July 23’ - Listing Spotlight
July 2023 started a slight downturn in the amount of homes listed in Fort Collins, with 12 homes officially listed this past month. That is a huge swing from last month, where 25 homes were listed, and it is down from last year in which 15 homes were listed (July 22’). I don’t see this downturn as an alarming event, as this happens every single year in the market, where we hit a peak of homes listed in May/June, and a gradual decline month to month in homes listed as we near the holiday season and the end of the year. July seems to be the month where many people take their vacations as it is the last month before school gets back into session. This is true for both homeowners and realtors alike, so July historically is a slower month in the grand scheme of things.
Looking at the comparison year/year, it is very interesting to see the divergence in the price of homes listed between July 22’ - July 23’. In July 22’, 7 of the 15 homes listed were priced over $1.0 million, whereas July of 23’ only saw 2 homes listed above $1.0 million. This doesn’t imply a reduction in home values as much as a change in the type of inventory listed this past month. A majority of the homes listed this past month were smaller SQFT homes on the “outskirts” of Old Town….think 3 bed/2 bath ranch homes in Hannah Farms/Mountainview as opposed to last year where we were seeing larger 4 bed/3bath homes with bigger sqft listed in the heart of Old Town west. Moving into August, I’d expect to see yet again less homes listed, but there is still certainly a demand for move-in ready homes across the board that are priced competitively in the market. Here is what was listed this past month:
415 S Howes St 407, Fort Collins, 80521
List Price: $300,000
Sold Price: Pending
Difference: TBD
Listed by Charlie Hartley of The Hartley Team Realty Inc
This property was under contract prior to being published, and has no online photos, so was never fully exposed to the full market. Hard to give much insight on this sale based on those characteristics
413 Park St, Fort Collins, 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $395,000
Sold Price: Pending (6 days to offer)
Difference: TBD
Its not the sexiest Old Town home ever listed, but the price certainly reflects the nature of the home. I do love the overall neighborhood on this home, and I really think that there could be some good potential in a home like this one for some sweat equity to make it much nicer. For what it is, it could provide good value for someone with the right abilities to truly care for a home of this age and condition.
411 Tedmon Dr, Fort Collins, CO 80521
Listed by Lori Weeks, Remax Advanced Inc
List Price: $469,900
Sold Price: Pending (14 Days to Offer)
Difference: TBD
This looks like a nice property overall that seems to be in good condition. It took 2 weeks to receive and offer, but I bet if it were vacant and staged, it would have had an offer in the first week, potentially with multiple offers. Overall, it is a characteristic 3 bed, 2 bath ranch style home with a living space upon entry, a galley kitchen behind that living room wall, and 3 bedrooms and 1 bathrooms down the hall opposite of the kitchen. The pricing seems like good value for the neighborhood and market.
423 Franklin St, Fort Collins, CO 80521
Listed by Liz Barnez, Liz Barnez Realtor
List Price: $485,000
Sold Price: Pending (4 days to offer)
Difference: TBD
Very similar in size, quality, and condition to the other ranch home in the neighborhood located at 411 Tedmon, this property also went under contract quickly. The X factor on this home, besides slightly more SQFT, is the fact that it backs up to a non-built lot, giving a semblance of extra space and privacy in the backyard. The finishes overall are nice, although there is still room for improvement in the kitchen and living/dining/kitchen layout.
226 N Lyons St, Fort Collins, CO 80521
Listed by Richard Koentopp, Remax Alliance- FTC South
List Price: Originally $529,000, now at $515,900
Sold Price: Active (As of 08/08/2023)
Difference: TBD
This whole home has been remodeled in the past year, which is a nice feature in an Old Town home. The overall layout does feel a bit tight, as the home is only 768 SQFT total. In my experience, these smaller homes can really benefit from staging, which when done properly can actually make the home feel bigger than it really is. I think that this home could sell in the price range that it is currently at, but that staging would really help get buyers through the door and potentially see themselves in the space.
