July 22’ - Listing Spotlight
We haven’t seen a seasonal slowdown in the market since the onset of COVID, so this July marks the first time that this slowdown has really been visible in the market for the past couple of years. Perhaps the general populous had forgotten that each year we see that seasonal slowdown in late summer (usually starting right around July 4th) as buyers, sellers, and agents alike take time to travel and enjoy the summer. This seasons slowdown just so happened to coincide with the incredibly sharp hike in interest rates that made the real estate market slam on the brakes after travelling 80 MPH down the highway for 2 years. Just like any major backup on the interstate, there are still ways to get to your destination by travelling back roads and frontage roads at slower speeds, and from what I see in the market this is becoming the new normal. What once was under contract in less than a week with multiple offers may now take a few weeks and a few price adjustments before getting an acceptable offer.
So how has the slower speeds affected the Old Town Fort Collins market? Well, the overall year to year comparison shows a few less homes hitting the market this July with 15 homes listed in July 22’ as compared t 18 homes listed in July 21’. This isn’t a huge difference, but the type of homes listed is quite different. In 2021, of those 18 homes, only 1 was listed above $1.0 million, whereas this month/year, 7 of the 15 homes listed were listed above $1.0 million. Many of these homes are taking longer to go under contract, and some are just outright over listed. The summer slowdown is definitely providing a gut check for sellers after seeing the frenzy that was the first few months of the year, but it is important to keep in mind that the equity in your home is just imaginary numbers until it is unlocked through a sale, HELOC, or refinance. These numbers, however, are well above where most people would have expected based on the year of their purchase. As buyers go, this is the first great opportunity to have some breathing room and perhaps make a deal on a property that is in benefit or your needs. Homes that have been on for more than 2 weekends are prime opportunities for deal making, so don’t be afraid to get into the market!
Here is an overview of what hit the market this month and my thoughts on each property.
234 N Grant Ave 2A, Fort Collins, 80521
Listed by Dan Blonder, Keller Williams Realty NOCO
List Price: $270,000
Sold Price: Active (As of 08/03/22)
Difference: TBD
This condo spent a very short amount of time on the market in late June, and then came back on in early July. It went under contract in 4 days, and then fell back out of contract shortly thereafter. This one does have a long term lease in place with a 60 day notice to vacate for the tenants, so that can be a deterrent to owner occupant buyers who are looking to move in ASAP
302 Meldrum 212, Fort Collins, CO 80521
Listed by Shirley Watson, C3 Real Estate Solutions LLC
List Price: $438,000
Sold Price: Pending (4 days to offer)
Difference: TBD
I’ve said it before about these condos, they have really nice finishes, and if they are in the right price range they will move. Because they are so new, they provide a great opportunity to live in Old Town with minimal maintenance and are generally “lock and leave” ready for part time residents with extra expendable income.
409 N Grant Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $495,000
Sold Price: Active (As of 08/03/22)
Difference: TBD
This is a very cute place at a reasonable price for the neighborhood. If there truly are hardwoods underneath the carpets, this could be an awesome “sleeper” purchase for someone who appreciates an older home with some charm. The kitchen could use an update, but at the price, this has room to expand value with some simple improvements.
322 Scott Ave, Fort Collins, CO 80521
Listed by Greg Roeder, Waypoint RE
List Price: $555,000
Sold Price: Pending (11 Days to Offer)
Difference: TBD
Located just a few blocks away from city park, and with a decent amount of total SQFT, this looks like it is a pretty good opportunity to be in a prime location for a decent price. There is definitely some updating to be done, but the huge lot provides tons of room for expansion on this home.
320 N Loomis Ave, Fort Collins, CO 80521
Listed By Emily Heinz, Downtown Real Estate Brokers
List Price: $579,000
Sold Price: Pending (4 days to offer)
Difference: TBD
Neat and tidy on this home that was built in 1993. I can see why it sold quickly as it looks to be in good condition at a decent price for the neighborhood. It’s a great starter home or a downsize home for a retiree that doesn’t need much space but appreciates being in the neighborhood.
302 N Meldrum St 305, Fort Collins, CO 80521
Listed by Ben Woodrum, Coldwell Banker Realty - FTC
List Price: $799,000
Sold Price: Active (as of 08/03/2022)
Difference: TBD
At almost $300K above the 1 bedroom that listed this month and under contract, this one may still take a bit more time for an offer. Finishes are on point, but it may be all about the utility vs costs for that second bedroom.
139 N Loomis Ave, Fort Collins, CO 80521
Listed by Mark Valdez, Berkshire Hathaway FTC
List Price: $900,000
Sold Price: Active (As of 08/03/22)
Difference: TBD
When I first saw this one hit the market I thought it may be a great value at $900K for the space it provides on paper. However, the layout of this is really conducive as a over under rental property, and I could see many buyers loving the upstairs, and scratching heads on what to do with the downstairs. It’s on a great lot and has lots to offer, but overall it seems the lack of identity as a family home or rental may be holding it back at the price.
