May 24’ - Listing Spotlight
18 properties hit the market in Old Town this may, which is right inline with a year over year trend from 2023 when we saw 19 homes hit the market. This May, those properties that were listed were split between 8 condos/townhomes, and 10 single family homes. The median price for all homes listed in May of 2024 was $732,000, but in reality, there are only 5 homes that were listed that are currently under contract or closed, which is a small portion of all homes listed this month. Not to beat a dead horse here, but the affordability across the board has really been hit with lingering interest rates in the 7% range. I think there is a sentiment from many buyers (and sellers) that they will wait it out to purchase or list. Those who do choose to list in the near future need to be careful of “aspirational pricing”. Times were sweet back in 2021-2022 and most homes saw some pretty substantial appreciation during that timeframe. However, real estate operates in the “here and now” so as much as you love what an online valuation tool may have valued your home at in the past….the past may be gone, at least temporarily. The reality is that the urgency that was felt in spring/summer months of the past has long past, and it is back to the homeowner/realtor to create that urgency if you want your home to move fast. If you want to chat more details on how to create that in the Old Town market (or the market in general) give me a shout and I’m happy to chat about details! In the meantime, here is what came on the market this past month and my thoughts on each.
421 S Howes St 304, Fort Collins, 80521
Listed by Miranda Cantin, eXp Realty - Hub
List Price: $285,000
Sold Price: Active (As of 06/05/24)
Difference: TBD
This is a clean 1 bedroom, 1 bathroom condo, that while somewhat dated in the kitchen, looks like a solid choice for someone who is looking for an affordable “lock and leave” kind of place. As I always mention on these complexes, the HOA is pretty pricy per month (this one is over $500/month) which tends to make these a tougher sell unless they hit all the marks with price, condition, upgrades, and bed/bath count.
415 S Howes St N 606, Fort Collins, 80521
Listed by Carol Voorhis, Group Mulberry
List Price: $315,000
Sold Price: Active (As of 06/05/24)
Difference: TBD
Similar to the previous listing, this is a 1 bedroom/1 bathroom condo. The major differences here is the $30K difference in price, but also the fact that the kitchen and bathroom have been totally upgraded. The flooring might be a deterrent to some (tile floors) which can tend to make a home feel colder and louder overall. Again, a great lock and leave situation with a somewhat hefty hoa (over $500/month).
1108 Cherry St , Fort Collins, CO 80521
Listed by Greg Roeder, LIV Sotheby's Intl Realty
List Price: $475,000
Sold Price: Pending (10 days to offer)
Difference: TBD
This is a classic example of how market timing can make all the difference in a sale. This home was listed before in late 2023 for $460K, but with tenants and a lease in place until July 2024. Because of lending requirements for owner occupant purchases limiting the amount of time between purchase and move in to 60 days, listing at this timeframe meant only investors would be eligible to purchase this property….hence the $460K price. Fast forward to May of 2024, and the home was relisted at a higher price ($475K) with 60 days or less on the tenants lease, and it went under contract in 10 days. This made a huge difference, as there is more demand in May for both owner occupants and investors, the rates are slightly better than in winter of 2023, and owner occupants could actually submit on the property and have a place to move into. Smart repositioning from this agent!
405 Mason Ct 216, Fort Collins, CO 80521
Listed by Andrew Rottner, Redfin Corporation
List Price: $490,000
Sold Price: Active (As of 06/05/2024)
Difference: TBD
1 of 2 condos that are currently available in this complex this May, this property positioned itself a good $50K below its nearest competitor for a similar size and style. One thing that I think is tricky in these condos is that there really aren’t many that don’t have some sort of stair access. I see that as a problem as the most likely buyer of something of this sort is likely to be a retiree who either loves Fort Collins, or is trying to get closer to family in town. While that may not be the only demographic for these, what these condos don’t provide a great deal of value to is family living, especially with 2 beds, and 2 baths. Perhaps a young couple with the means could start out here, but the space will be outgrown pretty quickly. Tack on the $400+ dollar/month HOA, and the monthly payment on something like this particular unit is likely to be the same as a single family home priced close to $575K.
