March 22’ - Listing Spotlight
The spring market is officially in swing this year, with a total of 15 homes hitting the market this March in Old Town. That is a huge swing over what we saw last March (only 7 hit the market!) As expected, the homes that hit the market this March were under contract very quickly, meaning we will be entering April with pretty much must 1 available home (and that is just because it came on the market at the very last part of the month). There were a few standout listings this month as well, primarily in the upper price ranges as we saw the highest priced listing this year ($2.1 million on Mountain Ave) go under contract in just a few days, and another notable home on Oak st. receive some heavy activity with contracts going nearly 30% above list price! In between, there was actually quite a bit of diversity in the homes listed, but as I’ve said many times in the past year, there is a HUGE hole in the market for $700-$900K homes (there has only been 2 single family homes, and 5 total homes listed in this price range, but 2 of those were rental style duplex properties). Demand still seems strong for the moment, and only time will tell how the fast changing interest rates affect the average buyer looking to purchase in this competitive sellers market. On towards April!
405 Howes St. N306, Fort Collins, 80521
Listed by Denise Staab, The Group Mulberry
List Price: $320,000
Sold Price: Active (As of 04/04/2022)
Difference: TBD
This is a 1 bed, 1 bath apartment in the Howes st high rise, which traditionally take a bit longer to receive contracts as the bedroom/bathroom counts limits the type of use (Can you imagine a family in a 1 bedroom apartment here is Fort Collins?). That being said, like many of the other condos sold in this building recently, this one is well maintained, but not totally decked out to the nines and would be a great fit for someone with expendable income who splits time between two locations and wants a lock and leave setup here in Fort Collins.
208 S Sherwood St, Fort Collins, 80521
Listed by Shirley Watson, C3 Real Estate Solutions LLC
List Price: $410,000
Sold Price: $417,000
Difference: $7,000
While this home does have its full suite of marketing materials online (photos, staging, etc) it was officially sold prior to entering the market. Either way, it is tough to find any home in Fort Collins right now in the low $400’s, so this is a good score for a buyer who can spend the extra money they saved in the market to fix it up to their specifications, because this one still needs some work to be a gem, but has great potential and a great location
523 N Grant, Fort Collins, CO 80521
Listed by Todd Sledge, The Group Harmony
List Price: $425,000
Sold Price: Pending Sale (4 days to offer)
Difference: TBD
Small but tidy is probably the best description for this 1 bedroom, 1 bathroom home with just under 800 SQFT. Just last year a small home like this would be selling in the $350-$380K range, and traditionally, single bedroom homes have been a bit tougher to sell as they don’t present as much opportunities for rental/family life.
319 N Shields St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $425,000
Sold Price: $460,000
Difference: $35,000
Wow! That one went quick, and I would have to say that I am a bit surprised about this. This home falls into the “house hot potato” category for me as it is located on Shields St (good for rentals) but only has 2 beds and 1 bath (not as good for rentals). I doubt that this one was purchased as a rental, but at the same time it was under contract the first day on the market and sold quickly for top dollar. I think to fully understand this sale you need to look back into February and the lack of single family homes on the market during that time. This home hit the market on March 3rd, and was in the first round of homes to come on the market this month when inventory was at its absolute lowest.
106 S Loomis, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $465,000
Sold Price: Pending (7 days to offer)
Difference: TBD
2 beds, 1 bath in a great location, but this one still needs some love. It has a mid-century feel inside (drop tile ceilings, lots of wood paneling, etc) despite it being built in 1910. Either way, going under contract in a week, it is likely that this one will close a few grand above list price, but I bet not by too much
623 West St, Fort Collins, CO 80521
Listed by Kenny Layton, Roots Real Estate
List Price: $495,000
Sold Price: Pending (7 Days to Offer)
Difference: TBD
This property is a great example of a type of sale I think we might see a bit of this year….an investor owned sale. I’m sure that there are plenty of investors/landlords in the market who are seeing the rapid increase in property values and are looking to offload their investments into other areas. As a home itself, this one looks like a nice one, but not overly attractive to the market. The kitchen has been updated which is a nice touch, and it looks tidy, but not magazine living tidy. Either way, I’d expect it had multiple offers and probably sells around $510-$520K
425 Lyons St, Fort Collins, CO 80521
Listed by Rollin Goering, LC Real Estate Group, LLC
List Price: $500,000
Sold Price: Pending (5 days to offer)
Difference: $TBD
4 beds, 2 baths and nearly 2200 sqft of space is easy to come by in midtown and south Fort Collins, but not necessarily in the greater Old Town area. Some might say that this home is not in “Old Town” and on different days I may or may not agree, but the fact of the matter is geographically speaking, it still provides the same proximity to Old Town amenities as homes just a half mile closer to College. As a home goes, it is just as nicely updated as many tri-level homes I tour in midtown, and those have been going in the mid $500’s. I’d expect that this home probably sells around $535-$550K in our market.
1605 Layland Ct., Fort Collins, CO 80521
Listed by Kevin Bolin, the Group Horsetooth
List Price: $535,000
Sold Price: $550,000
Difference: $25,000
This home actually originally came on the market back in January of this year, (at $525K) and was in and out of contract a bit before being removed from the market. Once they relisted it in March (for $535K) it was under contract in short order and sold for a nice amount above list price. The marketing looked to be bang on in this property with nice staging, great photos, etc. Well done by the listing agents on maximing the exposure and profits for their sellers on it.
