July 24’ - Listing Spotlight
July of 2024 fell into a familiar groove of less homes being listed than the previous month. On a year to year basis, the amount of home listed was pretty flat (12 listed in July 2023 vs 13 listed in July 2024). Some of the homes listed in July of 2024 are actually homes that have already been listed earlier in the year, so there really is about 10-11 “new” properties to the market this past month. When you dig deeper into the stats, the median price of listed homes this past month was $900K…..but interestingly, none of the homes that were priced over $500K have gone under contract. Speaking with some other realtors, it seems as though the market is getting pretty flat overall on both the buyer and seller side. It is hard to tell if everything is a seasonal slowdown as summer is ending, or if buyers are just fed up with the idea of buying a home where rates make it difficult to afford. Here would be my advice: If you are a seller looking to offload a property, the more move-in ready your home is, the better chances you will get an offer, provided you price properly (nows not the time to be too proud of your home). As a buyer, opportunities are stacking up right now and it may be the best opportunity to buy as it relates to supply. Make sure you are in constant communication with your lending partner (I’ve got recommendations if you need it) as small changes in rates can make large changes in affordability. Remember, if the rates start to drop, buyers will come out of the woodworks and we may see a more competitive market again. If you are curious about the properties listed this past month of July (which I am sure you are) you can read about each property below:
234 N Grant Ave 5A , Fort Collins, 80521
Listed by Joy Shirk, Berkshire Hathaway HomeServices Colorado Real Estate, LLC - Erie
List Price: $375,000
Sold Price: Active (As of 08/06/24)
Difference: TBD
This tenant occupied property (at least until August 8th) looks to be in decent condition overall. The listing comments lists that they would only accept cash offers, which will certainly limit the buying pool. Sometimes there are complexes that don’t meet lending requirements, and I would imagine that this is just that sort of place in which that is the case. I’d expect this one to take some time to sell due to its cash only situation and the fact that tenants are still in place for a few more days.
401 N Roosevelt Ave, Fort Collins, 80521
Listed by Lisa Sloan, Places Realty LLC
List Price: $425,000
Sold Price: Pending (5 days to offer)
Difference: TBD
$425K for a single family home in Old Town is hard to come by, so it isn’t surprising to see this one under contract in quick fashion. There is definitely some work to be done to get this up to snuff, but in this circumstance the price worked for getting a quick offer.
413 Riddle Dr , Fort Collins, CO 80521
Listed by Curt Schreiber, Urban Dwellings
List Price: $480,000
Sold Price: Active (As of 08/06/24)
Difference: TBD
I would characterize this property as a bit “rough around the edges” but also with good upward potential. It is currently rented at $2300/month, but could be a great fit for a first time home buyer who has some construction/remodel know how and willingness to put in some sweat equity. Since it has been on the market for a few weeks now, I could see a buyer being able to get this for a bit less than the currently listed price, which would be a pretty good deal overall provided there aren’t tons of issues that come up via an inspection.
1401 Maple St, Fort Collins, CO 80521
Listed by Zack Scott, Homestead Real Estate, LLC
List Price: $499,000
Sold Price: $494,000
Difference: $5,000
This property was well put together and marketed by an experienced agent, and the results showed. The home was staged, clean, move-in ready, and professionally marketed at the right price, and received an offer in less than a week. That is a remnant of times past that is far and few between these days, and it seems that only the best of the best are getting offers like that these days.
326-328 N Grant Ave, Fort Collins, CO 80521
Listed by Max Sepulveda, Kittle Real Estate
List Price: $500,000
Sold Price: Pending (5 Days to Offer)
Difference: TBD
This was a great investment opportunity at the price to be able to own an Old Town duplex for $500,000. The rents on the apartments, ($1,450 and $1,525) add up to a decent chunk of change which would allow an investor to actually do a bit of cash-flow on this property provided they put enough down.
818 Maple St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $739,000
Sold Price: Active (As of 08/06/2024)
Difference: TBD
This is a nicely remodeled home that has been under contract once before with a different flat flee agent. This is its second time around with a very reputable Old Town agent, so hopefully some extra clout and know-how will help to get the deal done on this property. It looks as though the entire house has been updated (except for the sewer line) so there isn’t much to worry about (unless the sewer line is actually in need of replacement….then there is at least $10K or more to worry about!)
1100 W Mulberry St, Fort Collins, CO 80521
Listed by Matt Purdy, Redfin Corporation
List Price: $875,000
Sold Price: Active (As of 08/06/24)
Difference: TBD
This wood be such a sweet home for a family in Old Town…..if it weren’t right on Mulberry st. I really love the style and character in this home, so in the absence of a likely family to take it over (still could work, but there will be traffic noise and worries on being on a busy street) the next best bet is to “house-hack” with this one. Because there is a basement apartment (currently rented at $1300), this could be a good opportunity for a young couple or someone who is investment savvy to purchase the home and offset the mortgage payment by having a renter in the downstairs apartment. With the home being on the market for over a few weeks, you might also be able to get the price down more or potentially get a larger credit to do a rate buy down.
