June 23’ - Listing Spotlight
As a year over year comparison goes, June is traditionally a busy month for homes hitting the market, and this year was right on track with the normal trend. Last June, a total of 23 homes were listed in Old Town, and this year we are slightly up with 25 homes listed (at least on paper). Digging in a bit deeper, a few of those homes are duplicates or withdrawn/relisted homes, so I really look at this as a flat year over year pattern. Again, on paper, the median price is pretty much the same as well, with a median price of all properties at $640K in 2022 and $635K in 2023. The average price, however, is way up year over year, with the average price of all properties in 2022 being $689K and the average of all properties in 2023 being $830K.
I do think there is some merit into looking at the amount of homes in certain price points each year as 2022 only had one listing above $1.0 million, whereas 2023 had a total of 5 listings all coming in above $1.0 million, with a few of those into the $2.0 million range. I do think that we are starting to see a bit more of these larger homes, or homes that have had additions over the years, finally hit the market and sell, which drives the overall upper limit of pricing higher and higher. Once 1, 2, 3 homes over $2.0 million sell, that sets a precedent for other homes of similar characteristics to try the market in that range. While in the past we saw the increased demand push the values higher as multiple offers came in and drove values up, we are now seeing the aftermath of initial pricing and patience strategy pulling the values forward. Sometimes this strategy works in the market, but in general, I’ve found that the homes selling quickest, and with best terms and conditions, and that includes price) are those in which the small and obvious work is done, and the price seems fair for the market. This creates some semblance of urgency for a product and ultimately nets a seller more with less stress.
512 West St, Fort Collins, 80521
Listed by Nancy Gomez-Miramontes, Invalesco Real Estate
List Price: $257,000
Sold Price: Available (As of 07/10/23)
Difference: TBD
This home (as is 514 West ST) is part of the Elevations Community Land Trust, and as such, the purchase of this home would be for just the improvements and not the land itself. The price will look attractive to investors, but unfortunately for them, because this is part of the land trust, the purchase of this home, or 514 West, would be limited to an occupant owner who meets the lending requirements of the purchase. Those particular lending requirements have a limit on how much you can earn to qualify to purchase this home, thus making this an affordable housing style purchase.
514 West St, Fort Collins, 80521
Listed by Nancy Gomez-Miramontes, Invalesco Real Estate
List Price: $257,000
Sold Price: Active (As of 07/10/23)
Difference: TBD
See the notes for 512 West above as this home falls within the same requirements to purchase.
233 N Meldrum St A6, Fort Collins, CO 80521
Listed by Kellen Harmon, Home Savings Realty
List Price: $329,900
Pending: $340,000
Difference: $10,100
A nice remodel and at the lower end of the price spectrum both for Old Town, but also Fort Collins in general. This one was under contract quickly, and sold quickly as well a little bit above its listed price. These condos are not super common on the market, and it is a bit interesting that a lower level condo sold that quickly, so good on the sellers and listing agent on this one!
228 N McKinley Ave, Fort Collins, CO 80521
List Price: $375,000
Sold Price: $350,000
Difference: $25,000
Listed and sold before being published by Ernie Tellez, Middel Realty. Not much to go on here as this one never officially hit the market.
418 N Meldrum St B, Fort Collins, CO 80521
Listed by Alexander Alvarez, C3 Real Estate Solutions LLC
List Price: $450,000
Sold Price: Active (As of 07/10/2023)
Difference: TBD
A 4 bed, 3 bath townhome in Old Town is a rare find, but is also not exactly what most buyers look out to purchase if they have their minds set on living in Old Town. This particular property is close to downtown proper, but also is positioned among a few of these townhome buildings, some better managed than others. As an investment, there would be some good value on owning a townhome with that many beds and baths in Old Town, but the current rates on investors are even higher (above 7.5% at the time of writing) so the margins on profit (IE potential rent vs potential mortgage) are just not that great at the moment.
