June 22’ - Listing Spotlight
June has historically been the nadir of the market activity throughout Fort Collins as the summer seasonal shift occurs. Almost like clockwork, more homes hit the market in June and less buyer activity is present as households travel, renters resign leases, and many buyers close up shop for the summer to focus on other aspects of life. How quickly we have forgotten that there actually IS a season in the real estate market…we just didn’t have one for the past 2 years because the interest rate was just too attractive for buyers to not make a move! The interest rates are no longer as attractive (5.5% as opposed to 3%) and it is the speed at which this changed that has really caused the fuss in the market this year as it has exacerbated the shift we haven’t seen in over 2 years. Some will continue to call it a “downturn” while others will downplay its importance. The way I see it, markets come and go, and the market we just came out of has likely gone, but that doesn’t mean that there is no market anymore.
If we look at the Old Town year over year numbers there has been little change to the actual amount of listings year over year, with 22 homes/attached dwellings hitting the market in 2021 compared to 23 homes/attached dwellings in 2022. Last year, a little over 70% of homes listed in June were under contract in less than 2 weeks. The data is not quite there all the way this year, but about 25% of homes listed this month are currently under contract (in less than 2 weeks). I think that this is the better story to tell….not that homes are not selling, but that they are definitely taking longer to sell. The first 5 months of the year moved at such a frantic pace with buyers paying well above list price and guaranteeing appraisals, that the sudden increase of interest rate meant that only the best priced and marketed homes are getting snatched up right away. This is great news for potential buyers as you will have more time to choose between homes, and it will keep sellers and listing agents honest on their ability to correctly price properties moving forward. Expect to see the overall inventory increase around town and in Old Town, but there are still pockets of inventory, primarily the $700,000-$1,000,000 that are under-represented and may still move relatively quickly.
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: $279,000
Sold Price: Withdrawn (Only 1 day on the market)
Difference: TBD
A bit strange to list the property and pull it within 1 day. I bet we see this one come back on after the 4th of July….perhaps they realized that they were listing on a holiday weekend and decided on a better date to list?
1100 Beech St, Fort Collins, 80521
Listed by Erich Menzel, Coldwell Banker Loveland
List Price: $425,000
Sold Price: Pending (3 days to offer)
Difference: TBD
This one looks rugged inside, but is in a great location. It was under contract in just 3 days, so I’d keep my eye out for this one to be back on the market in another 6 months with a total remodel inside. When/If it does come back on, I bet it will be closer to $700K given the size and location.
507 N Shields St, Fort Collins, CO 80521
Listed by The Downtown Team, Remax Alliance FTC Downtown
List Price: $515,000 (2 price adjustments since listing and now at $465,000)
Sold Price: Active (As of 07/01/22)
Difference: TBD
A few months back I wrote a blog post about selling homes on busy roads like Shields St and Mulberry St. I likened the process to a game of “hot potato”. In the first 5 months of the year, with super low inventory and lower interest rates, these properties were selling, sometimes over list price. I don’t see anything wrong with this property, but it is already chasing the market as it has price adjusted $50K since listing. I think this one is a good opportunity to buy for the right owner.
232 Fishback Ave, Fort Collins, CO 80521
Listed by Leslie Henckel, Remax Alliance- FTC South
List Price: $485,000
Sold Price: Pending (7 Days to Offer)
Difference: TBD
Looks like pretty good value given the circumstances of the market. 3 beds, 2 baths, in this location have been trending upwards of $500K, so to secure a property sub $500K is good value. This one does need some work, but the wood floors look to be in good condition throughout. Don’t miss the photos of the “forest room” though…..worth a look!
428 N Loomis Ave, Fort Collins, CO 80521
List Price: $535,000
Sold Price: Active (As of 07/01/22)
Difference: TBD
At the time that I write this, the home has been on the market for 2 days with no photos online. Given the fact that it is tenant occupied, listing right before a holiday weekend, and is priced above $500K for a 3 bed, 1 bath, I think it will miss the crucial first 7 day period for a listing. This one was listed in late 2019 and expired right at the start of 2020, so unless some major updates have taken place, I’d expect to see this on on the market through the rest of the summer, maybe into fall.
