February 23’ - Listing Spotlight
February of 2023 has continued on a “trickle” trend of homes hitting the market, with a rare occasion of more than one home hitting the home each week (in a similar pricepoint). As we review the year over year trend, this February looks more active than last February in numbers (10 listed in 2023 vs the 9 in 2022), but in reality, some of those homes that are shown as “listed in February” are actually homes that have already been exposed to the market, and then relisted in February. If we exclude those as “new” inventory to the market, we actually had 6 homes come to the market this February. Of those homes, many fell within the $500-$700K range and moved quite quickly, and the homes in the higher price points above $1.0 million are taking some more time. That makes sense given the current cost to borrow money with interest rates hovering near the 7% range at the current time of writing. I am anxious to see what March will bring as the pent up demand implicit in the spring market it starting to show is teeth again with many of the lower priced homes receiving multiple offers despite the interest rate.
Here is an overview of what hit the market this month and my thoughts on each property.
500 Wood St, Fort Collins, 80521
Listed by Nancy Gomez Miramontes, Invalesco Real Estate
List Price: $228,000
Sold Price: Active (as of 03/01/23)
Difference: TBD
What? How is this only $228,000? Whats the catch? Well, the catch is that this property (and 905 Sycamore which is similarly priced) are actually part of an affordable housing program that limits who could actually purchase the home. That program has income limits which preclude a buyer from purchasing the home if they make too much money. The other tricky aspect to this home, is that the buyer doesn’t actually own the land on which the home is located, and is still required to pay a $100/month land lease to the land trust. That being said, it does make the payments more affordable, but the equity that can be built in home-ownership is severely limited in a purchase of this nature.
905 Sycamore, Fort Collins, CO 80521
Listed by Patrick Gaebler, Remax Alliance FTC Downtown
List Price: $263,000
Sold Price: Active (As of 03/01/23)
Difference: TBD
As was mentioned in the home above at 500 Wood st., this home is part of an affordable housing program through the Elevation Community Land Trust. If you want to explore the details of this land trust and what they provide, you can access their website here: https://www.elevationclt.org/buy-a-home/
234 N McKinley Ave, Fort Collins, CO 80521
Listed by Carolina Westers - Remax Advanced Inc.
List Price: $509,000
Sold Price: Pending Sale (11 Days to Offer)
Difference: TBD
This is one of the “recycled” properties that had previously been on the market at the tail end of last year. In October of last year it went under contract super quickly at $519,000, but fell out of contract a short while later and were unsuccessful in getting a new buyer despite a price reduction. As they came back on this year at $509,000, it did take a short while to get an offer, but I surmise that they have better luck given the current market demand for homes in that price range, not only in Old Town, but across the board in Fort Collins.
326 Park St, Fort Collins, CO 80521
Listed by Carol Voorhis - The Group Mulberry
List Price: $525,000
Sold Price: Pending (4 Days to Offer)
Difference: TBD
I knew from the moment that I saw this home hit the market that it would go quickly. This is a great block and a great neighborhood, and the upward potential on a place like this is pretty big. Its current state and condition is pretty tight and pretty dated, with bedrooms that are just about as tall as they are wide (gotta love those 10 feet ceilings!). Despite that fact, this home is on an amazing lot with some great potential to either fix the house up on its current footprint, or to add sqft down the line with an addition and still have plenty of backyard space left. I bet this ends up selling near $550K.
1100 Beech St, Fort Collins, CO 80521
Listed By The Key Group - Coldwell Banker Realty FTC
List Price: $595,000
Sold Price: Active (As of 03/01/23)
Difference: TBD
I was a little bit surprised that this one didn’t go under contract in the first week, but the footprint overall is pretty small, as is the lot in the grander scheme of things. There also isn’t a garage on this one, and not a great way to add another bathroom, so that is a bit limiting on the overall potential of the home. I don’t expect that this one will stay around long, however, but this may provide an opportunity for someone to purchase near the list price without competition and get into a great neighborhood on a remodeled home.
