tough sale. Located at the corner of Shields and Laporte, road noise and parking is always going to come up with potential buyers, which is why it makes sense that this home has been a rental for quite some time. The actual home itself seems to be updated quite nicely overall, which will likely drive an eventual sale. It is set up timewise for the new owner to turn it back around and get it rented again, but it is never easy to show homes that are tenant occupied. I imagine that this home may spend a little longer on the market, and may have a price adjustment prior to it finding a new owner.
408 W Olive St, Fort Collins, CO 80521
Listed by Angie Spangler, RE/MAX Alliance-FTC Dwtn
List Price: $550,000
Sold Price: Pending (6 Days to Offer)
Difference: TBD
This is a very charming looking place inside and out just on the outskirts of where commercial turns to residential in Old Town. Being that it is currently tenant occupied, I would imagine that it may have had a bit less activity. However, it was under contract in short order, with the timing of the leases allowing either an investor purchase with a release, or a owner occupant to close, finish out the leases, and then move in. Smart pricing and timing by the listing agents on this one!
1409 Beech Ct, Fort Collins, CO 80521
Listed by James Hicks, RE/MAX Advanced Inc.
List Price: $575,000
Sold Price: Active (As of 05/03/2023)
Difference: TBD
This home lands on the far outskirts of what most would call Old Town, but based on its age and general location, still makes it on the list. Slightly more rare in this area, this home is a 4 bed, 2 bath ranch style home with a full basement, which gives it over 2000 SQFT. That alone is likely driving the price as this pricing matches up with what one would expect to pay across town for a similar size home. I see some good potential in this home, especially on the main level as there are hardwood floors throughout a majority of that level. The basement is probably where buyers get deterred, as the ceiling heights don’t seem to be quite a high, and the lack of egress windows poses lighting problems and conforming bedroom issues.
822 Laporte Ave, Fort Collins, CO 80521
Listed by The Downtown Team, RE/MAX Alliance-FTC Dwtn
List Price: $644,500
Sold Price: Active (As of 05/03/2024)
Difference: TBD
I’m somewhat surprised that this home is still available as I’ve seen this type and style of home sell in the mid $600’s. 3 bedrooms might feel a bit tight overall for 1106 total sqft though, so that might be a deterrent. There are some notes about helical piers being installed in 2019, which would indicate that some foundation work may have been needed to shore up the home. Either way, I see this one as a decent opportunity for someone to come in an make a reasonable offer.
1018-1020 Akin Ave, Fort Collins, CO 80521
Listed by Richard Payne Jr, Fort Collins Real Estate, LLC
List Price: $659,000
Sold Price: Active (As of 05/03/2024
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.
123 N Loomis, Fort Collins, CO 80521
Listed by Bobby Kahn, Integrity Realty
List Price: $799,900
Sold Price: $715,000
Difference: $84,900
Listed as a “fixer upper” and being sold by an estate in “as-is” condition might be the best reason why the home sold $85K below its listed value. However, This looks like a great home with good potential in a great location! 2600+ sqft in Old Town usually costs someone well more that $800K, so there is good upward potential on this one. In fact, I would bet pretty good money that this one will be back on the market in the next 6-12 months, fixed up, and at a much higher price.
322 Pearl St, Fort Collins, CO 80521
Listed by Jake Goodman, eXp Realty - Hub
List Price: $750,000
Sold Price: Pending (6 days to offer)
Difference: TBD
This is a good candidate for a “house hacking” home. What is a house hack? Its the ability to live in a portion of the home while renting out another section to offset your monthly costs. Because the basement on this home is registered as a short term rental, the owners of the upstairs could easily live upstairs while earning some extra money renting out the downstairs.
124 Lyons St, Fort Collins, CO 80521
Listed by Tamara Suppes, Group Harmony
List Price: $795,000
Sold Price: Pending (4 Days to Offer)
Difference: TBD
5 beds and 4 baths for under $800K in Old Town is a pretty sweet deal! Add to it, an awesome location within Old Town, and a very desirable remodel and I am not surprised to see this one under contract quickly. In fact, based on the shortness of time on market, I expect that this home may end up selling a decent amount above its listed price.
302 N Meldrum St 201, Fort Collins, CO 80521
Listed by Kathy Beck, The Group Harmony
List Price: $925,000
Sold Price: Active (As of 05/03/2024)
Difference: $TBD
The Myridium townhomes are a very nice, newer product in central Old Town. This particular unit is nice in that it has 2 decent sized bedrooms, a bit of private outdoor space, and the ability to “lock and leave”. These condos are particularly popular with part time residents who want a low maintenance home with good proximity of all that Old Town/ Downtown Fort Collins has to offer.
806 W Mountain, Fort Collins, CO 80521
Listed by Vicki Dye, eXp Realty LLC
List Price: $800,000
Sold Price: $936,000
Difference: $136,000
I love this home! The front photos don’t do it justice, and I have frequently passed by and admired the lush landscaping and especially the Japanese maple on the sheltered East side of the home. Inside, this home has all of the characteristic charm and woodwork that really give a century old home that sense of place. While the downstairs has been transformed into a more contemporary in-law suite, I still see this as an ideal property for someone who loves all the Old Town has to offer. I was definitely surprised to see the $800K price on this one….and obviously the market spoke on it as it closed $136K above that!
424 W Olive St, Fort Collins, CO 80521
Listed by Lori Jensen, Barnwood Properties
List Price: $1,450,000
Sold Price: Active (As of 05/03/2023)
Difference: TBD
I wrote about this home less than a year ago when it was sold for $980K. As I look through the new listing, I can initially tell that the exterior has been freshly painted since the prior sale. Some lighting changes took place on the main floor, but the bigger changes happened on the second floor of the home with a remodel of the flooring and the addition of a 3/4 bath. I think the price is a bit of a stretch unfortunately, even with how nicely the changes have been completed. I see this home doing a bit better in the $1,250,000 - $1,300,000 range.