1520 W Mountain Ave, Fort Collins, CO 80521
Listed by The Levi Group, Coldwell Banker Realty- Fort Collins
List Price: $900,000
Sold Price: Active (As of 08/06/24)
Difference: $TBD
This home sold back in January in the $600K range, and after a multi-month remodel, is back on the market for a new buyer. While the SQFT, location, and bedroom/bathroom count do make sense on paper for the price, I don’t think that this particular style home is going to attract too many buyers in that price range. The main level does have some good space, which can be attractive, particularly to aging buyers looking for less stairs in their life. I don’t think that there is much charm or character left in this home though, and perhaps the flow from kitchen to living isn’t the most ideal in this property. I would suspect that this home will likely need some time/price adjusting to find the right buyers.
408 W Mountain Ave, Fort Collins, CO 80521
Listed by Timothy Anderson, C3 Real Estate Solutions, LLC
List Price: $1,350,000
Sold Price: Active (As of 08/06/24)
Difference: TBD
This home was recently remodeled and last sold in 2022. At that time, it did spend some time on the market and had a few price adjustments before it found a suitable buyer, and I suspect that it might do the same this go-around. I think that the overall space and lot size might be the deterrent for many buyers as this home is a 3 bed, 3 bath with 1850 total SQFT on a 5,000 SQFT lot. You are really just blocks away from the hustle and bustle of downtown, which could be good or bad depending on the preference of a buyer. The lack of a dedicated garage and a somewhat choppy floor plan are also considerations for buyers looking at purchasing in this price point.
924 W Mountain Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,595,000
Sold Price: Active (As of 08/06/2024)
Difference: TBD
A quick turnaround from the previous sale, I was quite surprised to see this property back on the market just about a year from when it last sold. This is the type of home you purchase if you are into classical layout and styling as this home has lots of historic charm, especially from the exterior and main level. I do think that the lack of a main floor primary space might be off-putting for some buyers in this price, and the existing primary has a bathroom that doesn’t scream space and luxury. As a property on Mountain Ave goes though, I think this is a pretty special one that should be worth consideration to see if it fits the needs of a buyer.
404 Park St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,628,000
Sold Price: Active (As of 08/06/24)
Difference: TBD
We are starting to get to the point in the market where larger homes at higher prices are just taking longer to sell. I don’t see anything grossly wrong with this property, but it is in a price range that is more difficult to get under contract at the moment. Certainly the SQFT of the home is a big driver of the price (it is over 4000 sqft which is quite large in Old Town). The main level looks quite appealing, and the extra ADU on the back of the lot is also a nice bonus for guests/visitors. Neighborhood wise, this home is in a pocket of Park st that is still seeing a bit more homes fixed up, but overall, this home stands out as the largest and nicest on the block. This is the 3rd relisting of this property and it is now sitting nearly $100K below where it originally started back in June.
425 Wood St, Fort Collins, CO 80521
Listed by Ben Woodrum, Coldwell Banker Realty- Fort Collins
List Price: $1,895,000
Sold Price: Active (As of 08/06/2024)
Difference: TBD
This home has been on the market since January of this year where they were originally priced at $2,200,000. It shows as a new listing this month as they relisted the property at an improved price ($1,945,000) and have since dropped the price down to $1,895,000. It feels like it is getting into the right ballpark for pricing, but it still has a unique stylistic flair to it that might not suit all buyers, and certainly not those who are looking for a more historic and charming home.
1016 W Mountain Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $2,400,000
Sold Price: Active (As of 08/06/24)
Difference: TBD
While this isn’t the highest priced listing ever in Old Town, it is very close to being just that. I remember when this property was just a smaller cottage back when it last sold in March of 2016, and the newest iteration of this home barely resembles that previous home, both inside and out. Whether or not that is good, I’ll let you decide, but there is certainly plenty to draw the eye in the this home, none the least the 4000+ sqft of space which is not common in the area. I do think that some of the historic charm is lost in this home during the addition, but the finishes are really quite nice, and I especially like the attention to details in the inlaid wood decoration on some of the steps. One potential concern with this property (and it’s neighboring properties) is that there has become quite a bit more traffic and parking issues as The Little restaurant tends to draw a frequent following. Luckily, there is ample parking in the backyard, but I don’t anticipate this property selling at $2,400,000 and it will likely spend a bit of time on the market and potentially see some price adjustments before selling.
