June 24’ - Listing Spotlight
Despite an overall increase in overall supply of homes for sale in Fort Collins, June saw a small decrease in the amount of homes listed within Old Town with 19 homes listed this June compared to 24 homes the year prior. I wouldn’t consider the decrease in listed homes as significant in the market, but certainly the proportion of home that are actually going under contract is. In June, only 5 of the 19 homes listed had a contract by the end of the month (or early into July) which to me is a more telling sign of where the market stands right now. Yes, there is a hesitance for sellers to list their homes based on favorable interest rates that they are locked into, but the rates of the new purchasers and the relative affordability with higher rates is the real driver of a slower moving market. The median sales prices between the 2 years are tracking as very similar (mid to upper $500’s), so there hasn’t been a real change in the affordability based on pricing. Really, I see the inventory that is being made available as “not ideal” for many buyers to invest their money into, with the homes in best locations and best updates going much faster than others that still need work or having less ideal lots/locations. I think this trend will continue into the future until rates start to ratchet down over time, but I wouldn’t expect the second half of the year to look much different from the first. If you are a seller in this market, it pays to make sure your property is as show ready as possible, and if you are a buyer, there may be opportunities to wait or get credits from sellers to make your monthly payments more affordable. If you are curious about the properties listed this past month of June (which I am sure you are) you can read about each property below:
415 S Howes St N-608 , Fort Collins, 80521
Listed by Angie Spangler, RE/MAX Alliance-FTC Dwtn
List Price: $330,000
Sold Price: Active (As of 07/05/24)
Difference: TBD
Pretty fresh on the market, this 2 bed 1 bath condo looks like a decent unit, although the kitchen is not super remodeled. Either way, it could provide a decent property for someone who is occasionally in town, or for a CSU student who needs maintenance free living.
421 S Howes St S-301, Fort Collins, 80521
Listed by Brian McKinnon, Real Broker LLC
List Price: $360,000
Sold Price: Active (As of 07/05/24)
Difference: TBD
On the market the same day as the previous condo listed at $330K, this property looks decent as well, but I don’t see the extra $30K in value over the previous listing.
516 West St , Fort Collins, CO 80521
Listed by Carolina Westers, RE/MAX Advanced Inc.
List Price: $365,000
Sold Price: Active (As of 07/05/24)
Difference: TBD
This property is on the market as a bundled package with the next door unit at 518 West St. Originally the 2 units were listed together (as they are requiring them be sold together). As of now, only 516 is available to be shown, with 518 opened up only to serious buyers due to it being tenant occupied. This could be a good opportunity for a savvy homeowner to purchase both properties, and offset some mortgage with tenant income on the other unit. From a pure investor standpoint, the numbers will have to work on rent rolls for each to make this an endeavor worth going for.
518 West St, Fort Collins, CO 80521
Listed by Carolina Westers, RE/MAX Advanced Inc.
List Price: $375,000
Sold Price: Active (As of 07/05/2024)
Difference: TBD
Listed as a bundled purchase with 516 West St
421 S Howes St S-505, Fort Collins, CO 80521
Listed by Nicole Johnson, CO Vision Real Estate Group
List Price: $395,000
Sold Price: Pending (18 Days to Offer)
Difference: TBD
This property shows off how important a full remodel can be in these units, with it being the only of the 3 condos listed in the complex to be under contract. This property is listed $65K above the lowest priced 2 bedroom in the complex, but was under contract in 18 days, most likely because all of the work was already completed and the property is move in ready.
204 Maple St 403, Fort Collins, CO 80521
Listed by Brendan Mahoney, At Home Realty
List Price: $490,000
Sold Price: Active (As of 07/05/2024)
Difference: TBD
This is a tough sell on this property as it only has 1 bedroom. I’ve found that 1 bedroom condos are much tougher to move than 2 or more bedroom places, unless they are fully decked out or have amazing views. This particular condo doesn’t have the greatest view, and looks like it could use some overall updating. I think this one will continue to sit, and may need some price adjustments to get some further interest on it.