1117 Magnolia St, Fort Collins, CO 80521
Listed by Tammy Spaulding, The Group Horsetooth
List Price: $525,000
Sold Price: Pending (4 days to Offer)
Difference: TBD
I have always admired this small but tidy home on my walks up Magnolia towards City Park. In my mind, I had a vision of this being the perfect spot for a grandparent to move into to be closer to the grandkids….not too large, all one level living, and great walking distance to all spots in Old Town. The only negative that I can see on this one is the bit of road noise that Shields will provide, but ultimately, I can’t find much but superlatives for this nice little place. I wouldn’t be surprised to see this ones sale price near $600K
300 S Whitcomb St, Fort Collins, CO 80521
Listed by Mike Rozell, The Group Mulberry
List Price: $650,000
Sold Price: Pending (4 days to Offer)
Difference: TBD
Another quick turnaround on this properties ownership as it most recently sold in late summer of 2021 for $625K. Now listed at $650K, and quickly under contract, the hope for these homeowners would be to break even on realtor fees as they move along. The home itself is nice with tall ceilings which make the space feel larger. The single bathroom is somewhat awkwardly placed at the back side of the house, and the yard is pretty small, so not a ton of space for outdoor enjoyment. This will make the 4th sale of this home since 2017, so one wonders what and why it can’t keep owners for very long?
302 N Meldrum St 301, Fort Collins, CO 80521
Listed by Tamara Suppes, The Group Harmony
List Price: $835,000
Sold Price: $850,000
Difference: $15,000
A nice upper level, 2 bedroom condo in the Myridium building that moved really quickly. These condos took quite some time to sell when they were brand new, but now it seems that the market has caught up to their pricing, and they are tending to move pretty quickly in the $800’s. This one was under contract and sold within the month, which will provide good comparable sale stats for anyone else currently living in the building looking to sell.
302 N Meldrum St 301, Fort Collins, CO 80521
Listed by Steve Balmer, Elevations Real Estate LLC
List Price: $850,000
Sold Price: Active (As of 04/04/2022)
Difference: TBD
As duplex’s go, this does look like it is a nice and tidy place. It is located at the very end of West st, somewhat on the outskirts of where some might like to live, so perhaps the pricing needs to be slightly adjusted on this property to make the numbers work for an investor. This has been further exacerbated by increasing interest rates, which especially for investors where interest rates are higher, really cuts into the profit margins on what they can rent a property for vs what they are borrowing money for. I really think that this property needs a price adjustment to correct for the market dynamics.
1109 Oak St, Fort Collins, CO 80521
Listed by Sarah Hay Arthur, The Group Horsetooth
List Price: $1,035,000
Sold Price: Pending (4 Days to Offer)
Difference: TBD
I first saw this property as I was on my morning walk home from City Park with my dog. At the time, I didn’t know the size or condition of the home, but had a guess that it was going to be priced well into the millions as I had seen a home just down the street on Mountain recently listed for $2.1 million (see the property at the end of this page). When I found out that this property was listed at just above $1.0 million, I was feverishly texting my clients letting them know about the opportunity. Well……apparently so were a handful of other agents, because despite our best efforts with an offer substantially higher than the list price, we still were well off from where this one will end up (I don’t know the exact amount, but over $1.3 million). Either way, it is a very cool property, that while still needing a bit of work to realize its full potential, is still most likely decent value in the million dollar+ market.
1109 Oak St, Fort Collins, CO 80521
Listed by Dave Trujillo, The Group Centerra
List Price: $1,250,000
Sold Price: Pending (2 Days to Offer)
Difference: TBD
Luxury condos in Old Town Fort Collins have been more of a thing in the past 2 years than I remember in the past decade. This property came on the market for $1.25 million and was under contract in just 2 days, which shows a very high demand for move in ready, stress free living in the heart of Old Town. Between this building, the Cortina Lofts, and the Myridium condos, this building seems to provide about as good of finishes, location, and living feel as anything. The one caveat is all of these condos is that one bedroom condos just don’t quite fit the bill as quickly for buyers, but as is seen on this condo, and the myridium condo that sold this month, a 2 bed new(ish) built condo sells quick in Old Town at the moment.
1205 W Mountain Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $2,100,000
Sold Price: $2,100,000
Difference: $0 (but record sale in Old Town!)
On March 1st, we saw 119 N Loomis close for $2.0 million (originally listed at $2.2 million) and I thought to myself, “there is the outlier in Old Town sale stats”. Just a few weeks later, 1205 W Mountain proved me wrong by listing and selling for $2.1 million. Once we have one more sale in that price range, it will begin to pull the higher SQFT pricing in old town into the upper millions pretty quickly as sellers and agents will be able to start using these sales as comparable properties as they list other Old Town homes. Whether fair or not, because both of these homes sold (without financing) there was no pullback of the market through appraisals to keep the market from being pulled forward from these sales. I think that time will tell whether or not this sale, and the one on 119 Loomis becomes the new normal for Old Town pricing on large SQFT homes, or if increasing interest rates start to curb the demand in the market. Either way, this is a beautiful home in a great location and will be telling for the market to come!
