March 23’ - Listing Spotlight
Similar to last March, there was quite the influx of listings that came on in March 2023. In fact, 19 homes officially hit the market this past month. I found a few things interesting about the properties listed this march. First, only one of those was an attached dwelling, and it is pretty rare for us to see 17 single family homes listed in a month in Old Town. It felt like there were quite a few sellers who have been on the fence this past few months who were just waiting for the March/April timeframe to list. The second thing that is most interesting is that quite a few of these homes fell in the $600-$900K range which is traditionally the range that almost gets skipped. To be fair, some homes may have just appreciated into this range, but there at least a couple homes that have 3+ bedrooms and 2+ bathrooms that didn’t immediately get plopped into the million plus pricing territory. Lastly, more than half of the homes listed in March are already under contract, and that includes some homes that were previously listed but struggled to get contracts last year.
From a sellers standpoint, there is still an overall shortage of inventory in the market with Fort Collins in general hovering around 1.0 months worth of inventory (6 months of inventory is a balanced market). Despite interest rates being in the 6% range, there is still a spring demand in buying with many qualified buyers still out there in the market. The best selling successes I’ve seen are when homes are properly merchandised and are move in ready, so now is not the time to cut corners and push on pricing.
For buyers, I’d expect to see more inventory come into the market in April-May-June, with a bit of a slowdown as we enter into July/August. The next few months are going to be the months with the most supply, but also with the most demand. If rates do finally find the footing they need to drop, expect that the demand will increase as well, so it is that much more important to get your ducks in a row early to take advantage of that dip when it comes. Many lending institutions are offering “refinance rewards” programs, which will allow you to refinance your loan within the next 2-3 years at a reduced rate. These programs are a great option for buyers….if you can stomach the current payments, make the purchase happen and refinance down the road. If you want to connect about buying or selling in the upcoming months, I’m happy to connect.
304 Gordon St, Fort Collins, 80521
Listed by Toni Shaw, Homesmart Realty
List Price: $450,000
Sold Price: Pending (5 days to offer)
Difference: TBD
This home is a classic case of the price reflecting the condition. There is definitely a lot of work that could still be done to this property, and my guess is that is has been a rental for quite some time as this particular section of Old Town does have a higher proportion of rentals in the area. Even though it needs work, I’m not surprised that it went under contract quickly as there wasn't any competition for a similar style and price property at the time. I bet this one sells right around its listed price.
403 Franklin St, Fort Collins, 80521
Listed by Erik Stashak, Keller Williams DTC
List Price: $499,900
Sold Price: Pending (22 days to offer)
Difference: TBD
Another recycled property from earlier months, the spring market has brought better luck to this particular property getting an offer. This home was originally listed in August of 22’ for $545K and had a series of price reductions through the fall before the listing eventually expired just after Christmas. Even a fresh spring market didn’t have this one flying off the shelf, and I bet there was still some hesitation on this property based on its overall layout which is somewhat choppy.
1100 Beech St , Fort Collins, CO 80521
Listed by The Key Group, Coldwell Banker Realty FTC
List Price: $580,000
Sold Price: Active (As of 04/06/2023)
Difference: TBD
A little over a year ago this home sold for $420,000 and was in rough shape. As fix and flip opportunities go, the current owners did a nice job getting this property showing well again, but that also means that they are looking to recoup as much costs as possible in the sale. This one came back on the market originally for $595,000 to test the market, and was the only one in the bunch listed at that time (Late Feb) to not go under contract. After being withdrawn, it was resubmitted to the market for $580,000, and has past the first crucial week of showing activity. I see this property as a great opportunity for a buyer who doesn’t mind a smaller lot and lack of a garage. I’m thinking this will probably get an offer sometime soon and eventually sell for $565-$575K.
221 Columbine Ct, Fort Collins, CO 80521
Listed by The Crisafulli Team, Roots Real Estate
List Price: $585,000
Sold Price: Pending (4 days to offer)
Difference: TBD
I’ve always been a fan of Columbine and Juniper Ct. These neighborhoods are tucked away just North of Laporte Ave and have a quiet feel comprised of mid-sized and mid century post war built homes. This particular home was nicely updated throughout, and the listing agent did a great job making sure that the home was merchandised and priced effectively for the market. That attention to detail, both in the remodel and marketing means this home is under contract quickly. A necessity to close in a certain timeframe means that the offer they took may have prioritized timeliness in closing over extra funds in the pocket.
419 N Meldrum, Fort Collins, CO 80521
Listed by The Crisafulli Team, Roots Real Estate
List Price: $619,000
Sold Price: Active (As of 04/06/2023)
Difference: TBD
This one has a decent location overall, tucked away down a rarely trodden block at the north end of Meldrum. The access to both downtown and Lee Martinez park is stellar here, but some may feel like they are on the outskirts of Old Town with this one. Inside, the home looks nicely maintained, but there isn’t that same type of charm in this house that you might to expect to see in many other homes of its vintage. Frankly, this home doesn’t looks as “move-in” ready as some others of its kind, and I think that will hold it back on receiving a timely offer.
