May 22’ - Listing Spotlight
When I pulled the numbers for May, I was a bit surprised to see that a total of 24 homes had hit the market this past month. In my mind, there hadn’t been that many homes, but it is bang on what came on in May of 2021 as well, so everything is well on trend with year over year inventory numbers. However, the major story in the market in May is a slowdown overall in the market based on interest rates. By the end of May, interest rates had hit 5.5% which has really pumped the brakes on buyer demand as a whole. In fact, in a market where a majority of homes are under contract in less than a week, only 10 of those homes hitting the market in May were under contract in that quick timeframe. Of those, it seems that many that moved fast are single family homes in the mid prices (not surprised there) with the condos/townhomes taking a bit longer to go under contract, and a few of the higher priced (think $1.0+) homes taking a bit more time to receive an offer. The monthly payment scenarios that are coming through with higher interest rates certainly cause a bit of pause for many buyers as they are vastly greater than what it would cost to rent, and on the upper end of the market, there may be some sensitivity of pulling money out of a volatile market after large swings up and down in the DOW/NASDAQ. Here are the details of what came on the market this past month:
415 S Howes N 405, Fort Collins, 80521
Listed by Christie Duggar, The Group Harmony
List Price: $300,000
Sold Price: Pending (8 days to offer)
Difference: TBD
This condo is one of the 1 bed, 1 bath ones that has been listed this year in the Park Lane Towers. It looks clean enough, devoid of major upgrades that would drive the price up. Seeing as how there have not been many options in Old Town in this price range this year, its not surprising to see this one under contract at just slightly over a week.
415 S Howes, N 306, Fort Collins, 80521
Listed by Breann Diaz, Regal Realtors Colorado
List Price: $310,000
Sold Price: Pending (23 days to offer)
Difference: TBD
With very similar size and style characteristics to the other Park Lane 1 bed, 1 bath condo that is also under contract, the details of this sale are likely highly related to the timing of when these 2 homes hit the market. This particular condo came on the market on 05/06/22 at a list price of $310,000. A little less than a week later (6 days to be exact) if 415 S Howes ST N 405 came on the market for $10K less, which provided a bit of competition at a similar price. Both condos took a little bit longer to go under contract, but the $300K condo was under contract first, providing an opportunity for this condo to go under contract without the competition. However, I imagine that this condo probably ended up with a contract closer to $300K based on time on market.
415 S Howes N 209, Fort Collins, CO 80521
Listed by Nikki Dishneau, HUB Real Estate
List Price: $390,000
Sold Price: Pending (13 days to offer)
Difference: TBD
Certainly a 2 bedroom, 1 bathroom condo attracts more potential buyers than the other single bed, single bath condos that had listed right around the same time. This particular condo has been heavily updated and looks like all of the work has already been done. The shift in interest rates mixed with the higher HOA costs in this building will always make a buyer pause a bit as they debate what a monthly payment might look like (IE a $390K purchase price, with a $629/month HOA will have a monthly payment similar to a single family home with no HOA priced in the $500K range).
433 N Roosevelt Ave, Fort Collins, CO 80521
Listed by Tom Tucker, Tom Tucker Realty
List Price: $475,000
Sold Price: Pending (3 Days to Offer)
Difference: TBD
Single family homes in this price range are becoming more rare in the greater Old Town market, so its not surprising to see it go under contract in just 3 days, even with the increase in interest rates. This property would be equally suited for a rental or owner occupant home as it has 4 beds and 2 baths and a price that is attractive. The wood floors throughout the home is also a nice touch, and once it is vacant, I’m sure that there is some great potential in this home to make it even nicer.
405 Mason Ct 213 Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $480,000
Sold Price: $475,000
Difference: -$5000
These Mason Ct condos are a good option for attached dwelling living in Old Town Fort Collins. I’ve always felt that the builders did a good job of getting good natural light through these homes and this condo’s vaulted living area gives it a nice and open living feel. The complex also backs up to Lee Martinez park and the poudre river trail, so there is plenty of opportunities to recreate right out of your door. Downstairs is the small plaza with Dazbog coffee, and if you are an electric car owner, an EV-go fast charging station is just steps away at the Museum parking lot. Great access as well to downtown square….I like these little condos!