228 Fishback Ave, Fort Collins, CO 80521
Listed by Todd Sledge, The Group Harmony
List Price: $575,000
Sold Price: Pending (4 days to offer)
Difference: TBD
I find this home to be really good value for Old Town, especially as it has 3 beds, 2 baths of nicely finished upstairs space, and another couple hundred extra SQFT of unfinished basement space. The marketing is well presented on this home as well, from a focus on curb appeal moving through the actual space of the home. While the wall colors aren’t the most appealing to all buyers, that is a pretty easy fix that most buyers are able to see past.
1218 W Magnolia St, Fort Collins, CO 80521
Listed by Amy Black, Elevations Real Estate LLC
List Price: $635,000
Sold Price: Pending (6 days to offer)
Difference: TBD
Homes in this general location don’t come on the market frequently, especially in this price. I think that location is probably the main driver of this home, with potential being the second driver. The home has had a kitchen remodel, which is usually good return on investment. There is still lots of older charm to the home, and a savvy remodeler could really make this property shine.
320 N Sherwood St, Fort Collins, CO 80521
Listed by Shaun Dolon, Hub Real Estate
List Price: $650,000
Sold Price: Active (As of 08/08/2023)
Difference: TBD
This listing actually showed up last month as well at $690,000 and was previously listed with a FSBO style company. I think the sellers are getting closer with their price at $650,000, but in my opinion, I still think the price is higher than what the market can handle for this type of property. I like the overall general location, and having a finished studio space is nice. The main home itself is a tight 798 SQFT, and I find it a bit odd that there are no windows at all on the front of the home. I’m honestly thinking that this one should be somewhere under $600K to get it under contract.
1124 W Magnolia St, Fort Collins, CO 80521
Listed by Michael Garneau, Hub Real Estate
List Price: $750,000
Sold Price: Withdrawn (After 28 days on the market)
Difference: TBD
I think it is great that the current owners put a new lease for life on this particular property that had previously been used as a rental. It feels like they rushed to get it on the market before a specific date, as I remember seeing people out front days before it came live landscaping and putting finishing touches on it. My best guess is that they pulled the home from the market to finish out the last details inside of the house that needed to be completed, and I would bet that this one is back on the market later on in August or September. I think it will always have a bit of a hard time with its location on Shields/Magnolia, but hopefully the finishes and care put into the home will outweigh the potential road noise and tougher parking issues.
401 Mason Ct 201, Fort Collins, CO 80521
Listed by Tammy Fisher, EXP Realty - Loveland
List Price: $795,000
Sold Price: Active (As of 08/08/2023)
Difference: TBD
It is nice that this condo is one that faces Lee Martinez, as not all of these in this complex do. Also, having 3 bedrooms is definitely a plus in this particular unit. I’ve found that many people who look at these types of condos are looking for a “lock and leave” style property, which is usually associated with retirees looking to be closer to family in town. However, retirees also tend to look for properties with easy, stair-free access, of which this property does not have. The current interest rates are not helping this property at its current price and HOA fees ($608/month), so I could see this one sitting quite a while unless some price adjustments happen to bring that monthly payment down a bit for potential buyers.
918 W Mulberry St , Fort Collins, CO 80521
Listed by Siduri Taylor, C3 Real Estate Solutions LLC
List Price: $1,050,000
Sold Price: Active (As of 08/08/23)
Difference: TBD
The elephant in the room on this property is undoubtedly its location on busier Mulberry St. The home itself is quite charming with some really attractive finishes and features throughout. In a different Old Town location, I’m sure the price would be well justified given the SQFT and bedroom/bathroom count. The flooring transition from cherry/oak in the main level is also a bit unfortunate, as the space would flow much better with congruent flooring throughout. I also wonder how cramped the basement space feels as the ceiling heights don’t look much higher than the doors, which are typically 6.5’-7’ tall.
617 Wood St A, Fort Collins, CO 80521
Listed by Mark Keller, Remax Advanced INC
List Price: $1,200,000
Sold Price: Pending (25 days to offer)
Difference: TBD
This home was originally listed back in April for $1,200,000 and did go under contract after 28 days at that time. However, it fell out of contract and spent some time on the market before being withdrawn and eventually relisted. Upon relisting, it spent another 25 days on the market before it went back under contract. I don’t see that as anything particularly wrong with the home, but being a higher priced attached dwelling, it sometimes takes a bit longer to get these types of custom homes under contract.