238 N Sherwood St, Fort Collins, CO 80521
Listed by Ryan James, 8z Real Estate
List Price: $625,000
Sold Price: Pending (4 Days to Offer)
Difference: TBD
Totally remodeled from top to bottom, this home located on Sherwood St. stands out in quality among its neighbors. I drive this road nearly every day, and this particular section of Sherwood does have quite a few rentals….and I wouldn’t be surprised if this home wasn’t a rental at some point as well. The current owner did lots of work to the home to ensure that it is up to date and shows well. The mixture of SQFT between the upstairs and downstairs is what really kept this home from being priced in a higher price, especially as the downstairs, while finished, has shorter ceiling heights than most would feel comfortable with. This is another home that was merchandised really well and ended up going under contract in short order as it showed well.
405 N Loomis St, Fort Collins, CO 80521
Listed by Richard Payne Jr, Fort Collins Real Estate, LLC
List Price: $649,900
Sold Price: Active (As of 04/06/2023)
Difference: TBD
This home has been on the market on 4 separate occasions since 2020, so perhaps this spring will bring it luck? It is definitely a small package that has been updated completely. In the past, it has been used as a furnished rental and has fetched between $3000-$5000/month! As it goes for an owner occupant, the small stature of the space means a potential buyer could easily outgrow the space, and it will take a bit of time for the market pricing to catch up to the current price. For a frame of reference, the last 4 times this was listed look like this:
2019/2020: $675,000 - Reduced to $650,000 before being withdrawn
2020/2021: $575,000 - Reduced to $570,000 before being withdrawn
2021/2022: $649,900 - no reductions and eventually withdrawn
2022: $679,000 - Reduced to $639,900 before being withdrawn
516 Sycamore St, Fort Collins, CO 80521
Listed by Greg Roeder, Liv Sotheby’s International Realty
List Price: $685,000
Sold Price: Pending (3 Days to Offer)
Difference: TBD
This is a great property in a great location, and at the time of listing, it was the only “show on the road” in the price point. Being just a block away from Lee Martinez park is a huge bonus for this property, as is its walkability to downtown. Inside, the space has been updated to maximize the areas that most people spend 80% of their time; the kitchen and living space. These spaces have a nice flow between them, and tons of natural light which can be hard to find in Old Town homes. The bedroom spaces are not too large, but large enough for most peoples needs, and the back lot provides tons of space to enjoy the outdoors, or to even build a nicer garage/studio space. This home did receive multiple offers as it was one of the first to hit the market post winter in the price point. The marketing was also on point which helped drive the urgency on showings and offers.
218 S Loomis Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $750,000
Sold Price: Pending (6 days to offer)
Difference: $TBD
Fully remodeled by local Craftsman builders, I was instantly impressed looking through the photos of this property. You can tell that there was an attention to details in this one, and I am a sucker for the mission style finishes seen in the fireplace and cabinetry. I’m sure that many other buyers were wowed by this property too, but some may also have been turned off by overall bedroom layout, with one bedroom upstairs, and the second bedroom downstairs. This can pose problems in a sale during the appraisal stage where appraisers look at above grade and below grade sqft and finishes differently. Of course, the appraisal conversation is out the window if a cash buyer comes along, and I wouldn’t be surprised if that is what happened on this home!
1128 Laporte Ave, Fort Collins, CO 80521
Listed by Kyle Basnar, the Group Mulberry
List Price: $775,000
Sold Price: Pending (6 days to offer)
Difference: TBD
This home is a great example of getting the spring market bounce, as it was listed last June and couldn’t quite get over the finish line. Sometimes the expectations of a seller in the market need to be tested, especially in regards to pricing, and unfortunately, last June the price was just always slightly above what the market would support and never quite got the deal done. This spring, the price came in at a range that is attractive, and at a time where we haven’t seen many homes on the market, which allowed this home go go under contract quickly.
1402 Laporte Ave, Fort Collins, CO 80521
Listed by Younie Real Estate Team, The Group Centerra
List Price: $795,000
Sold Price: Pending (2 days to Offer)
Difference: TBD
This cool and unique looking home came on the market the same weekend as at least 3 other Old Town homes, which can always be tougher to get quick offers when the “herd of buyers” are split between different areas. However, this home has some really nice updates, and the ability to run a short term rental (if you are the primary occupant upstairs) so it really does fit the bill for a buyer to live upstairs, and offset the larger interest rate and mortgage costs by renting out the downstairs unit.