345 N Shields St, Fort Collins, CO 80521
Listed by Sarah Bowles, Keller Williams Advantage Realty LLC
List Price: $489,900
Sold Price: Active (as of 06/06/2022)
Difference: TBD
Perhaps this one is struggling to go under contract due to a mixture of variables. Firstly, it is located on Shields st, right at the intersection of Shields and Cherry. While the overall traffic noise is a bit less once you are north of Laporte Ave and down to a single lane, there are certainly plenty of cars that make turns from Cherry onto Shields, and I can’t but help to imagine that at night, their lights would shine directly onto the house. Added to the overall street noise/light noise, this home only has 2 beds and 1 bathroom, which is not an ideal setup for maximizing rent, or for a growing family. The final straw is likely the increased interest rate, which at 5.35% with 20% down will still result in a monthly payment over $2400. Inside, the property does look incredibly well updated, so at least this home looks like all of the remodeling work has been completed!
208 Bishop St, Fort Collins, CO 80521
Listed by Janey-Wise Gronwoller
List Price: $520,000
Sold Price: Pending (5 days to offer)
Difference: TBD
A mixture of charm, size, and price is likely driving the sale of this property. With 4 beds and 2 baths, as well as the opportunity to lock of the bottom unit, I could see investors potentially seeing this as a reasonable punt for a rental purchase. This could also function relatively well for owner occupancy, and the price isn’t so high that it would blow the budget of those looking to live in Old Town without having to purchase in the $700+ range. I doubt it sells for much more than its listed price, but if this one were on the east side of Shields in Capitol Hill/Old Town West, it would probably be able to be priced even higher.
229 N McKinley, Fort Collins, CO 80521
Listed by Gia Cordari, Elevations Real Estate LLC
List Price: $475,000
Sold Price: $558,500
Difference: $83,500
This charming little place seemed to hit the market at just the right time and price to get multiple offers pushing it well into the $500’s. If this same home came on the market next week for $475K, I doubt it would push much past $500K given the current market activity. The market has normalized a bit, so where there used to be 5-7 offers, you may now only see 2-3 offers.
1413 Beech Ct, Fort Collins, CO 80521
Listed by Brad Sawatzky, Colorado Real Estate Pros
List Price: $574,900
Sold Price: Active (as of 06/07/2022)
Difference: $TBD
This is not a bad home by any means, I just think that the timing of the sale, mixed with the location and pricing is making it struggle to get an offer (19 days on the market at the time of writing). There is a good amount of space in this home, as well as a nice bedroom/bathroom count, but as a rental, the cost mixed with the interest rate will make this one difficult to cash flow. For example, if an investor was putting down the minimum of 20% for this home, they might expect to have a monthly payment around $3000-$3100/month on this home (assuming a higher interest rate of around 6% for investors). Because you can legally only rent to 3 unrelated individuals, it will limit the overall rental value of those extra 2 bedrooms, and I doubt that you will be able to get a renter in this home, at this point in time, for $3000 to break even on your costs, at least not in this particular location.
215 West St, Fort Collins, CO 80521
Listed by Brady Walters, Remax Alliance FTC-Downtown
List Price: $605,000
Sold Price: Pending (5 days to offer)
Difference: TBD
Similar to other homes that were listed in early May, this property was under contract in short order, and probably took advantage of one of the last weekends that we really saw heavy buyer activity. This property is also centrally located within Old Town and is on a nice and quiet block in a great neighborhood. It definitely has some room for improvements, but gives a good perspective on what ~1000 sqft home may be priced at and sell for in the neighborhood.
1216 Juniper Ct, Fort Collins, CO 80521
Listed by Tammy Kay Spaulding, The Group Horsetooth
List Price: $625,000
Sold Price: Pending (7 days to Offer)
Difference: TBD
I walked this home when it was for sale a few years back and it was in really good condition. I like the overall neighborhood as well; Juniper ct. and Columbine ct are both nice in-fill streets dominated by mid-century ranch homes. This property is one of the ranch homes that also was built with more sqft in the basement, which is a nice added value for pricing.
