November 23’ - Listing Spotlight
After a standout month of October where 26 homes were listed, I expected that November would be a much quieter month in terms of new listings. In a similar trend to last year, there were only 6 homes listed this November (5 were listed last November) which trends towards some normality in the market compared to October. I think that many sellers saw October as their “last chance” to list in 2023 before the holiday season sets in….but the recent decrease in interest rates might actually help those homes that were listed in November compared to those in October. One thing to note, there are still a few of these homes that have already been listed prior, so in regards to new and unique inventory, November really only saw 2 homes that haven’t been listed in the past 12 months….and both of those listings were Park Lane Tower condos. The slowdown in single family home listings will prove a benefit for sellers who choose to list in the beginning of the year as there has been a shortage of new and unique inventory of that type, and mixed with potentially beneficial rates and emerging spring season, it could be a great time to list and get some semblance of a competitive buyers market.
Here is an overview of what hit the market this month and my thoughts on each property.
421 S Howes St 1008, Fort Collins, 80521
Listed by Angie Spangler, Remax Alliance FTC- Downtown
List Price: $339,000
Sold Price: Active (As of 12/09/23)
Difference: TBD
The views from this condo are pretty amazing as it sits on the 10th floor of the tower. The property itself has a very contemporary feel to it, which might feel a bit “cold” to some, but is certainly nice overall. The lack of a second bedroom is probably what is holding this property back, and with the HOA not allowing less than 3 month rentals, it makes for a difficult sale on this size and style of condo.
413 Franklin St, Fort Collins, CO 80521
Listed by Tyler James, Remax Alliance Wellington
List Price: $450,000
Sold Price: Pending (26 days to offer)
Difference: TBD
This 3 bed, 2 bath home has technically been on the market since the beginning of October when it was listed at $485,000. There is definitely some updating work to be done on the home, and I’ve seen that these homes that need updating tend to take longer to sell as buyers search for more move in ready options. However, the pricing is starting to get appealing for this property, and with a recent reduction in interest rates, this could present a good opportunity for the right buyer.
415 S Howes St, N-703, Fort Collins, CO 80521
Listed by Jen Petrik, Bliss Real Estate
List Price: $465,000
Sold Price: Active (As of 12/09/23)
Difference: TBD
Situated in the North tower with East facing views, I don’t find this particular unit as attractive in nature as the one bedroom currently listed. Don’t get me wrong, the home is nicely updated, and looks like it has some really live-able space to it, especially with the second bedroom and bathroom. For the money, once HOA dues are added in ($1,080/month!), a buyer could be looking at a $500K+ property in Fort Collins with more space, a yard, and ability to make more changes that they like.
421 Franklin St, Fort Collins, CO 80521
Listed by William Redd, Remax Alliance FTC South
List Price: $515,000
Sold Price: Pending (22 days to offer)
Difference: TBD
This is another property that has technically been on the market since early October when it was originally listed at $575,000. Being completely remodeled, it fits the bill for move-in ready, but the price mixed with the interest rate just made it non-competitive for the current demand in the market. However, now that it has reduced its price by $60K and interest rates have softened, it has received an offer that gets the ball rolling on new homeownership.
1018-1020 Akin Ave, Fort Collins, CO 80521
Listed By Richard Payne Jr, Fort Collins Real Estate LLC
List Price: $679,900
Sold Price: Active (As of 12/09/23)
Difference: TBD
With a long and unsuccessful history of being listed (It has been on and off the market since April of 2022 at various prices between $675-$725K) This side by side duplex has a very specific buyer pool that may be attracted to it. Since it doesn’t work for families, based on bedroom/bathrooms (each unit is a 1 bed/1 bath) it really put the ideal buyer as either an investor, or potentially a single owner who is looking to live in one side and rent the other. However, at the price, a single owner may not be able to afford it, or they may be more attracted by other less expensive opportunities in the market without the complexity that this one presents. From an investor standpoint, it really comes down to numbers, and most investors would prefer to have a few more bedrooms/bathrooms to rent out to maximize profits on long term leases as opposed to working this property as a short term rental.
1109 W Oak St, Fort Collins, CO 80521
Listed by Michael Jensen, Fort Collins Real Estate LLC
List Price: $1,695,000
Sold Price: Pending (6 Days to Offer)
Difference: TBD
This could be a case study on pricing vs timing as this property, which has been tastefully updated and decorated in an amazing location, had been listed in June for $1,830,000 before being pulled from the market about a month in. I would argue that the timing of that listing was much better than being listed in late November, but the pricing was not attractive at the moment that it was listed. However, now back on the market in less ideal timing, but with a fresh price, this home was under contract in short order.
