August 22’ - Listing Spotlight
August marks a second month of elevated interest rates paired with the regular seasonal slowdown associated with the end of summer. Schools going back into session and end of summer travels almost always cause a bit of a slowdown, but this one feels more pronounced, especially in the price ranges above $500K. In regards to actual numbers of properties hitting the market, we saw 17 this August, which is the exact same number of those that came on in August 2021. However, the price spread of the homes in 2021 was between $350K-$900K, whereas this months inventory had a huge gap of homes in the $700-$999K range. As has been the case all year long the homes that have been remodeled tend to get offers most quickly, with the other subset of quick moving homes being those with “special” factors such as location, lots size, and overall value for price. I’d expect that we continue to see slow moving activity as we cruise through September, with a bit of increase as we move towards the last major flurry of homes in the fall, probably sometime in late September/October.
Here is an overview of what hit the market this month and my thoughts on each property.
214 Clover Ln, Fort Collins, 80521
Listed by Marsha Petrovic, The Group Mulberry
List Price: $325,000
Sold Price: Pending (17 days to offer)
Difference: TBD
As is property that is a fix and flip opportunity, this property is priced low as it will be a cash only, non-lendable property. Because this property tested positive for meth and other substances and only exterior showings were allowed. Best guess is that this place sells for even less than the listed price and we see it back on the market 6-9 months later after a rehab, or it becomes another rental down the line.
345 N Shields St, Fort Collins, CO 80521
Listed by Jordan Kermes, Keller Williams Premier Realty
List Price: $429,000
Sold Price: Pending (6 days to offer)
Difference: TBD
6 days to offer is a bit of a misnomer on this home as it spent a good 90+ days chasing the market for the right price between May and now. It has been totally remodeled on the interior, but a busier street location at the corner of Shields and Cherry, mixed with an original price of $489K when it first hit the market during the fast climb of interest rates didn’t do this home any favors!
405 Mason Ct, 204 , Fort Collins, CO 80521
Listed by Kathy Beck, The Group Harmony
List Price: $460,000
Sold Price: Active (As of 09/06/22)
Difference: TBD
Tough sell on this nice and bright 1 bedroom old town condo. It currently has a short term rental license, which is a perfect use for this type of property, but according to the listing notes, the HOA will no longer allow a renewal of the short term rental license come 2023 (Bummer!). I know that short term rentals divide opinions, but if there is any complex in Old Town where I see it being the best and highest use, this area is perfect as it is already mixed with commercial properties. As a pure 1 bedroom condo, the numbers might not make the most sense, although there still could be a possibility to rent out a furnished apartment at a higher rate for more that 30 days at a time on this property.
1114 Woodford Ave, Fort Collins, CO 80521
Listed by Robert Crow, Remax Alliance FTC South
List Price: $475,000
Sold Price: Pending (4 Days to Offer)
Difference: TBD
I knew that this one would go fast when it hit the market. It has all of the features that I think are ideal for a large portion of buyers including charm, size, and price, not to mention a pretty great location. While Woodford does have a higher density feel, and a bit more rentals, this property is a great opportunity to get into Old Town without breaking the bank. Well worth checking out the photos via the link below.
1105 Sycamore St, Fort Collins, CO 80521
Listed By Sam Moes, Roots Real Estate
List Price: $484,000
Sold Price: Pending (6 days to offer)
Difference: TBD
I think this home is the perfect example of how staging can elevate a home from something nice and clean, but not entirely amazing into a home that really shows well both online and in person. Mixed with smart pricing for the size, it makes for a quick period of showings to get an offer. I’m not slagging off this home by any means, instead am complimenting the process and marketing to make a home show as well as it possibly can.
618 Hanna St, Fort Collins, CO 80521
Listed by Rob Kittle, Kittle Real Estate
List Price: $500,000
Sold Price: Pending (3 days to offer)
Difference: TBD
Price and size are really driving the sale of this particular home. This subsection of Old Town (Hanna Farms) has quite a few homes that were built in the late 70’s to early 80’s, and they don’t quite have the same charm that you might get just a block or 2 away. However, they do offer a great location, and usually, a decent size for the price. This one looks nice and clean and was under contract in quick order even with the increased interest rate.
403 Franklin St, Fort Collins, CO 80521
Listed by Stephanie Diede, Redfin Corporation
List Price: $524,100
Sold Price: Active (As of 09/07/22)
Difference: TBD
Compared to the home on Hanna listed above, this property definitely needs more work for a similar SQFT and price. The layout also seems a bit choppy and somewhat funky, which is a much tougher situation to deal with monetarily, so I would expect that this home stays on the market until it gets at or below $500K
214 N Whitcomb St, Fort Collins, CO 80521
Listed by Al Detmer, Remax Alliance Greeley
List Price: $550,000
Sold Price: Pending (5 Days to offer)
Difference: TBD
Just 5 days to offer on this classic style home in central Old Town. The upstairs has a great look to it, with lots of charm in the wood details and wood floors. Downstairs does seem to be a whole other unit, although the home is not classified as a duplex via public records. Still, at $550K with a huge lot, there is a lot of potential in this property
912 Laporte Ave, Fort Collins, CO 80521
Listed by Kelly McBartlett, The Group Mulberry
List Price: $550,000
Sold Price: TBD (Active as of 09/08/22)
Difference: TBD
Nice staging in this particular property on the upstairs section, but the plot may get lost for many buyers in the basement of this home. The pricing doesn’t seem egregiously off for the size, location, etc, but the market seems to be talking on this one and I’d expect a price adjustment before day 30 in order to get some more traction on this home.