209 Scott Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $550,000
Sold Price: Pending (8 Days to Offer)
Difference: TBD
This is a great listing to follow my writeup from the condo above (and below for that matter) as this is a single family home in Old Town with tons of charm, near city park and Mountain Ave, for $550K. When I saw this one come on the market I was immediately curious based on price and location, and the inside is super charming as well. In fact, this is the type of house that my mind instantly thinks “perfect for the mother-in-law” to be close by. Seeing as how it went under contract in just 8 days, the lack of a large lot was offset by the value and charm and proximity to City Park and Mountain Ave.
409 Mason Ct 228, Fort Collins, CO 80521
Listed by Mala Vyas, Grey Rock Realty
List Price: $555,000
Sold Price: Active (As of 06/05/2024)
Difference: TBD
Listed prior to both previous listings, this particular condo is a baseline for the price in the area…specifically as it relates to a 2 bed, 2 bath condo. While the price is substantially higher than the other condo currently available in the same complex, I think that the overall feel and layout of this property is cooler with a more modern vibe and slightly more SQFT. However, it runs into the same conundrum as the other condo, that being the need to use stairs (harder for aging retirees) and a monthly cost after HOA that makes a monthly payment more inline with a $640K home.
1136 Laporte Ave, Fort Collins, CO 80521
Listed by Richard Hausman, Roots Real Estate
List Price: $620,000
Sold Price: Pending (5 days to offer)
Difference: TBD
Character, size, condition, and ultimately smart pricing and marketing drove a quick offer on this particular home. I absolutely love the wood floors throughout and they look like they are in great condition. The home also has a nice open living space which isn’t too far removed from the updated kitchen, and the bonus space downstairs works in a pinch for visitors and extra storage space. This particular price range ($500-$700) is a tough one to come by in Old Town, especially in regards to the right size of home with enough beds, baths, and SQFT to comfortably suit a wide range of potential buyers.
824 Maple St, Fort Collins, CO 80521
Listed by Julie Mote, Kittle Real Estate
List Price: $720,000
Sold Price: Pending (31 days to offer)
Difference: $TBD
This property is priced on the higher end of expectations for a 2 bed, 2 bath property, but ultimately the modernized finishes of this home is the likely driver for the sale. I will be interested to see where the final price ends up, and I wouldn’t be surprised to either see a lower price, or some semblance of a seller credit that was used to buy down the interest rate. I do love all of the natural light that floods into this home, but I would be a bit worried about extra storage space as this home has no basement and no garage (yet).
310 W Olive St C, Fort Collins, CO 80521
Listed by Grant Duffy, Realty One Group Fourpoints CO
List Price: $725,000
Sold Price: Expired
Difference: Expired
Ultimately a bit of a moot point on this one as it was listed and expired all within the same month. However, I would consider this on the higher price in regards to a 2 bedroom condo, even though it is nearly new. This could still be a good lock and leave condo for traveling workers or retirees though, and it does have elevator access to the second floor where it is located, which is nice for those not wanting to navigate stairs. The broker did have some comments about short term rentals not being allowed from the HOA, so it is likely that some potential buyers were looking at this property with that use in mind.
818 Maple St, Fort Collins, CO 80521
Listed by Stephen Hachey, Flat Fee MLS Realty
List Price: $739,000
Sold Price: Active (As of 06/05/24)
Difference: TBD
Nice overall finishes in this home, but it has a bit of a disjointed, “shotgun” feel to it with a strange separation of rooms. It actually has 3 bedrooms and 1 bathrooms, with about 1085 SQFT, and is next door to the property on Maple that is under contract with 2 beds, 2 baths for $720K. Certainly these two properties would have been competing with each other for potential buyers, so perhaps the fact that 824 Maple recently went under contract will help move this property along as well. I’d still personally choose 824 Maple, or even 1136 Laporte over this particular property.
617 Maple St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $715,000
Sold Price: $750,000
Difference: $35,000
A very charming mid-sized cottage in the heart of Old Town with lots to offer for a buyer. Again, based on the size and style, I could see this one as the type of home that sells to a relocating retiree couple looking to be in Old Town. With only 2 beds and 2 baths, it doesn’t easily fit the bill for a family, but it is super charming and has lots of great features that people tend to love when moving to Old Town. Unsurprisingly, this one ended up with multiple offers, and sold in quick fashion $35K above its listed price.