705 Maple St, Fort Collins, CO 80521
Listed by Amber Cano, Dynamic Real Estate Services
List Price: $625,000
Sold Price: Pending (18 days to Offer)
Difference: TBD
Decent pricing on this over/under duplex right in the heart of Old Town. I’m actually a bit surprised that it took over 2 weeks to get an offer, but the interest rate is definitely making investors think a bit harder about their acceptable rent margins and downpayments.
1016 Woodford, Fort Collins, CO 80521
Listed by Ruth Mcmillen, Porch Light Properties
List Price: $635,000
Sold Price: Pending (7 days to offer)
Difference: TBD
This is another very cool over/under duplex in Old Town, and both the upstairs and downstairs has some nice charm. That upstairs charm, in particular, could drive a purchase where the owner lives upstairs and uses the downstairs rental to offset their mortgage. The streets in this area do have a bit smaller lots and a higher percentage of rentals, but it is still a nice neighborhood overall and there is some architectural charm in these areas still.
508 W Magnolia St, Fort Collins, CO 80521
Listed by Marcia Coulson, Marcia Coulson
List Price: $650,000
Sold Price: Active (As of 06/06/2022)
Difference: TBD
Perhaps a bit hard to price as there are only 4 of these rowhouse style units in this location. The last sale in the complex was back in December of 2021 for $690K. However, this was the end unit of all of these, and the interest rate back then was still sub 4%. Now, with a higher interest rate in the 5%-5.5%, I don’t see these condos selling for quite as much, despite the fact that they are in a great location. The biggest bummer of all is that they would be perfect short term rentals, but the city zoning doesn’t allow non-primary short term rentals in this area.
807 W Oak St, Fort Collins, CO 80521
Listed by Barbara Imes, The Group Mulberry
List Price: $595,000
Sold Price: $665,000
Difference: $70,000
Another over/under duplex in a great location. Similar to the duplex on Woodford, this property has some great potential for the upstairs to be owner occupied, with the downstairs to house a renter that offsets the mortgage. I think these types of scenarios will become more common in the marketplace as the housing costs continue to increase. Great pricing on this one resulted in a quick sale with a hefty chunk of change above list price.
1026 Sycamore St, Fort Collins, CO 80521
Listed by Jay L McCoy, Berkshire Hathaway- FTC
List Price: $680,000
Sold Price: Active (As of 06/06/2022)
Difference: TBD
Perhaps in keeping on trend this month, this is yet another over/under duplex that is selling this month. This one, however, has not received an offer as the price vs rent doesn’t quite add up for an investor. However, for the right buyers, this might present an opportunity to get a live-able duplex at less than the list price and still live upstairs while renting the downstairs to offset costs.
510 W Magnolia St, Fort Collins, CO 80521
Listed by Marcia Coulson, Marcia Coulson
List Price: $690,000
Sold Price: Active (As of 06/06/2022)
Difference: TBD
Pretty much the same notes on this condo as the other one in the same complex. The value just doesn’t quite seem there for the price and size given the current interest rates.
412 Wood St, Fort Collins, CO 80521
Listed by Diane Reiser, Diane M Reiser
List Price: $695,000
Sold Price: Pending (6 days to offer)
Difference: TBD
This is the second go-around on this home as it was originally on the market last month, under contract, and then fell out of contract. After a quick period of being withdrawn, it was back on the market and under contract in quick order. The original list price on the first go around was $675K, so the new pricing of $695K may give a bit of insight on where it originally was under contract. Certainly this is a premium price for the sqft, but it does look like a really attractive property inside.
1101 W Oak St, Fort Collins, CO 80521
Listed by Jason Humpal, Century 21 Humpal Inc.
List Price: $824,900
Sold Price: Pending (5 days to offer)
Difference: TBD
A few months back I wrote a piece about house hot potatoes. The whole concept was that if you owned a home on a busy road, the next 6 months would be the best time to sell. I think we are nearing the end of that period with the increase in interest rates, but it does look like the next best thing for selling a busy road home is to totally dial the property in. This place looks very attractive despite its location on the corner of Oak and Shields. At only 5 days to offer, that is a great sign for these sellers as many homes on busy roads are going to start taking much longer to sell as the year progresses.