228 N Grant Ave, Fort Collins, CO 80521
Listed by Dan Blonder, Keller Williams Realty NOCO
List Price: $550,000
Sold Price: Active (as of 07/01/2022)
Difference: TBD
The location is pretty great, but man….this one has some serious work to be done. I honestly think the price is high for what you are getting. Even if you fix it up for around $100K to $150K, you would be in for $650-$700K on a 2 bed, 1 bathroom home…not the greatest return on investment. Until this one starts to adjust the price to around or sub $500K, I think it will continue to sit on the market. On a positive note, it has a ton of outbuildings and a huge garage, which will be a nice bonus for the right buyer. You can check out all of the photos of its condition in the button below.
239 West St, Fort Collins, CO 80521
Listed by Brady Walters, Remax Alliance FTC Downtown
List Price: $565,000
Sold Price: Active (As of July 5, 2022)
Difference: TBD
This one is quite a unique property as it is rare to see a 1 bedroom home with this much SQFT. According to the broker remarks, this property was modified to allow an elderly owner to live in the property with a wheelchair, which makes sense as to why the property is laid out in the current manner. However, given the new buyers likely won’t have those same restrictions to their mobility, the price is quite high for this type of inventory (IE one bedroom/one bathroom) and I doubt that they will get much traction on this home until it slips below $500k.
673 Hanna St, Fort Collins, CO 80521
Listed by Bobby Kahn, Integrity Real Estate
List Price: $585,000
Sold Price: Pending (7 Days to offer)
Difference: TBD
A full home remodel has helped this home get past the current slowdown that we have seen in the market this June. The pricing is competitive for this type of property not only in Old Town, but across the rest of Fort Collins. I doubt that it will sell for any higher than the listed price, but being under contract in the first week is now becoming less common in the marketplace.
224 N McKinley Ave, Fort Collins, CO 80521
Listed by Megan Wachtman, The Group Loveland
List Price: $615,000
Sold Price: $615,000
Difference: $0
Remodeled homes in Old Town seem to be the hottest commodity these days as money gets more and more tight. The recent upswing in interest rates means that borrowing money is more expensive, and the volatility in the stock market will undoubtedly make some not want to pull money out to make repairs. In those circumstances, a move-in ready property this this one is attractive to buyers as they don’t have to worry about changes right away.
300 S Loomis Ave, Fort Collins, CO 80521
Listed by Jake Adams, NOCO Invest
List Price: $665,000 (now $625,000)
Sold Price: Active as of 07/05/22
Difference: TBD
Beautifully staged, this home looks to show well inside, but the pricing was/is just too aggressive for the current market. If this home was a 3 bed, 1 bath with a bit more SQFT, I could see $635-$665K working, but right now I doubt that this one will be able to sell over $600K. The location is pretty good overall, but there also isn’t much opportunity to alter the size of this property, so what you buy is pretty much what you get on this one.
612 Laporte Ave, Fort Collins, CO 80521
Listed by Michael Nicholson, Home Savings Realty
List Price: $639,900
Sold Price: Pending (6 days to Offer)
Difference: TBD
This is the perfect property to follow the last property, as it is also very well staged and dialed in on the interior, but with that extra bedroom and sqft. This one also has a slightly larger lot, and while it could be added onto, it may be a bit difficult to tie everything together at a reasonable price. Regardless, this one was under contract in less than a week at a price similar to 300 S Loomis, so the extra space and bedroom certainly made a difference.
519 N Grant Ave, Fort Collins, CO 80521
Listed by Braden Stalnaker, Resident Realty
List Price: $649,999
Sold Price: Active (As of July 5, 2022)
Difference: TBD
Ok, pet peeve here: List price of properties as if they are on a car dealership….IE $649,999. Just list it at $650K, or better yet, less than $650K because while this one does have a nice remodel completed on it (last time it sold there was a creepy cat run in the side/backyard) the overall bedroom/bathroom count is a bit tough on it. It definitely screams single male as the primary purchaser of this property as the finishes are quite masculine and the layout works really well for entertaining. The lack of a second bedroom upstairs is a bit tough, and the fact that the second basement downstairs is non-conforming (egress windows) is not ideal for resale. I may eat my words on this one, but I doubt that this one will be gone in the first week, especially as it was listed right before the July 4th holiday weekend.
