January 23’ - Listing Spotlight
As we enter the new year there is lots of hope and expectation, and a fair amount of pent up demand in the upcoming market. Rates are still on the higher side of things (in the mid 6%’s) which is holding the market back a bit. the few homes that are coming on the market in Old Town and Fort Collins in general are moving pretty quickly, and I would expect this trend to continue in the market until we really start to see the inventory levels pick up.
Here is an overview of what hit the market this month and my thoughts on each property.
420 Meldrum St B, Fort Collins, 80521
Listed by David Lund, Noble Venture
List Price: $395,000
Sold Price: Pending (9 Days to Offer)
Difference: TBD
Most definitely a smart pickup for an investor based on location, size, bed/bath count, and price. This property is currently leased until July of 2023, and for the price and low HOA, this looks like it could be a great fit for someones investment portfolio.
618 Cherry St, Fort Collins, CO 80521
Listed by Patricia Phillips, the Group Mulberry
List Price: $525,000
Sold Price: Pending (34 days to offer after price adjustment to $510,000)
Difference: TBD
This property is one of 3 currently listed within a stones throw of each other on Cherry St. Cherry St in general can be a tougher sell as similar to Laporte Ave, does get a decent amount of through traffic. In this case, the other 2 homes for sale nearby are each well into the million + dollar range based on their size and recent remodel/build, so this little property (815 SQFT) really serves a whole different clientele. The pictures don’t show much of the interior, but it doesn’t seem like the home has much that would really bring the doors down with people clamoring to get in, so it seems as thought this is a logical choice for someone once the numbers with the rates and price matched up.
419 Tedmon St, Fort Collins, CO 80521
Listed by Melissa Kaplan, RPM of the Rockies
List Price: $519,000
Sold Price: Pending (8 days to offer)
Difference: TBD
Currently being used as a rental, I thought that the listing agent may have shot themselves in the foot by listing at the time that they did as the property was in a lease until the end of May. That would preclude owner occupants on really being able to make this purchase happen as they would need to occupy the property within 60 days of ownership to avoid committing loan fraud, which would mean needing to close as late as March 31 to avoid this aspect. Either way, I thought this looked like a nice home for the price, and despite it being slightly smaller on the overall SQFT, the solidness of these ranch homes in this neighborhood make for a nice entry level home for current buyers.
1019 Laporte Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers LLC
List Price: $589,000
Sold Price: Pending (4 days to offer)
Difference: TBD
Rounding out the 4th rental property turn listing for the month of January, this one was under contract in short order. At the time it came on the market, there had been very little homes of this size, style, and price to choose from, and this property has some great potential. I had the opportunity to tour this house prior to it going under contract and it has lots of great characteristics and historic flair. I wondered if the placement of the bathroom (which is at the back of the house next to the kitchen) would be a deterrent, but it seems that its placement didn’t matter all that much in the grand scheme of the market.
627 Laporte Ave, Fort Collins, CO 80521
Listed by Rebekah Harvey, Resident Realty
List Price: $1,200,000
Sold Price: Pending (26 days to offer)
Difference: TBD
This is the only home of the 5 listed in January that both topped the scales in price, but also wasn’t most recently used as a rental. I believe that this particular sale will set a decent standard moving forward into the 2023 Old Town Fort Collins real estate market for non-premium location pricing on 4+ bed, 3+bath homes. The pricing on this particular home seemed a bit aggressive given the location on Laporte Ave and lack of garage, but the fact that the home has had a tasteful addition and is priced much less in relative comparison to other similar sized homes in the area means that it did receive an offer without having to do a price adjustment. I do suspect that it will show as sold for slightly less than its listed price, but it is a perfect example of how the Old Town market quickly jumps in price once the SQFT and bed/bath count cruise into the 2000 SQFT and 4+ bed/3+ bath range as there is little to choose from meeting that criteria.