1026 Mountain Ave, Fort Collins, CO 80521
Listed by Leone Coryell, Group Mulberry
List Price: $985,000
Sold Price: Active (As of 06/05/2024)
Difference: $TBD
Perhaps the toughest aspect of selling these condos is the fact that there are 3 stories to navigate. I’m quite surprised to see so many of these turn over in ownership since they were built in 2017, but it seems recently at least 1-2 per year have come on the market. Again, similar to other attached dwelling properties, these townhomes are quite nicely finished, and provide a semblance of “lock and leave” lifestyle, but the affordability factor for these really limit the buyer pool. I would expect that this unit spends a bit of time on the market, maybe with a price reduction before going under contract.
420 S Loomis Ave, Fort Collins, CO 80521
Listed by Grant Duffy, Realty One Group Fourpoints CO
List Price: $1,175,000
Sold Price: Pending (17 days to offer)
Difference: TBD
I’ll be honest on this one….I never expected this one to be under contract as quickly as it was at the price, primarily due to its location near the corner of Loomis and Mulberry. Overall, the location is not bad, but being just a door down from Mulberry certainly has it’s drawbacks, both with turning traffic and with road noise. Inside, the home has a lot to offer and has been extensively updated over the years to make it quite appealing. Perhaps the fact that the home is eligible for a primary occupancy STR helped in the sale, but I’ll be very curious to see what this closes for!
224 Canyon Ave 305, Fort Collins, CO 80521
Listed by Michael Jensen, Fort Collins Real Estate, LLC
List Price: $1,199,900
Sold Price: Pending (32 days to offer)
Difference: TBD
The Cortina lofts have long been a luxury condo style property that may be out of reach of a majority of buyers. This particular unit is well updated as you might expect for the price, and did take a little over a month to receive an offer. Being on the 3rd floor, this unit does get you views above the trees, but might not quite get the breaktaking views of the mountains that some higher units offer. Either way, this is a nice condo that certainly will fit the needs of only some particular clientele as opposed to the general masses.
510 Wood St, Fort Collins, CO 80521
Listed by Carolina Westers, RE/MAX Advanced Inc.
List Price: $1,500,000
Sold Price: Active (As of 06/05/24)
Difference: TBD
I watched a pair of houses in this location get torn down about a year ago, so it is interesting to see what is being built in their stead. I know that many Old Town residents shirk at the idea of a tear down, but I have a little bit more openness to the idea, provided what is built is still timeless and of good quality. I do think that they style of build of this home somewhat fits with the rest of Old Town, but I certainly wouldn’t look at the exterior elevation as “timeless”. The use of a mixture of materials between rock, exposed wood and board and batten is definitely in style these days and will surely attract a buyer at some point. Inside, the home definitely looks solid and well built, and compared to a few other brand new builds currently listed on Grant street, this one is the most affordable of the lot.
515 W Mountain Ave, Fort Collins, CO 80521
Listed by Jason Humpal, CENTURY 21 Elevated
List Price: $1,825,000
Sold Price: Pending (Sold before published to MLS)
Difference: TBD
Great size, location, and style on this Mountain Ave home surely put it under contract prior to it being published.
119 N Shields St, Fort Collins, CO 80521
Listed by Julie Mote, Kittle Real Estate
List Price: $1,833,700
Sold Price: Active (As of 06/05/24)
Difference: TBD
In regards to size, stlye, and bedroom count alone, this 5 bedroom, 5 bath, over 4000 sqft home is a rarity in Old Town and warrants a price/sqft pricing. I worry that the homes location on the busier Shields st will hold back an offer as many buyers who could afford this price would be more interested in alternative locations and may not value the extra SQFT that they may or may not really need. I think this one will struggle to sell at its listed value and may see a price adjustment along the way before it garners interest.
224 Canyon Ave 628, Fort Collins, CO 80521
Listed by Greg Roeder, LIV Sotheby's Intl Realty
List Price: $2,100,000
Sold Price: Active (As of 06/05/24)
Difference: TBD
A rare offering in Old Town, this is one of only 3 penthouses in the Cortina Lofts, and is packed full of high end details. The fact that this property has multiple outdoor balcony spaces with views really makes it a rare and high end product. Overall, it looks like a very nice, custom property that just might take a little bit longer to sell as it attracts a buyer that can afford, and appreciate what it has to offer.