219 N Shields St, Fort Collins, CO 80521
Listed by Jennifer Overbagh, The Real Estate Workshop LLC
List Price: $479,000
Sold Price: Active (As of 07/10/2023)
Difference: TBD
Quite possibly the most uniquely shaped home in Old Town, this over/under duplex came on the market at $495K and was under contract just a little bit over a week later. It didn’t stay under contract long, and came back on the market at a reduced price of $479K. This could be a decent property for a buyer who is looking to live upstairs and rent downstairs as each unit currently rents at $1700 (upper) and $1200 (lower). Being able to rent out one section and live in the other may actually be quite a good thing given current rates, but this is definitely a tight space for living on a busy overall road.
204 Maple St 402, Fort Collins, CO 80521
Listed by Jennifer Kelly, Keller Williams NOCO Oldtown
List Price: $515,000
Sold Price: Active (As of 07/10/23)
Difference: TBD
A few things are probably holding this one back from going under contract. The first is the fact that it only has 1 bedroom, which tends to be a tougher sell to many buyers looking for a bit of utility in a home. The proximity to the train-tracks will also deter some buyers, although this building has done a good job of soundproofing with that in mind. The third is a higher HOA ($355/month) which will add to an already higher monthly payment given current rates. The actual property itself is very nice inside, with some tasteful upgrades and good lighting. A property this like would probably do better selling in the early spring while the demand is highest and inventory is lowest.
413 Pearl St, Fort Collins, CO 80521
Listed by Dan Reick, Remax Alliance FTC-South
List Price: $525,000
Sold Price: Pending (2 Days to Offer)
Difference: TBD
A very tidy and charming little ranch style home which obviously attracted some interest in the market given that it was under contract in just 2 days. There isn’t really that many homes of this quality at the price, and I remember thinking that this one looked like good value at the time it was listed. I’d expect that it sells just slightly over its listed value based on the price, size, location, and quickness to offer.
1005 Elm St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $495,000
Sold Price: $540,310
Difference: $45,310
While the curb appeal doesn’t do much for this little home on the North side of town, the finishes inside look very nice and mixed with some professional staging, attracted some quick interest. The wood floors throughout the home look recently refinished and really add a bit of light to the whole space. The period appropriate kitchen is actually more spacious than you usually see in these ranch homes, which tend to have a galley style kitchen that is usually pretty tight. I am surprised that this one climbed as high above list price as it did, and I would consider this an “outlier” in that regards to the expectations of where the market currently is.
232 Clover Ln, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $549,000
Sold Price: Pending (13 Days to offer)
Difference: TBD
There are some decent upgrades on this Bi-level home, and given that its location within Old Town is more on the outskirts of town, I don’t think it really gets that much of a locational bump in terms of pricing and speed to offer. Regardless, it was under contract in just shy of 2 weeks, and I do think there is some great aspects about this location, in particular its proximity to outdoor recreation to the north, and ease of access to Old Town proper.
630 Cherry St , Fort Collins, CO 80521
Listed by Paul Schnaitter, The Group Horsetooth
List Price: $565,000
Sold Price: Active (As of 07/10/23)
Difference: TBD
Through and through, this home has all of the characteristics of a long term rental. The curb appeal overall is pretty nice, but as is seemingly characteristic on these old home rentals, there are quite some quirky features on the inside. The layout seems a bit odd, with one large living space split up with multiple styles of flooring, and 2 bedrooms off to the side. The main living space ties into the kitchen space, but there is a built in bar area which somewhat ruins the flow into the kitchen, which in itself will need some love to get it up to snuff. Overall, that is a theme on this property….it needs some work not only cosmetically, but there are likely some other hidden issues on a home like this that may come up during inspection.
1117 Laporte Ave, Fort Collins, CO 80521
Listed by Timothy Borgman, 8z Real Estate
List Price: $625,000
Sold Price: $635,000
Difference: $10,000
This property has the quintessential look of a turn of the century cottage, with a beautiful front porch capped with a gable end dormer. Inside, the home has a nice long layout with open living between the living area, kitchen, and dining nook off the back of the house. The bedrooms overall are smaller, and share a singular closet, which was a thing back when this was built in 1907. Additionally, there is only one bathroom at the back of the house, and adding another bathroom would not be easy to do without loosing space in a bedroom. The bonus on this home is the large, grassy backyard, and the garage with studio space above; perfect for that at home worker. The garage adds off street parking (Laporte ave can be busy at times) so that is another great bonus. This home had strong interest from the start, end ended up getting a few offers and ultimately selling a modest amount above its listed price.
