March 24’ - Listing Spotlight
Slow, slow, slow. That is how I would describe the listing activity this March as we only had 7 homes (4 if you don’t count homes that had been previously listed in other months) hit the market at the start of the spring season. I had to search back to 1997 to find a March that had that few listings coming to the market. I was still in high school at that time sporting a very neon yellow Borussia Dortmund Champions league jersey my parents had purchased me during a recent trip to Germany. I digress though…thats a long time ago. I think the lack of homes on the market this month will be balanced out with more listings in the following months. That provides an opportunity to sellers listing in April/May, but the reality is that the market is still slower moving overall and patience, smart pricing, and high level marketing should be employed by sellers looking to stand out in the crowd. Which of these homes do you think were best marketed for success?
Here is an overview of what hit the market this month and my thoughts on each property.
427 N Grant Ave, Fort Collins, 80521
Listed by Bivian Mercado, St Noco Realty
List Price: $599,000
Sold Price: Active (As of 04/08/24)
Difference: TBD
This home actually sold in 2022 for $420K and was in pretty dire condition during that last sale. I’m a bit perplexed on the pricing now in 2024 as the home seemingly has had little done to it since the last sale. I can pretty much guarantee that the home did not appreciate in value $180K over the span of those 2 years, so let your decisions on valuation guide your perspective on this particular property. I don’t see great potential in this lot either, unfortunately, as it is just shy of 5,000. That will grossly limit what the City would allow to be built here, and could also limit the potential for an accessory dwelling unit. I don’t anticipate this one going under contract any time soon unless the price starts to drop substantially.
1304 Laporte Ave, Fort Collins, CO 80521
Listed by Trelora Realty Team
List Price: $620,000 (now $599,000)
Sold Price: Active (As of 04/08/24)
Difference: TBD
I originally saw this one pop up as a “For Sale By Owner” on Zillow. It only spent a little time in that status before officially entering the market at $620K via a limited service brokerage. While the exterior of this home is not a style that really entices buyers, the inside looks like it has a pretty cool layout with vaulted ceilings throughout a majority of the home. Overall SQFT is pretty good for a home of this size and style, but it still may be a bit of a reach on the price given there is no basement space for storage. A 2 car garage is listed in the MLS, which will be pretty important for this location as there is a chance the city will be removing street parking on this section of Laporte in favor for a dedicated bike lane.
223 N Whitcomb St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $700,000
Sold Price: Pending (1 day to offer)
Difference: TBD
It has been a long run on the market for this property as it has been on and off and relisted a few times since it originally was listed in May or 2023 for $750K. I’ve always been a bit curious as to why this one didn’t get more traction as it doesn’t look bad inside or out, so it very well may have been a series of bad luck, timing, and just slightly over price from the get go which didn’t put it in the right light for buyers when it started.
914 W Oak St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers LLC
List Price: $1,175,000
Sold Price: Active (As of 04/08/24)
Difference: TBD
This home has seen a few price adjustments since originally coming on the market in January of 2024 at $1,225,000. The greater location of the home is pretty ideal as Oak St is quite an appealing old town location. However, I wonder if the layout, and in particular the In-law suite on home may be holding it back from finding the right buyer?
1230 W Oak St, Fort Collins, CO 80521
Listed by Michael Jensen, Fort Collins Real Estate LLC
List Price: $1,249,900
Sold Price: Active (As of 04/08/2024)
Difference: TBD
There has been some marketing updates to this property since it first hit the open market on Christmas eve of 2023. It certainly shows much nicer online with the addition of staging and bright, professional photography. I wonder if in the speed to get this up and running in late December, and opportunity was missed with potential buyers? The home has been relisted to show up on new buyers feeds, but with the large amount of information floating around the market, savvy buyers will already recognize this as an older listing when they are hoping for something new, fresh and exciting. I still think despite its amazing location, it is priced too high for the current state of the home and the market.
406 N Whitcomb St., Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,500,000
Sold Price: Pending (13 days to offer)
Difference: TBD
This is the type of old town home that gives you a bit of everything. Having been built in 2014, buyers can rest assured that they won’t have to be concerned with 100’s of years of wear and tear, and they will also know that inside the design is likely to be maximized to the current style of living. On the flip side, the location might not suit all buyers as it is getting towards the furthest northern extent of Old Town, and the lot is not the largest out there at only 4,496 SQFT. Either way, this is the only over million dollar home listed in March that is currently under contract in Old Town, so the value is there relative to the competition which is what ultimately matters in the affairs of real estate.
1231 W Mountain Ave, Fort Collins, CO 80521
Listed by Josh Chapel, Coldwell Banker Realty Fort Collins
List Price: $2,200,000
Sold Price: Active (As of 04/08/2024)
Difference: TBD
This home has been extensively remodeled for the past year. In fact, I have frequently walked past it on walk with the dog to city park, but I never would have imagined it being relisted above $2 million dollars. Objectively, this is a really cool remodel, and I highly recommend checking out the pictures. It is an awesome location, a well designed and thought out main living space, and beautiful primary suite, and overall, a good bedroom/bathroom count. As an added bonus, there is a secret room behind some bookshelves for a speakeasy style bar! Now, back to the price…...Unfortunately I think the price is not ultimately going to be justified on this particular property. As I look back at previous sales in Old Town over $2 million, I’ve come up with a grand total of 6 that have sold. Of these, 1231 Mountain has the smallest overall sqft and the smallest overall finished sqft. There are comparable sales that I could see being used to justify the price, but those sold over a year ago, and as we all know, market conditions have changed quite a bit in the past year. So my prognosis on this one? Very cool property, but ultimately I think it is overpriced for what it is and will likely sit for a few more weeks unless the price sees a few adjustments moving forward.