405 N Loomis Ave, Fort Collins, CO 80521
Listed by Joseph Coulter, Fort Collins Real Estate LLC
List Price: $679,900
Sold Price: Active (As of July 5, 2022)
Difference: TBD
Perhaps the 3rd time is a charm for this nicely remodeled Old Town property? This one has been listed previously in 2019 (starting at $675 before being withdrawn at $649,900) and then again in 2020 (starting at $575K and ending at $599?). Now listed in 2022 at the start of a slowdown, I am really cautious to think that they will be able to get a buyer at a higher price and a higher interest rate. In previous listing comments it was implicated that they home had been able to be rented at $3000-$5000 month, so it seems that this has been used as an executive rental (IE furnished monthly rental). We will see how this one plays out on the 3rd go around.
1517 Cherry St, Fort Collins, CO 80521
Listed by Laura Petrick, C3 Real Estate Solutions, LLC
List Price: $700,000
Sold Price: Pending (6 days to offer)
Difference: TBD
Truly on the edge of Old Town, this is a very unique property in a very unique location. Going through it, there was an abundance of natural light and an eclectic style that somehow worked in the almost rural feel of the home. The sunroom that is featured in the photos was a very cool spot with antique hardware and great views out to the west, and the backyard is your own private oasis of countryside….if you have look past the large radio towers in the field. Seeing this one go under contract quickly is not surprising as it has enough characteristics to set it apart from others in the area at the time of listing.
330 Scott Ave, Fort Collins, CO 80521
Listed by Leonne Coryell, The Group Mulberry
List Price: $700,000
Sold Price: Active (As of 07/05/22)
Difference: TBD
A bit of a different listing, this price is for the lot and water taps only, and the purchase of the lot is tied with the need to utilize Archer builders on the build (who currently owns the site). The estimated cost to build out the projected and pictured home is $1.8 million, which crazy as it sounds to say, could actually be a supported value in the neighborhood. However, it seems like if you were shelling out that kind of money on a build, you would want a bit more say in the build process and design, so I anticipate this taking some time to get snatched up.
528 W Magnolia St, Fort Collins, CO 80521
Listed by Michael Jensen, Fort Collins Real Estate, LLC
List Price: $725,000 (Now $699,000)
Sold Price: Active (As of 07/05/2022)
Difference: TBD
Originally listed earlier in the month, this property was under contract in 2 days, and then came back on the market about a week later. Pure conjecturing would imply that an inspection issue may have been the fault, but in this case, I could also see a bit of due diligence about the rear home (this property is actually 2 homes) potentially not being up to snuff for what the city would actually allow. Why do I say this? When I see a comment like this in the listing, it always draws a bit of attention that the broker is being careful to promise reliable information about the listing “(Zoned NCM, Buyer to verify everything w/ City of FTC)”. Zoning and multiple dwellings on a property can be a tricky subject, and the rules of zoning can be a bit difficult to decipher, so a bit of caution should always be taken when purchasing or selling a property with multiple living units that is not coded as a multi-family property in public records.
1114 W Mulberry St, Fort Collins, CO 80521
Listed by Louise Creager, Remax Alliance FTC- South
List Price: $774,900
Sold Price: Active (As of 07/05/2022)
Difference: TBD
Every time I see a home on a busy road like Mulberry, Taft, Shields, and Prospect listed, my brain automatically goes into a different gear in regards to a few items: 1. Noise 2. Parking 3. Finishes 4. Rental or not 5. Price. Noise is probably the #1 deterrent of purchasing on a major road, with parking being the next highest issue. This property has some great parking via an alley access garage, so that handles that aspect. It is super close to Shields however, so it is getting double noise on that account. The finishes look nice inside overall, so it seems that this has not been a college rental, but now we come onto the price, which is likely going to be the biggest stumbling block on this home. Unfortunately, homes on busy roads are harder sells to families, and almost always have a highest and best use as a rental. There are exceptions to the rule, but I’m afraid that this one doesn’t quite fit the picture of an ideal home for most buyers, and at almost $800K, they are most likely to consider other options before submitting an offer on this one.