508 W Magnolia St, Fort Collins, CO 80521
Listed by Hayley Sell, The Group Horsetooth
List Price: $640,000
Sold Price: Pending (10 Days to offer)
Difference: TBD
I’ve always thought that this section of rowhomes was very “Denver-esque” as this is just about the only section of row homes that I know of in Old Town Fort Collins. This particular home and sale is a great example of professional marketing and how it can change the outcome of a listing. This property was listed back in 2022 for $650K and stayed on the market for 180 days without an offer. At that point, the marketing was subpar; dark photos, not framed well, minimal staging. Now, listed by a different broker in 2023 with a professional process, the home shows well both online and in person, and with similar market characteristics of interest rate, demand, and supply, the home is under contract in just 10 days. Marketing works and who you work with matters, especially in this market!
320 N Sherwood St, Fort Collins, CO 80521
Listed by Marie Bowe, USRealty.com LLP (for sale by owner company)
List Price: $690,000
Sold Price: Active (As of 07/10/2023)
Difference: TBD
If I’m being honest, this is just way too high of a price for a home of this size and style. The $690K list price screams of a seller seeing a single property that has been highly updated with similar “on-paper” characteristics selling for this price within the last year (IE 412 Wood St). Ultimately, 320 Sherwood does not warrant pricing at $690,000 regardless of whether they have an assumable loan at 2.75%. Lets talk about assumable loans for a second here as well. With this home priced at $690K, and an assumable loan balance of $410K, the potential buyer would need to bring $280,000 to realize that assumable loan “benefit”. For those who are numbers oriented like myself, that is a 40% downpayment on this home….not seen very regularly in the market unless a home is super desirable. I think that this particular home is overprice by $100K or more at this point, and don’t expect it to get activity at the current price. If it does, shame on me (or maybe shame on the buyer….it won’t appraise at $690K). Also….I’d be surprised if any inspection doesn’t call out the roof on this one…I can see tons of wear and tear just driving by the property and guarantee that an inspector will call out granule loss and age of this roof.
1505 W Mountain Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $725,000
Sold Price: Pending (3 Days to offer)
Difference: TBD
A slightly odd style home in an amazing location, this one was under contract pretty quickly. On paper, everything checks out pretty well in regards to bedrooms, bathrooms, and overall size. Being built in 1948, it doesn’t have the same aesthetic appeal that some of the turn of century homes have, but certainly has the utility that would be expected of post war builds. Ceiling heights look a bit low overall, but I think that the price, size, and especially the location drove the sale on this property.
703 W Mountain Ave, Fort Collins, CO 80521
Listed by The Blonder Group , Keller Williams NOCO-Oldtown
List Price: $830,000
Sold Price: Active (As of 07/10/23)
Difference: TBD
Lots of charm, great central location, well maintained, but perhaps a bit too aggressive on the price? On paper, the characteristics of this home mirror those of 1505 W Mountain. However, 1505 W Mountain went under contract quickly, and this home is still searching for a buyer. Besides the price, I also think the lack of garage/storage could be an issue on this home. Also, there is not much private outdoor space as a majority of the yard space is on the front and side yards, which are relatively open to passer by's. The price will likely need to adjust on this one before it goes under contract.
818 Sycamore St, Fort Collins, CO 80521
Listed by Beth Bishop, The Group Harmony
List Price: $895,000
Sold Price: Active (As of 07/10/23)
Difference: TBD
Investment properties are struggling for buyers right now as interest rates tank profitability for those types of buyers. An investor may expect to receive quotes for 7.5% or higher even with 25% down on these types of properties. This property does have zoning that would permit a variety of uses, and it is for 2 homes on a single lot, so it has that going for it. However, there are not many photos of the interior of the houses, and each of the homes are currently tenant occupied for a few more months, so it is always tougher to market a home without the ability to get the interior in show ready condition. I think this property would be more sellable vacant and fully dialed in, so it will probably be an opportunity throughout the remainder of the summer until the leases are up.