302 Cherry St, Fort Collins, CO 80521
Listed by Ben Woodrum, Coldwell Banker Realty- Fort Collins
List Price: $495,000
Sold Price: Pending (22 days to offer)
Difference: TBD
The price is attractive for a single family home in Old Town. The lot size and condition of the home make me think that this is the type of property that someone may purchase to tear down and rebuild. At 10,000+ SQFT on the lot, and newer OT-C zoning, there may be better possibilities with this home than fixing it up in its current footprint. Not a popular opinion for those not liking to see homes torn down, but some homes just get used past their lifespan and I suspect this one fits that characteristics.
136 N Shields St, Fort Collins, CO 80521
Listed by Crystal Whitworth, RE/MAX Alliance-FTC Dwtn
List Price: $499,000
Sold Price: Active (As of 07/05/24)
Difference: $TBD
This property was originally listed back in April for $535,000, but after some price reductions and an eventual withdrawal from the market, came back on in June for $499,000. It actually went under contract in just 2 days at that price, but is now back on the market….most likely from the inspection period. This home has some nice updates on the inside, but its location is always going to make it a tough sell based on road noise and parking.
401 N Shields St, Fort Collins, CO 80521
Listed by Rob Crouch, Roots Real Estate
List Price: $560,000
Sold Price: Active (As of 07/05/24)
Difference: TBD
There are some neat architectural features (vaulted ceilings, exposed beams) in this home, that mixed with a larger SQFT make it a somewhat attractive property for homeowners looking to get into the market at a lower price point. Its location on Shields will make some pause, although this home is on the section of Shields with only 1 lane (read, less traffic noise) and the home itself is somewhat setback from the road. The home also looks like it might have a hodgepodge of repairs that a new owner might make, so it would require a bit more extra care to get it totally shining again. That being said, I like the overall opportunity in this home, but I do think it will likely need to adjust price in the near future to get some activity.
615-619 N Bryan Ave, Fort Collins, CO 80521
Listed by Rob Kittle, Kittle Real Estate
List Price: $565,000
Sold Price: $570,000
Difference: $5000
This side by side duplex was under contract quickly and sold non-financed within the month. From a perspective of picking up 2 rentable units, this property provided a better opportunity than the other duplexes listed this month.
223 N McKinley Ave, Fort Collins, CO 80521
Listed by Amy Stahl, C3 Real Estate Solutions, LLC
List Price: $570,000
Sold Price: Active (As of 07/05/24)
Difference: TBD
New to the market right at the end of the month, time will tell whether or not this property ends up as one of the few that were listed in June that end up under contract in short order. For context, only 5 of the homes listed in June ended up with offers by the end of June, and only the best priced and condition homes are the ones receiving offers. I do think that this home is put together in a way that probably gets it under contract, but I could see it taking a little more than a week for that to happen (especially since its first weekend on the market is the July 4th weekend when many are out of town. Overall, it is decent value in the Old Town market in the mid $500K range, and likely will be competing with the 2 properties on Shields st for potential buyers.
136 Pearl St, Fort Collins, CO 80521
Listed by Kellen Harmon, Home Savings Realty
List Price: $599,000
Sold Price: $599,000
Difference: $0
I love the charm in this property both outside and especially inside. There is definitely work to be done to update this home, but it has that historic base to work off of with hardwood colonnades, fir flooring, and a classic craftsman style exterior. This one was under contract in just 5 days and sold non-financed within the month, so perhaps it will be fixed up, or is just a great property for someone to downsize into that wants to be in the Old Town area.