1150 W Mountain Ave, Fort Collins, CO 80521
Listed by Suzanne Offe, BHHS Colorado RE NO CO
List Price: $957,000
Sold Price: Pending (3 Days to offer)
Difference: TBD
The draw of Mountain Ave under $1.0 million was in full effect on this property. There are some great timeless features in this home and a nice overall footprint, especially in the upstairs area. The downstairs was a little bit odd overall, but seeing as how it was run at some point in time as a short term rental, I can see why the downstairs space wasn’t changed much. The overall location, porch, and upstairs finish on this home certainly brought some buyers that have been looking in that price range for the right home.
408 W Mountain Ave, Fort Collins, CO 80521
Listed by Michael A Campana, TRX inc
List Price: $1,249,900
Sold Price: TBD (Active as of 08/03/22)
Difference: TBD
100% remodeled, this is a very attractive home inside and out. The price is probably the biggest deterrent, as the home doesn’t have the larger SQFT footprint. I also think that they overall layout might feel a bit tight as the flow between living, dining, and kitchen is a bit disjointed, and for a family this home might be a bit tight feeling overall. Previously, this home was used as an office space, and next door is the historic Edwards house bed and breakfast and a financial advisors office, which don’t provide the most wholesome neighborhood space that you might get a few blocks to the west.
725 W Olive St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,250,000
Sold Price: Active as of 08/03/22
Difference: TBD
Compared to the other home priced at $1.25 million, this home is in an excellent neighborhood with a great neighborhood feel. It also has been extensively remodeled over the past 2 years with all of the non-sexy improvements like new sewer, new water line, new roof, new windows already done. Cosmetically it is very nice inside as well (although the front door is still a bit of a blast back to the 70’s instead of the 1890’s). The main floor living space is nice, spacious, and bright, but the kitchen is a bit compact overall, which would be my one complaint if I lived there. Downstairs has decent space as well, but I could see some families wishing there was one more main level bedroom and bit more grass in the backyard. Overall a very nice home, maybe priced a bit above where it will eventually sell.
926 Akin Ave, Fort Collins, CO 80521
Listed by Jon Burden, Homesmart RE
List Price: $1,300,000
Sold Price: Pending (10 days to Offer)
Difference: TBD
Another great location and remodel on this 1908 built home. The addition off the back and upstairs really helps this property out and was completed just a few years back by the reputable Highcraft builders. I do love the overall sightline from the front of the home all the way to the back as this is where you would spend 80% of your time in this home. The upstairs bedrooms are also decent sized, except for the master which is maybe just a bit tight, but not a deal breaker. The lack of garage is made up for with a super quiet street with easy on street parking, as well as alley access to the backyard which provides more parking options. The separate studio is also a nice touch which could easily be used to house longer term guests (it has its own little kitchenette and bathroom), or could be used as a dedication creative studio or office. I really like this property, although $1.3 is too high for the current market.
412 W Mountain Ave, Fort Collins, CO 80521
Listed by Laura Gippert, Remax Alliance South FTC
List Price: $1,750,000
Sold Price: Active (As of 08/03/22)
Difference: TBD
Wow. This place looks like a really nice restoration inside, and is in a pretty great location all things considering. It does lie within a district of Mountain Ave that transitions from residential neighborhoods to more offices, and this property is currently being used as an office. I think the identity at the price for this home is what is pulling it back at the moment…..is it best used as an office or would it be better to sell it vacant, staged, and set up as a residential home? I’m leaning towards the latter, although as a residential home the kitchen is a bit small (for the million dollar market) and the overall flow is a bit segmented (which makes sense as it has been an office). The zoning is interesting here as it would allow for short term rentals, which could be a great use with some alterations for this property.
337 Wood St, Fort Collins, CO 80521
Listed by Kyle Basnar, The Group Mulberry
List Price: $2,100,000
Sold Price: $2,000,000
Difference: $100,000
This is a quick turnaround and sale for this property which was built in the middle of Old Town in 2019. Modern through and through, there definitely seems to be a market for these types of homes these days regardless of where they are located. Seeing as how this one is in a pretty good location within Old Town, its not surprising to see that a modern build, custom suited to todays lifestyle and flow of home, would command a premium price in the market. Don’t be fooled though, the price isn’t just because of the location, this home does have a full 4700+ SQFT on a larger .2 acre lot, so those numbers will add up to higher prices regardless of where the home is located.
412 N Whitcomb St, Fort Collins, CO 80521
Listed by Paul Schnaitter, The Group Horsetooth
List Price: $2,500,000
Sold Price: Active (As of 08/08/2022)
Difference: TBD
Rounding out the last of the homes listed in July 22’, this spectacular home on the Northern edge of Old Town is quite impressive. I guess I would expect to be impressed at $2,500,000, but similar to 337 Wood st, which sold for $2.0 million, this home is largely a new build with lots of sqft, 4454 to be exact. Locationally, this block of Whitcomb may not be as desirable to some luxury buyers as would something on Mountain Ave, or even Wood Ave, but there honestly really isn’t a “bad” block in all of Old Town, just series of “better” blocks. I love the overall feel of this home, and having been built by local Craftsman builders, it definitely has the quality behind it that you would expect of a home of this price.
