February 22’ - Listing Spotlight
As I look at what has come on the market in Old Town Fort Collins in 2022, it just feels like so much less than I would have expected. However, numbers wise, there were 8 new listings this February, which is bang on what we had last February, so not really a change numerically. Digging deeper into the type of listings hitting the market really illuminates the change between this year and last. In 2021, there were 5 single family homes that arrived to the market (non duplex or investment style homes) as compared to the 1 that officially came on the market this year. While there is definitely a market for attached dwellings in Old Town, this lack of non-rental style housing remains super tight in Old Town as the new year progresses towards spring. This will continue to mean a very fast moving market into March as the demand for single family homes still remains high and the supply remains super low. It is still a bit too early to determine selling patterns until we see how much homes are selling for this year, but in Fort Collins overall the average price about list so far this year is 5% with a median above list price also at 5%.
415 S Howes St N-506, Fort Collins, 80521
Listed by Marsha Petrovic, The Group Mulberry
List Price: $320,000
Sold Price: Active (As of Feb. 28, 2022)
Difference: TBD
I get the pricing as recent units in this building have been selling in this range, but I’ve found that 1 bedroom units just don’t quite have the same amount of demand as they lack options and space. Investors and small families, for instance, would not find the value in something like this, so it really is geared towards a single or couple looking to purchase and live in the middle of it all. The finishes in this unit are quite nice overall, so no complaints there!
726 W Oak St, Fort Collins, CO 80521
Listed by Ray Henry, The Group Mulberry
List Price: $480,000
Sold Price: $480,000
Difference: $0
This property was sold off market, so there is not much to go on with it. However, the price definitely seems like quite the deal, especially for the neighborhood and style of home. Perhaps the home needed plenty of work but I can only imagine that a home like this, submitted to the market, could have sold somewhere between $500-$550K.
302 N Meldrum St. 103, Fort Collins, CO 80521
Listed by Bobby Kahn, Integrity Real Estate
List Price: $569,000
Sold Price: Active (As of 02/28/22)
Difference: TBD
This one is a bit of a head scratcher to me. We are in the lowest supply/highest demand market that we have ever seen in Fort Collins, yet this home just seems unable to get a contract. It has already been on the market for 25 days this year, and when you add that on to the 100+ days it spent on the market last year, it just seems like there is some sort of deficiency associated with the home. Certainly only having one bedroom hurts on this one, and I wonder if that 1 bedroom was on main level if it might have received an offer? It would make an amazing short term rental, but unfortunately city zoning will not allow that use on this one. One to watch for sure!
513 West St, Fort Collins, CO 80521
Listed by Steve Balmer, Elevations Real Estate LLC
List Price: $580,000
Sold Price: Pending (5 days to offer)
Difference: TBD
This home last sold in 2017 for $400K and was under contract in less than a week. I remember thinking that was great value at that point in time, and given the circumstances of our current market, it is crazy to think that I still think the same thing at this new price. However, we have not seen any homes like this on the market in the past 2 weeks, so I would expect that this one sells even higher than its listed price, maybe closer to $625-$635K. The biggest objections that I could see from potential buyers is the general location near some multi-unit housing, as well as the fact that the living space and kitchen space are at far opposite ends of the home. However, this is the perfect market to sell a home with some of those deficiencies, so well played to the sellers on maximizing the potential on their sale!
705 Maple St, Fort Collins, CO 80521
Listed by Amber Cano, Dynamic Real Estate Services
List Price: $675,000
Sold Price: Active (as of 02/28/2022)
Difference: TBD
I don’t tend to harp on marketing, but the photo quality on this listing is not ideal. I guess they made up for it by typing the description in all caps, another pet peeve of mine, but I digress. I think this is going to be a trend early on this year; investors selling their rentals and reinvesting in other properties via a 1031 exchange. This property does seem to have some decent potential as an investment, so it will really depend on the right future investor who is willing to put down the right amount to make the numbers work.
1018-1020 Akin, Fort Collins, CO 80521
Listed by Michael Jensen, Fort Collins Real Estate LLC
List Price: $725,000
Sold Price: Available (As of 02/28/22)
Difference: $TBD
This one is being touted as double executive rental (IE fully furnished can rent on a monthly basis) to make the numbers work. While those numbers may work if you have little to no vacancy, it will definitely require a hands on approach to property management which might not be everyones bag. The alternative is renting each side on longer leases, but at that point, you are much less likely to make the numbers that you would need to make this investment profitable. The right buyer will come along eventually, but the fact that each side is a 1 bedroom/1bathroom limits the flexibility of this rental.
1022 W Mountain Ave, Fort Collins, CO 80521
Listed by David Johnson, Liv Sothebys International Realty
List Price: $999,000
Sold Price: Pending (5 days to offer)
Difference: TBD
This is the second one of these townhomes to list this year, with the first one selling earlier in the year for $940K ($65K above its listed price). This townhome is a bit unique in that it is the only one that is technically an end unit (the unit on the other end adjoins the Little restaurant). Additionally, due to its end unit status, it also has the most semblance of a yard of any of these townhomes, and has 2 garage spaces associated with it. This makes the townhome live a bit more like a single family home in a prime location. The curious aspect to me is that it seems like these townhomes are starting to turn over already….hard to project why exactly, but I do know that some who live on this block are a bit perturbed about the foot and vehicle traffic/parking that the restaurant Little has brought to the area.
1544 Oak St, Fort Collins, CO 80521
Listed by Bobby Kahn, Integrity Realty
List Price: $3,195,000
Sold Price: Withdrawn (After 19 Days on Market)
Difference: TBD
Truly a unique property, this is actually a listing of an entire 16 unit complex, and as such, is never going to be a standard sale. There are a mixture of 1 bedroom/1 bathroom units, and 2 bedroom/1bathroom units. Additionally, many units would come with long term tenants, while the remaining units have ben recently (last decade) remodeled. This one feels like it might almost be better listed as a commercial property as it is so unique to the market and requires just the right type of investor. Maybe we will see it on on the market again sometime later this year?