409 Mason Ct #225, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $850,000
Sold Price: Active (As of 06/07/2022)
Difference: TBD
Previously in this months listing, I mentioned that I really like the condo’s on Mason ct. This particular condo is an example of one that has been totally decked out. With the other condo selling for $475K for a slightly smaller SQFT, I’m not sure that $850K is quite in-line with what this complex can hold, but I could be surprised. Their are definitely some really nice and custom finishes to this home, and compared to some other nearby condos (like the Myridium complex on Maple/Meldrum) the pricing holds. Time will tell if this one will sell at this price….I feel like it was on the market before and quickly withdrawn, but can’t find the previous listing info anymore….
230 N. Loomis Ave Fort Collins, CO 80521
Listed By Joanne DeLeon, Group Harmony
List Price: $825,000
Sold Price: $875,000
Difference: $50,000
When I saw this home hit the market I was instantly intrigued by its style, size, location, and pricing. It seems that I wasn’t the only person who noticed this home as it was under contract in quick order. This is the type of home and price that is desperately needed for the Old Town market as there are and still will be plenty of buyers clamoring to pick one of these types of homes up. It has the type of features that I see as most desirable in the market; 4 bedrooms, multiple bathrooms, decent sized living/dining space, good updates, some unique older charm in the finishes and exterior, and a decent sized lot for under $1.0 million.
104 N Roosevelt Ave, Fort Collins, CO 80521
Listed by Nathan Washam, Restate Real Estate
List Price: $900,000
Sold Price: Active (as of 06/07/2022)
Difference: TBD
This property has had a very nice transformation from where it was when it recently sold in August of 2021 for $550K. Pretty much the entire home has had a facelift, and upstairs the new owners did a good job of making a layout that better suits the modern market with a dedicated master suite. The kitchen is also very nice, and a huge eat-in peninsula is the focal point of the main living space. Separate dining/living space is tight however, which is a bit of a detriment to the new layout. Downstairs is a bit less appealing, although a huge upgrade from where it was before. There was a little less work put in downstairs, although the wet bar is a nice touch for a more adult based living situation. Still active and on the market, I think the pricing might be a bit testing for the market at this point, and I could see this one selling if it were in the mid to lower $800’s.
124 Fishback Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,300,000
Sold Price: Withdrawn as of 06/06/2022
Difference: TBD
This one has had a price adjustment from when it originally came on the market in April for $1.4 million. There is a lot to like about this home as it has character, and is of newer construction in Old Town. However, it seems like the hike in interest rates and overall demand for $1.0+ market may be slowing down overall, with Old Town not being excluded. Perhaps some see Fishback as a less desirable street, but overall it is a quiet street and a nice sized lot. I bet if this home were a block or 2 to the south on Mountain Ave or Oak it would have an offer, but ultimately is has been pulled off the market and listed for rent instead.
329-333 N Meldrum St, Fort Collins, CO 80521
Listed by Joseph Coulter, Fort Collins Real Estate LLC
List Price: $1,850,000
Sold Price: Active (as of 06/07/2022)
Difference: TBD
Honestly, I really don’t know what to write about this property because it is really more of a commercial endeavor than a residential one. Instead, I will just leave you with the broker remarks as they do better than I would describing the property:
“Hasn’t been formally listed or on the market in 40+ years! A truly unique Investment Opportunity on this potential filled 16,900 sqft Old Town lot! Property boasts 7 total units - a Legal 3plex fronts the property w/ 4 separate Mobile Home units in back. Join other previous Downtown redevelopment projects that have had great success! Buy as an investment that cash flows now or make an income while planning your next project in this NCB zone district. The chance to own over 1/3 acre of highly desirable Old Town dirt w/ close proximity to Restaurants, Shopping, Lee Martinez Park, & all Old Town has to offer. It’s a once in a lifetime opportunity! Property is fully leased thru NEXT June or July (Unit Dependent) of 2023 & is ready for a new Owner’s vision. Please reach out to the City of FTC for more information on the possibilities. Showings will not be possible on all units until time of Contract. Units are in “middle of the road” condition, in functional shape, but are not brand new.”