229 N Sherwood, Fort Collins, CO 80521
Listed by Tim Ash, The Group Mulberry
List Price: $800,000
Sold Price: Active (As of 04/06/2023)
Difference: TBD
There is some decent charm on this home overall, with a good overall layout upstairs in the living/dining/kitchen space which can be hard to find in Old Town at times. The property also has a large lot and a detached garage, so on paper there are some really great variables in this home. I am actually a bit surprised that it hasn’t received and offer at the time of writing, but it did hit the market on the same weekend as 3 other Old Town homes, so perhaps this was the sacrificial listing of that weekend. Overall, the pricing doesn’t seem to bad, but the home is really close to an apartment complex which can sometimes be a deterrent for buyers.
917 W Magnolia St, Fort Collins, CO 80521
Listed by Michael Jensen, Fort Collins Real Estate, LLC
List Price: $825,000
Sold Price: Active (as of 04/06/2022)
Difference: TBD
This property is a good example of how listing a home while it is still occupied by renters can make for a longer time on market, and usually, reduced potential for contracts. This property sits on a nice block of Magnolia St, just a few blocks away from Dunn Elementary school and a few block away from City Park. However, it is tenant occupied which can cause problems in effective merchandising of the home and generally is an inhibitor for maximizing profit on a sale. If a buyer can look through the tenants possessions and see the overall potential of this home, I think this could be a really great home for a family looking to relocate into the Old Town area.
307 S Loomis St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $850,000
Sold Price: Pending (6 days to offer)
Difference: TBD
This is a legal over/under duplex in a great location in Old Town, and its location on Loomis provides a straight shot towards CSU just a few blocks away. The character from the outside doesn’t translate to the same character on the inside, however, as the charm factor quickly goes away with some dated features inside. That being said, it probably doesn’t attract too many owner occupants, but I could see this property attracting an investor who might look to rent upstairs and downstairs units and not make too many alterations.
210 W Magnolia St 420, Fort Collins, CO 80521
Listed by Matt Nesbitt, The Group Mulberry
List Price: $899,900
Sold Price: Active (As of 04/06/2023)
Difference: TBD
As an attached dwelling goes, this condo has some really great attractive features in an awesome location. It is rare to find a “loft style” property in Fort Collins, and this property, being located on the 4th floor, really maximizes that loft feel. The fact that there is an outdoor patio associated with the property is a huge bonus, and outdoor space is tougher to find on attached dwellings, especially those under $1.0 million. If you can handle the $412/month hoa, but want a “lock and leave” style property, this one might be a good fit!
502 Wayne St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,025,000
Sold Price: Pending (14 Days to Offer)
Difference: TBD
This one originally listed in February at $1.1 million, but wasn’t able to gain traction at that time and price. After a quick withdrawal from the market to show up as a new listing, this property came back on at $1,025,000 and did go under contract after a few weeks on the market. I do think this home has a great location and a good lot size, but the “L shaped” layout may be a bit of a deterrent for some buyers that are really looking for that open concept space between kitchen and living space.
617 Cherry St, Fort Collins, CO 80521
Listed by Morgan Venter, Resident Realty
List Price: $1,490,000
Sold Price: Pending (27 Days to offer)
Difference: TBD
This is a very nice custom remodel that just needed to find the right price to attract the right buyer. It was originally on the market at $1,875,000 and was competing with its next door neighbor (also a custom build in a similar price range). The current pricing seems much more in line with what I’m seeing as desirable in Old Town, especially with this homes location on Cherry St which doesn’t quite have the “premier” feel as streets further to the south like Mountain Ave.
329-333 N Meldrum St, Fort Collins, CO 80521
Listed by Michael Jensen, Fort Collins Real Estate, LLC
List Price: $1,550,000
Sold Price: Active (As of 04/06/2022)
Difference: TBD
This is such a unique property and is a bit tough to describe in detail as there is just nothing out there quite like it. It is 100% in the realm of a cash investor who either sees value in owning and maintaining multiple rental units on one lot, or sees value in the land itself and future development. Of course, it could also be a blend of the two, with managing as rentals in the short term, and then re-developing the land down the line into something completely different.
412 W Mountain Ave, Fort Collins, CO 80521
Laura Gippert, Remax Alliance South FTC
List Price: $1,695,000
Sold Price: Active (As of 04/06/22)
Difference: TBD
This property have been on the market for quite some time and just hasn’t quite attracted the interest at the price. It was originally listed at $1,750,000 back in July of 22’ and there just hasn’t been quite enough price adjustments to this to get it in the flow of buyers that might be interested. The general location of this property is also unique as it is closer to downtown and is surrounded by other properties that are primarily commercial in nature. The current use of this property is commercial, and the large tax bill reflects that use. If a buyer wanted to convert to residential, the tax burden would decrease significantly, but the way the current market is lining out, most buyers are looking for properties that don’t require lots of extra work or money to make them what they want.