222 Park St, Fort Collins, CO 80521
Listed by Carolina Westers, Remax Advanced
List Price: $989,000
Sold Price: Pending (3 days to offer)
Difference: TBD
Probably the listing of the month in my opinion, this is quite an attractive property on a great street with updated finishes and a variety of uses. The main house has been updated with tasteful finishes and an open layout between living and kitchen, which is always a bonus in these older homes. While the downstairs space probably won’t get used too often, these is some living space and flexibility down there. The studio off the back of the house really helps to drive the potential and price up on this home, as it sits in a zone where an owner occupant could technically run a short term rental in that space. This adds value to the home as there is a stand-alone short term rental in great condition off the back alley which certainly is a nice feature for the new homeowners to take advantage of.
820 W Olive St, Fort Collins, CO 80521
Listed by Beth Edens, Edens Real Estate
List Price: $1,295,000 (now at $1,2500,000)
Sold Price: Active (As of 07/10/23)
Difference: TBD
My initial reaction when seeing this home was one of awe as I think it is a really attractive home with a nice mixture of modernity and charm alike. Even the initial price of $1,295,000 didn’t cause me any concern. So what is holding this one back? My best guess is that they overall layout of this home is not as conducive to a family purchase, and that there isn’t a great definable meeting space in the home that flows overall with the rest of the home. The 3 bedrooms are split between 3 levels, which can be difficult to handle with smaller kids. Having the primary suite upstairs is generally great, but this might cause pause for retirees looking for main level living and sleeping. I want to love this home more that I do, and I ultimately think that the layout mixed with the price is the biggest deterrent.
317 N Howes St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,525,000
Sold Price: Active (As of 07/10/23)
Difference: TBD
This is one of a few very cool brownstone style homes that were recently built in 2017. This particular home has some really nice upgrades and features, and doesn’t have very many downsides. There is a semblance of private outdoor space in the rooftop deck, which is a rare thing to find across all of Fort Collins. Some people may have some general location concerns and not all of the surrounding property is quite as nice and finished as this complex, but overall these are great, well designed townhomes.
317 N Howes St, Fort Collins, CO 80521
Listed by Kristin Tibbs, C3 Real Estate Solutions LLC
List Price: $1,830,000
Sold Price: Withdrawn and relisted at $1,780,000
Difference: TBD
I toured this home when it was last on the market in 2022 and thought that it had great potential. At that point in time, it was listed slightly under value and ended up getting some pretty aggressive offers which drove the price up. That being the case, it was a bit curious to see it listed again just a year later, and the current owners have definitely been doing some work to the home. The wood floors were in definite need of some love, and it looks like all of them have been recently redone, which is a nice touch for this home. The upstairs master suite has really been updated as well, which is a great value add. The other major thing of note is the downstairs space which has been modified to suit guests as a guest suite. While the updates that were done are quite tasteful, I don’t know that they are enough, paired with overall market appreciation, to quite get up the the $1.8 million mark. The home did receive a $50K price adjustment and was recently relisted at $1,780,000, which is still probably a bit high for the market.
316 Wood St, Fort Collins, CO 80521
Listed by Zack Scott, Homestead Real Estate LLC
List Price: $2,195,000
Sold Price: Pending (11 days to offer)
Difference: TBD
This is quite the grand home both inside and outside. Situated on an almost .4 acre lot, this space is a rare find in Old Town. The home has enough sqft to certainly justify the higher pricepoint given other homes sold in the past 6-12 months of this size and style. I’ve always been impressed with the landscaping and maintenance of this homes exterior, so it is nice to see how that is translated inside in the living space. This is one rare occasion where I do think that you get the best of what you pay for as this home has lots of space, charm, updates, garage space, extra studio space in the garage, and a large lot still for outdoor living. It was under contract in a short time frame (11 days) which can be a bit rare for these higher priced properties.
516 N Grant Ave, Fort Collins, CO 80521
Listed by Catherine Rogers, C3 Real Estate Solutions LLC
List Price: $2,295,000
Sold Price: Active (as of 07/10/23)
Difference: TBD
This is for a potential home on the lot, and this home is not currently built. There does seem to be a good amount of legwork on design already completed, so it could be a good opportunity for a homeowner with the right amount of funds to have a high-quality custom built home in a great location!