302 N Meldrum St 305, Fort Collins, CO 80521
Listed by Ben Woodrum, Coldwell Banker Realty - FTC
List Price: $800,000
Sold Price: Active (as of 07/05/22)
Difference: TBD
This building is nice, but I still don’t think it was the wisest decision for them to build so many 1 bedroom 2 bathroom condos in the building. If there is one factor that I think will make this particular property sit, it is the lack of a second bedroom or a main floor master. There is a main floor office space as you first enter, but with no windows and no dedicated showing nearby, you would be hard pressed to turn that into your main bedroom. I’ve shown a few of these properties to buyers looking to relocate to CO for retirement, better quality of life, etc, and many of those buyers are at an age where everyday steps just aren’t in their wheelhouse, or the need for more storage would be ideal.
1128 Laporte Ave, Fort Collins, CO 80521
Listed by Morgan Merriman, Remax Alliance, FTC - South
List Price: $850,000
Sold Price: Active (as of 07/05/22)
Difference: TBD
Great on paper, but missing some space in real life is how I would describe this one. I was able to get through it when it first came on the market, and there is a lot to love about the property. Being on Laporte, parking can be an issue, but this one had a larger garage and decent access to turn a car around. Inside, the quality of finishes was nice, but not premium. Seeing as this home was built in 2003, it does feel a bit like a home of that age, and lacks a bit of Old Town charm inside. Trickiest of all, however, is that the living space on the main level is relatively small. The downstairs apartment is unique and could offset some mortgage costs, but there are not a lot of great layout options upstairs if you are living there and renting downstairs. The office/flex room above the garage is a nice bonus space and would make for a great office. I think if this property were listed back in April at this price it would have been gone, but with a more discerning buyer at a higher interest rate, it seems that this one may take a bit longer to get an offer.
116 N Grant Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $925,000
Sold Price: Pending (5 days to offer)
Difference: TBD
This one is another “3rd times a charm” kind of listing, and in this situation, it seems to have worked out! I’m actually a bit surprised as the price is not hugely lower than were they were they started back in August of 2021 (Started at $950K and reduced to $875K before withdrawing from the market). It is another property that has a bit of space issues on the main home, but a studio suite on the newer garage that provides some flexibility with renting or office space.
948 Laporte Ave Fort Collins, CO 80521
Listed By Ruth McMillen, Porch Life Properties
List Price: $929,000 (Currently at $899,000)
Sold Price: Active (As of 07/05/22)
Difference: TBD
This is a really nice home overall, and another Old Town property build in the last 30 years. Again, as mentioned on the other Laporte ave property, some of that older charm is lacking, but is made up for with the efficiency and lack of worry of major components being bad. When I toured this home, it has a very “up/down” layout feel to it without a huge amount of living space. The dining room is tucked into the back of the house in an area that feels a bit tucked away…maybe more like an office space than dining area. The garage has been slightly modified to steal room from the SQFT for a workout area, which makes it difficult to park a car inside, but more importantly, backing out of the drive could be a bit worrisome for some people. Unfortunately, there is no alley access to this lot, which would help a lot in the parking situation here.
617 Wood St B, Fort Collins, CO 80521
Listed by Laura Olive, Remax Alliance FTC - Downtown
List Price: $999,000
Sold Price: Active (as of 07/05/2022)
Difference: TBD
These properties have a really cool and modern feel to them which I have always liked. Recent townhome sales in Old Town support appraisal values in the range of this property, but the market has cooled enough for something like this to spend a bit more time prior to contract. What worries me most, as I look on paper, is the $525/month HOA fee, which is one of the highest in the area and is a substantial amount in the grand scheme. That HOA is roughly the equivalent of $105,000 of purchasing power if you were to find a home with no HOA…..IE, the monthly payment on this home at the purchase price would be about the same as the monthly payment of a $1.1 million dollar single family home.
224 Canyon Ave 305, Fort Collins, CO 80521
Listed by Braun Mincher, Aggie Properties LLC
List Price: $1,115,000
Sold Price: Active (as of 07/05/22)
Difference: TBD
Earlier this year condos in this building were flying off the shelves (relatively speaking) even at these million dollar prices. I’m a bit disappointed in the lack of photos and marketing materials for this property, but seeing as the broker listing the property is the owner, I suppose it is their prerogative! Either way, the cooling of the market has definitely hit these luxury condo listings a bit more than some other sectors, and as I mentioned in the listing above, a large HOA fee ($640/month) doesn’t help the overall cost on a place like this.