1815 Laporte Ave, Fort Collins, CO 80521
Listed by Kathy Arents - The Group Harmony
List Price: $625,000
Sold Price: Pending (5 days to offer)
Difference: TBD
What a nice solid home on a smaller footprint! The only thing I was wondering about on this home was whether or not it could support the $625K price as a 2 bedroom towards the end of Laporte, but it looks like the type of place with the SQFT in all of the right areas. The fact that it was under contract is just 5 days would signify that it showed enough value for someone to snatch it up quickly. Extra bonus, it is just across the street from Stodgy Brewing, which is always a great place to share a conversation with a friend!
502 Wayne St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,100,000
Sold Price: Active (As of 03/01/23)
Difference: TBD
It’s a bit difficult to tell if it is the price or the home that is holding back an offer on this place as it is rare to see homes listed in this section of town. I’ve walked past this home many a times on my way home from dropping the kids off at Dunn, and it is situated nicely on a large corner lot. Inside, there are plenty of 1940’s charm still there in the home with arched doorways, and hardwood floors, although, for my tastes, I would have extended the hardwoods into the kitchen and front entry, but that’s just my opinion on things. There is a slightly “segmented” layout between the kitchen/dining area and the living space, which may hold it back a bit, but would be hard to change based on the V shape of the home. I do think someone will find the value in this home here as we enter March, especially if there isn’t new competition that hits the market.
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627 Laporte Ave, Fort Collins, CO 80521
Listed by Rebekah Harvey, Resident Realty
List Price: $1,120,000
Sold Price: Active (As of 03/01/23)
Difference: TBD
Originally, this home hit the market in early January for $1,200,000, which I think was a bit aggressive at the time. It did go under contract before the end of the month, but fell out of contract about 20 days in. That kind of timeframe would make me think that they had gotten through the inspection period (usually that happens the first 7-14 days) and maybe had some issues on the appraisal side of things (which tends to happen about 18-21 days into a contract). That may explain why the home was relisted $80K below the original $1,200,000 price, and it seems like they may have lost a bit of momentum in the market as the home has been on now for a few weeks at the new price here. Overall, it is a nice remodel and addition to the home, but the rooms are spread across three different levels of the home, the lot is a bit smaller, and the garage is currently finished out as an office space….which may be a bit of a bummer to someone looking to have a spot to protect their car from those summer CO hailstorms. I’ll be curious to see what happens on this one!
619 Cherry St, Fort Collins, CO 80521
Listed by Lestel Meade, Century 21 Elevated
List Price: $1,500,000
Sold Price: TBD (Active as of 03/01/23)
Difference: TBD
Another recycled property from the latter half of 2022, this property was originally listed in late December for $1,700,000 before being pulled from the market and relisted at $1,500,000 in mid February. It is now 18 days on the market at the new price. The general location is a bit tricky for this one as Cherry St. does receive more traffic than some other streets in old town. The yard is long and narrow, which can feel a bit tight, but isn’t a huge problem overall. Inside, this home is pretty awesome, and I remember being impressed by its quality when I toured it brand new in 2017. For me, it seems that this home is mostly competing against 2 things. 1: The current interest rate and demand for higher priced housing in the market. 2. The general location on Cherry St which isn’t as desirable for a more expensive home relative to other streets in Old Town. The final X factor for this home is that the next door neighbor’s home is also for sale at a similar price, so there is always a nearby competitor for buyers to choose from.
1130 W Oak St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $2,000,000
Sold Price: Pending (23 Days to offer)
Difference: TBD
This location is super ideal in Old Town and the SQFT is definitely there to support a higher price for this part of town. The layout of the home feels more traditional, as does many of the finishes, so that may have been a bit of a deterrent for buyers. Hardly ever seen in Fort Collins is a private swimming pool, and this property has one between the house and the garage, which could be a great value add for someone, or a total no-go for a different buyer who doesn’t want to maintain and upkeep something of that nature. I do think the lack of a proper yard in this home is a bit off-putting, but that is easily countered by the fact that you live a block away from City Park and all that it has to offer. I’ll be interested to see what this one eventually sells for, but it will likely be pretty close to the $2,000,000 mark.
