January 24’ - Listing Spotlight
January saw an increase on year over year listings in Old Town with 11 properties hitting the market in 24’ as opposed to the 8 that came on in January of 23’ Of these 11 properties, only 4 were under contract or sold at the time of writing, so the demand in the market is either A) not quite there again or B) the supply of homes that hit the market are just not the right fit for the current demand. I’d lean towards option B as I analyze the current market. It seems we just haven’t seen properties that attractive to buyers both in regards to the liveability, but also the affordability. For years I’ve been saying that there isn’t a great “move-up” option for current old town residents without jumping straight into a million dollar plus home. Unfortunately, with many homeowners tied up with a low interest rate from covid times, there is a hesitancy for those low/mid-range homes to hit the market unless the sellers are forced to sell via life/job changes. That leaves a bit of a hole in the market from a supply standpoint where the supply is somewhat saturated in the $700K plus range with buyers that can’t afford what a monthly payment would be, or just slim pickings under $600K with the homes to choose from just being “OK”. Once we start to see the spring market really pick up, and get that first wave of new inventory hitting the market for 2024, I’d expect that most homes priced under $600K will go pretty quickly, and only the best of the higher priced homes will go under contract quickly. Stay tuned for more as the year progresses, but in the meantime, here is an overview of what hit the market this month and my thoughts on each property.
415 S Howes St N-1102, Fort Collins, 80521
Listed by Miranda Cantin - Exp Realty - HUB
List Price: $425,000
Sold Price: $425,000
Difference: $0
Many times, these condos spend a bit of time on the market before getting an offer. This one, however, only spend 8 days on the market, which is pretty quick in this building. I have to imagine that the enclosed porch on the 11th floor with great views was a driving factor of the speed of sale. The upgrades in the property were also surely helpful on the sale. Certainly this is one of the nicest condos in this building that I have seen in a while!
312 S Loomis Ave, Fort Collins, CO 80521
Listed By Mark Valdez, Berkshire Hathaway - FTC
List Price: $500,000
Sold Price: Pending (12 days to offer)
Difference: TBD
This is the epitome of an “old town fixer upper”. I would guess, based on the condition of the home and lot, that this home has been a rental for quite some years. There isn’t much that wouldn’t need to get fixed up in this home, and I don’t know that I would really feel comfortable personally spending $500K on a project like this one. I suppose there could be some upside to fixing and reselling this home….I’ve seen it happen in the recent past with homes sold for cash, be fixed up, and then relisted $200K or more later. Old Town is one of the few places in Fort Collins where you might actually be able to pull that kind of fix and flip off, so time will tell whether we see this one back on the market…..Check in with me around 6-9 months, I may be writing about this one again!
513 Laporte Ave, Fort Collins, CO 80521
Listed by Melissa Kaplan, RPM of the Rockies
$624,900
Sold Price: Available (As of 2/2/24)
Difference: TBD
If you’ve ever looked at properties with me, you know how I feel about bi-levels. While there are some exceptions to the rules, I’ve always felt that the provide the least amount of flexibility in a properties use, so they really need to be dialed in with upgrades to attract potential buyers. This one seems pretty “meh” in terms of upgrades….ie pretty much flooring only upgraded. The layout is definitely set up as if the bottom section of the home has been used as a separate rental, which may be an attractive feature for a creative buyer looking to “house-hack” some affordability in their payments.
1113 Beech St, Fort Collins, CO 80521
Listed by Kyle Basnar, The Group Mulberry
List Price: $648,000
Sold Price: Pending (6 days to offer)
Difference: TBD
Essentially a new build on the outskirts of Old Town, this home is very attractive even with its smaller SQFT. I’ve always told buyers that even smaller SQFT homes can be super liveable if the space is used wisely, and it seems as though they have really done a good job maximizing the living room space while not getting rid of bedroom functionality. I see this as a great example for others to use as a blueprint for upgrading their 3 bed/1bath or 3 bed/2bath mid-century ranch homes that are found in this neighborhood.
317 Whitcomb St, Fort Collins, CO 80521
Listed By Emily Heinz, Downtown Real Estate Brokers
List Price: $675,000
Sold Price: Active (as of 02/02/24)
Difference: TBD
Great overall location for this property in Old Town West. Similar to many old town homes, this property has a layout that might not suit some buyers, especially with the kitchen being towards the back of the home and somewhat closed off from the rest of the home. As you might expect, the home is starting to show its age in some spots, both cosmetically and functionally, which can be a bit of a deterrent given the current market where affordability squeezes most pennies out of potential buyers just to make monthly payments work. I could see this property fairing a little bit better in the market when/if it falls below $650K in price.
525 Gordon St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $850,000
Sold Price: Available (As of 02/02/24)
Difference: TBD
This home spent a small bit of time on the market at the very end of 2023 at $875,000 without any luck. I think it was a good call to reduce and relist in the new year, but it still seems to be struggling to get the right buyer. The biggest concern I could see most buyers having is its location right next to Mulberry Ave and the traffic/road noise associated with that location. Sometimes these homes spend longer periods of time on the market without suitable buyers until price reductions or market conditions (read interest rates or lack of supply) match up in a suitable manner for buyers.
817 Cherry St, Fort Collins, CO 80521
Listed by Nick Norton, Waypoint RE
List Price: $920,000
Sold Price: Pending (13 Days to offer)
Difference: TBD
This is an interesting property that most likely is being purchased by an investor looking to expand their rental portfolio. The property actually has 3 units on it. One is a single family home and the second building is an over/under duplex. At the price, that would put a pretty nice cost/unit (~$300K per unit) which would definitely be attractive to a potential investor
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914 W Oak St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,225,000
Sold Price: Active (As of 02/02/24)
Difference: TBD
This one has me scratching my head because it is a great looking property, in a great neighborhood, for a price that seems inline with the size and style of home. It has charm and character, and flexibility in use with a secondary apartment off of the back. In my mind, this is a good property to keep an eye on for a possible “deal” in Old Town.
418 N Grant Ave, Fort Collins, CO 80521
Listed by Doug Miller, The Group Mulberry
List Price: $1,795,000
Sold Price: TBD (Active as of 02/02/24)
Difference: TBD
This home has been on the market in the past and is now fresh on the market for 2024 with a new agent and a new agency. These are great homes, but certainly at the upper range of affordability. I wonder if the lack of a main floor master will be problematic for them?
420 N Grant Ave, Fort Collins, CO 80521
Listed by Doug Miller, The Group Mulberry
List Price: $1,850,000
Sold Price: TBD (Active as of 02/02/24)
Difference: TBD
See above comments (418 N Grant)
425 Wood St, Fort Collins, CO 80521
Listed by Ben Woodrum, Coldwell Banker Realty FTC
List Price: $2,200,000
Sold Price: TBD (Active as of 02/02/24)
Difference: TBD
A cool Old Town home where funky modern finishes and plenty of natural light abound. The $2.2 million price is likely driven based on bedroom/bathroom count and SQFT more than finish desirability as this home is over 5000 SQFT and has 5 bedrooms and 6 bathrooms. I’ve found that when homes get into this price range, the buyer pool is a bit more specific on what they actually want, and from the outside I don’t see there being “just one thing” that really tugs on the heartstrings of potential buyers for the price. If it were lakefront, or perhaps bordering city park of Mountain Ave, it might just have the allure to get the price up above $2.0, but at the current moment, I don’t see this one moving unless it gets below $2.0 million.
