December 22’ - Listing Spotlight
Traditionally, December is a slow month for real estate activity. That was definitely true in the Old Town market, although the market was slow overall across the board, particularly in the amount of homes being listed. In fact, there were only 42 homes listed overall in the greater Fort Collins area this past December, which is half as many as we saw across Fort Collins in December of 2021. Within Old Town, there was only 4 homes listed this past December, and each of those homes are under contract already (one already sold). I think there has been a pretty big sentiment across the board to wait to list homes for the spring market with the hope that interest rates will be in a better area for buyers, and a tailwind of traditional spring buying and selling will push the market forward. As we have trended downwards in regards to the amount of homes being listed, I think we are poised for spring listings to move quickly, but maybe without quite as much price movement as we’ve seen in the past (IE not as many multiple offers driving up price) as the cost of borrowing money is still relatively high in comparison to where it was in recent past. Either way, I’d expect that the amount of listings this January moves upwards (probably double the December numbers) as we see the spring market get under way.
Here is an overview of what hit the market this month and my thoughts on each property.
234 Lyons St, Fort Collins, 80521
Listed by Leslie Henckel, Remax Alliance FTC South
List Price: $335,000
Sold Price: Pending (12 Days to Offer)
Difference: TBD
As condition of homes go, this one is in need of some serious work throughout. The price is certainly reflective of the homes condition as there isn’t a room that wouldn’t need a gut job to make this home shine again. In fact, the property was being listed as a cash only sale, mostly because lending guidelines require certain live-ability conditions in the home to be met, which very well may not be the case on this home. Either way, it was under contract within 2 weeks and was one of 4 homes to come on the market in December.
404 N Grant Ave, Fort Collins, CO 80521
Listed by John Pezzuti, Pezzuti and Associates LLC
List Price: $549,000
Sold Price: Pending (7 days to offer)
Difference: TBD
This home looks like a nice overall remodel which is up to current style standards. The layout is definitely tight, and I could see the living space being the tightest factor in this home. There could be opportunities to tear out a wall to create a larger living space, but that would be at the expense of the second bedroom, which would make this a 1 bedroom home. Either way, this home was under contract in less than a week, which in my mind is due to the lack of overall inventory in Old Town as we neared the end of the year.
1108 Maple St, Fort Collins, CO 80521
Listed by the Crisafulli Team, Roots Real Estate
List Price: $599,999
Sold Price: $599,999
Difference: 0
With true car lot pricing $1 dollar of $600K, this home was under contract and sold quickly. I joke about the car lot pricing because this property was one that was intended to be sold by the end of the year and was advertised as such. This is a nice duplex in Fort Collins that has 3 bedrooms for each unit, which can be a bit of a rarity to find. Overall, the home was priced attractively relative to the rent numbers, so a buyer was found quickly that could close before the end of the year.
825 W Mountain Ave, Fort Collins, CO 80521
Listed by Brendan Mahoney, At Home Realty
List Price: $930,000
Sold Price: Pending (4 days to offer)
Difference: TBD
Mountain Ave properties under $1.0 million are becoming a rarity, so this one attracted interest in a quick manner, despite being listed in the middle of the holidays. Ultimately, the size and style of this home is the only reason that it was listed under a million. The home has some real charm, but the layout of the home, especially in regards to the roof line, makes it a bit tough to rearrange bedrooms or add bathrooms. The layout is a bit compartmentalized, but overall there is a great charm about this home and I am sure the new owners will enjoy the location and home!