1304 Laporte Ave, Fort Collins, CO 80521
Listed by Berin Jacob Wachsmann, Group Mulberry
List Price: $600,000
Sold Price: Active (As of 07/05/24)
Difference: TBD
This property was originally on the market back in March with the Trelora real estate team. This group basically offers a limited service listing product that allows homeowners to do most of the marketing on their own, but offers to put the home on the MLS for them. I think this home shows so much better online now that it has been listed with an agent offering full services including professional marketing and staging. However, there may be some residual “oldness” to this property as many buyers still remember the old listing and price and may or may not have already written it off in their minds. I do think this one should be worth a look for buyers looking for a cool property without much work needed to be done.
1217 Sycamore Ave, Fort Collins, CO 80521
Listed by Jen Petrik, Bliss Realty Group
List Price: $699,000
Sold Price: Pending (5 days to offer)
Difference: TBD
4 bedroom ranches don’t come along often across all of Fort Collins, so for one to come up in Old Town for a reasonable price, it isn’t surprising to see that it was under contract quickly. This home does look like it is well put together and wouldn’t need much if any work to make it move in ready, so this is a great sale for the neighborhood.
530 Laporte Ave, Fort Collins, CO 80521
Listed by Kelly McBartlett, Compass - Boulder
List Price: $925,000
Sold Price: Active (As of 07/05/24)
Difference: TBD
This is one of two available over/under duplex’s in Old Town this month. While this property has much nicer photos that the other listed duplex (also on Laporte Ave) the basement unit of the complex doesn’t look to be as nice as the upstairs unit. I suppose that would be expected, but that may limit the most likely buyers to be investors looking to rent out the top and bottom, as opposed to a family who may want to live in the upper and have the lower as a rental. The most recent rental numbers were $1875 upstairs, and $1800 downstairs. Running some quick numbers will show that in order to make this really cashflow, an investor would need to put down closer to 50% of a downpayment, so unless someone is looking to invest with cash, it may take some time to either drop interest rates to a favorable point, or for the price to come down to make the numbers work a bit better.
302 N Meldrum St 201, Fort Collins, CO 80521
Listed by Kathy Beck, Group Harmony
List Price: $925,000
Sold Price: Active (As of 07/05/24)
Difference: TBD
This is a recycled listing from April, just relisted to try to get some extra eyes on it with a new buying pool. As I mentioned in April, these condos in the Myridium complex are quite nice overall and provide a good lock and leave home for potential part time residents of Fort Collins. At the price, mixed with the monthly HOA, this condo will have some pretty particular buyers, and ultimately may just take longer to sell.
1317 Laporte Ave, Fort Collins, CO 80521
Listed by Trelora Realty Team, TRELORA Realty, Inc
List Price: $950,000
Sold Price: Active (As of 07/05/24)
Difference: TBD
This is a legal over/under conforming duplex that is being listed by a limited service brokerage (Trelora). Basically, it is a for sale by owner, but it does look like it is nicely updated (if I squint I think I can make out some details). I am quite surprised that better photos are not uploaded online, as it makes it incredibly difficult to really see what the property looks like. I do think this could be a “sleeper” property that flies under the radar from quite some time as buyers are compelled to set up showings based on the online photos. Worth keeping an eye on to see where it goes in price from here.
229 Wood St, Fort Collins, CO 80521
Listed by Angie Spangler, RE/MAX Alliance-FTC Dwtn
List Price: $1,485,000
Sold Price: Pending (5 days to offer)
Difference: TBD
When I saw this property hit the market, I thought to myself that it will probably go really quickly. It has a real nice mixture of historic architectural details with some modern touches that really help to sell properties in Old Town. The original fir flooring on the upper level really adds a level of warmth and history to the home, but the actual spaces are quite open which appeals to a modern buyer. The basement is likely one of the nicest that I have seen in old town, and the expansive backyard and detached 2 car garage really round this out as the perfect old town property for the price.
404 Park St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,738,000
Sold Price: Active (as of 07/05/24)
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. I do think that it will eventually find a buyer, but probably closer to the $1.7 range when it is all said and done.