124 N Shields St, Fort Collins, CO 80521
Listed by Michael Jensen, Fort Collins Real Estate LLC
List Price: $624,900
Sold Price: Pending (2 Days to offer)
Difference: TBD
Even though this home is located on busier Shields St, it was under contract in just 2 days. A quick look at the photos will tell you why as this home has been extensively remodeled recently, and looks to show really well. There is also alley access parking on the home, which solves the parking situation for a busier road. While I don’t expect this to sell above the list price, I do think it is likely going to be right at the listed price when it sells.
1414 Laporte Ave, Fort Collins, CO 80521
Listed by Sam Moes, Roots Real Estate
List Price: $633,000
Sold Price: Active (As of 09/08/22)
Difference: TBD
Looks like a really nice remodel of this home with all of the updates being on point for the recent styles. It does look like the above ground SQFT is only 818 SQFT, with 2 of the bedrooms and 1 bathroom being upstairs, and a 3rd bedroom and bathroom downstairs. That style layout can sometimes be difficult on the feeling of overall space, especially for families, and its location on Laporte Ave may deter a few others. Honestly, I think this would be a good one to watch, but I doubt many price adjustments will be made on this property.
1026 Sycamore St, Fort Collins, CO 80521
Listed by Amy Newman, Live.Laugh.Love.Denver Real Estate Group
List Price: $640,000
Sold Price: Active (As of 09/08/22)
Difference: TBD
As duplexes go, this one looks pretty nice. The most recent rent roll showed $1700 up and $1100 down for a total of $2800. I don’t know that the numbers quite work on this one, especially with the interest rates at or near 6% at the time of writing. From a home perspective, the place does seem pretty light and bright and I think there would be some good potential on this home for a own and live up top but rent the basement situation.
413 S Whitcomb St, Fort Collins, CO 80521
Listed by Mary Greenberg, New Paradigm Partners LLC
List Price: $1,100,000
Sold Price: Active (As of 09/08/22)
Difference: TBD
On paper this home really seems like it works for the price and location. Looking inside, the home is open enough, although there may be a bit of layout situations that may not be favored by some. The overall living space seems like a long open hallway with your main living space immediately upon entry. The fireplace location is also a bit of head-scratcher to me, it just somehow doesn’t seem like it fits in that particular location. Either way, there are updates to the home, but perhaps the updates feel a bit more 2000’s than 2020’s which I think is really one of the deterring factors on this one. I could see this being pretty good value in the upper $900’s
1209 W Mountain Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers LLC
List Price: $1,300,000
Sold Price: Active (As of 09/08/2022)
Difference: TBD
Its on Mountain ave, with decent sqft, a large lot size, and right nextdoor to a home that recently sold for $2.1 million. One would expect that $1.3 million would be a shoe-in for this home, but I think the basement SQFT really looses the value in this home. Upstairs has some pretty nice character and charm, although the kitchen is a bit closed off from the rest of the living space and looks like it could use some updating. The downstairs space just looks like it really needs lots of updating to get it inline with what is going on upstairs. Mixed with the increased interest rate, it looks like this home will require a price adjustment to get the interest it needs to secure an offer, probably closer to $1.1, maybe even less in my mind
1807 W. Vine Dr., Fort Collins, CO 80521
Listed by Shawna Lowell, Dynamic Real Estate Services
List Price: $1,800,000
Sold Price: Active (As of 08/08/2022)
Difference: TBD
A rarity in not only Old Town, but Fort Collins in general, this mid-century home is located on 10+ acres within city limits. I’m sure that the acreage drives much of the price of this home, but there is a ton of potential in this home as well, especially with the resurgence of mid-mid architecture and interior design. This home was under contract in just 6 days, but I wouldn’t be surprised to see it sell for a little bit less than the listed price.
418 N Grant St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers LLC
List Price: $1,800,000
Sold Price: Active (As of 09/08/2022)
Difference: TBD
This is one of 2 brand new built homes that are currently under construction in the middle of Old Town. The large lot is being split between 2 new built homes which have been designed by Heidi Shuff, a local architect who does really smart work. Constructed by Lenoch construction, these should be of solid quality and will share similar pricing characteristics to the homes you might build out in Pateros Creek at the very north end of Wood st.
420 N Grant St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers LLC
List Price: $1,900,000
Sold Price: Active (As of 09/08/2022)
Difference: TBD
Not much extra to write about on this one that hasn’t already been said in the above listing
