November 22’ - Listing Spotlight
The holiday season is officially here, which always results in slower flow of inventory on the market. This year that flow has been turned down to a trickle as we only saw 5 new listings come online this month as compared to the 11 listings that were listed in November of 2021. Of those listings that came on, 2 went under contract in quick fashion and 3 are still available on the market. Those 2 that went under contract live at different ends of the price spectrum, with one being priced under $400K and the other being priced over $1.0 million. So what drives those to go quickly while others stay on the market? One word that I think best describes why they move fast is urgency. For the lower priced home, there is an urgency that is created in the market based on price, and more specifically, the lack of other homes on the market in similar price at the time of listing. Flat out, it had no competition for a similar size/style/price, and therefore, it moved quickly. On the $1.2 million dollar home, the urgency was created in a mixture of price and location. 1122 W Oak st is located in an incredibly sought after block of Old town between Shields and City Park. That location, mixed with a lack of inventory in that specific area over the past couple of months, certainly drove some quick interest in the home. Overall, I think we will continue to see the same factors driving sales in Old Town through December. If you have a home to sell that is either A) at the bottom of the overall price curve or B)in an incredibly attractive location you will likely still have good luck getting it under contract. However, I think a majority of sellers and buyers alike are all waiting to see what the 2023 spring market will bring, and I’m anticipating that it will likely be pretty busy again once the new year rolls around, especially as rates are starting to show a downward trend that will open up the demand again, and provide relief for sellers who would need to relocate to another home. Here are the specifics of each of those 5 homes listed:
Here is an overview of what hit the market this month and my thoughts on each property.
415 S Howes St N-406, Fort Collins, 80521
Listed by Doug Miller, The Group Mulberry
List Price: $330,000
Sold Price: Active (As of Nov 30, 2022)
Difference: TBD
This looks like a well maintained, nicely updated unit in this complex that is completely move in ready. However, as we’ve seen throughout the year, the single bedroom aspect of this home will likely make it harder to sell as there are less options for homeowners to lessen their monthly payment through rent of the second bedroom. I’d expect that this one probably price adjusts and ends up selling closer to $300-$315K sometime early next year.
418 Riddle St, Fort Collins, CO 80521
Listed by Jeffrey King, Remax Alliance FTC South
List Price: $365,000
Sold Price: Pending (2 days to offer)
Difference: TBD
I had the opportunity to get through this property, and I am not surprised that it moved so quickly. Make no illusions, it still needs some work, but there is some great opportunity in this home to really add equity with some pretty simple improvements like refinishing wood floors, and fresh interior paint throughout. The kitchen was pretty basic and bare bones, but all of the major systems seemed to be in place to allow a buyer to make the changes they want, or live in the property “as-is” right away. I’d expect that this one closes maybe slightly above the listed price.
234 N Shields St, Fort Collins, CO 80521
Listed by Collin Rue, C3 Real Estate Solutions LLC
List Price: $530,000
Sold Price: Active (As of 11/30/22)
Difference: TBD
This is a bit of an interesting home that is tucked away and out of site from Shields St. The layout seems a bit odd overall with the main door entrance directly into the kitchen, and the sliding door entryway into the living space. Packing 4 bedrooms into 1122 SQFT is also quite a feat, and overall it seems like a very compartmentalized home. I think the pricing is high given the location and overall value that it offers to a potential buyer, and I’d expect that this one spends a bit of time on the market with a price adjustment before it ends up with an offer.
1122 W Oak St, Fort Collins, CO 80521
Listed by Sara Horner, The Group Mulberry
List Price: $1,250,000
Sold Price: Pending (4 days to offer)
Difference: TBD
Location and size are a large driving factor in the sale of this home. At the time of listing, there really wasn’t any great option in the low $1,000,000’s that provided the same level of bedroom/bathroom/sqft and finish. The proximity to City Park is also a very desirable aspect of this home, and with a neighbors house a few doors down listed $800K higher, the relative pricing may have helped this one move quickly. the extra Air Bnb in the back may have also helped either for mother in law space, or potential rental income, but it does lack a garage which is a bit of a deterrent for some.
1130 W Oak St, Fort Collins, CO 80521
Listed By Emily Heinz, Downtown Real Estate Brokers
List Price: $2,100,000
Sold Price: Active (As of 11/30/22)
Difference: TBD
This has long been an architectural favorite home of mine in my morning walks around Old Town, so it is fun to see how the interior matches the exterior. It does look like there are some high quality finishes throughout the home, especially in the kitchen that was remodeled in 2018. The home has a grand feel overall that gives homage to its historic roots without modernizing too much. Whether or not the indoor attached swimming pool is a positive or a negative will change depending on whom you talk with…..for instance, my daughter would think it was the best thing in the world, but I don’t know that I would want to take on the maintenance for the space that it takes up. Either way, this is listed in a luxury price point that has sold a few times this past year, but based on time of year I think this one may take a bit more time to find the right buyer even though the location is choice!
