November 24’ - Listing Spotlight
As one would expect, November really start to slow down in the real estate market as we prep for the holiday season. Last year, there were 7 properties listed in November, and here in November 2024 we are right on track with that same number listed. Traditionally, homes listed in November spend more time on the market prior to receiving an offer, with a few exceptions here and there of a fast moving more unique property. That trend is holding true this year as well, with only one of the 7 homes listed under contract prior to getting into December. As has been the story all year long, housing affordability as it relates to the 30 year interest rate is holding back most properties unless they are move-in ready, or at a great value price-wise with little work to be done. The closer Old Town homes are to the overall Fort Collins median sale price, the more likely they are to receive offers, especially if they have at least 3 bedrooms. 2 bedroom and 1 bedroom homes are taking a bit longer to sell these days as they don’t provide as much long-term flexibility in the market for life changes.
Here is an overview of what hit the market this month and my thoughts on each property.
413 Riddle ST, Fort Collins, 80521
Listed by Curt Schreiber, Urban Dwellings
List Price: $439,000
Sold Price: Active (As of 12/06/24)
Difference: TBD
This property has been on the market since July of this year where it started at $470K. On paper, that looks like a really good price for the size/sqft/location, but this property does have quite a bit of deferred maintenance, and a bit of cracking on some ceiling drywall which may be a concern in regards to structural damage? Either way, we are nearly at the end of the year, and now down to $440K. However, based on the work that is likely needed in the home, it feels most likely that an investor would be the purchaser who would be able to fix it and turn for a profit, so it may go even lower.
324 N Loomis Ave, Fort Collins, CO 80521
Listed by Amy Kilcoyne, Keller Williams Realty NoCo
List Price: $499,900
Sold Price: Active (as of 12/06/2024)
Difference: TBD
This home was fully remodeled back in 2021 from head to toe and it sold at that point for $475K after just 5 days on the market. Of course, 2021 was a different beast in regards to competition for homes, but I think the original price that this home came on this year (It was originally listed in August for $580,000) was quite aspirational especially for the interest rate environment that we are in. While it is true that overall Fort Collins had a 15% overall appreciation between 2022-2023, the smaller size of this home ultimately limits the buying pool to a very specific buyer. I think this home may have faired better if it started closer to $500-$525K, but at this point the sellers may be looking to just break even on their investment.
1112 Juniper Ct, Fort Collins, CO 80521
Listed by Berin Jacob Wachsmann, RE/MAX Alliance-FTC South
List Price: $515,000
Sold Price: Active (As of 12/09/23)
Difference: TBD
I’ve always been a fan of this street in particular, and this home has been one that draws my attention based on the lot and look. In particular, I am a fan of the curved doorway….you just don’t see that too often these days. Inside it also has a nice post-war look with a curved partition between rooms, solid wood floors and a compact size. I do think that the pricing is in a good spot for the size, style, condition, and location, but as we have seen many times this year, if there is even a hint of work that buyers would want to do to make it their own outside of maybe some paint and flooring, homes just tend to sit a little longer. I do expect that this is one that will sell, and maybe it will go just shy of $500K?
208 Bishop St, Fort Collins, CO 80521
Listed by Kenny "Bud" Anderson, West and Main Homes
List Price: $560,000
Sold Price: Pending (5 days to offer)
Difference: TBD
This one really hit the value in the Old Town Market. Having 4 bedrooms and more than 1500 SQFT really made this a better value than many others in the area, especially as it was priced in and around the median home price range for all of Fort Collins. There is some nice charm to the home as well, a decent sized backyard, and a 2 car garage to round it out. This is the only property that was listed in November that went under contract within the month.
415 S Howes St 1203, Fort Collins, CO 80521
Listed By Travis Dunn, EXP Realty, LLC
List Price: $755,000
Sold Price: Active (As of 12/06/24)
Difference: TBD
Being located on the top floor of this building definitely puts a premium on the price for this property. The fact that the home is fully remodeled also adds some value to the space. The biggest struggle for me on all of the properties in these buildings revolves around the high HOA (HOA $1202/month). For some in the market, that is nearly half of what they could afford for rent/mortgage, and if you do the math on it, that HOA fee would equate to nearly 240K of purchase price. For example, if you were to remove the HOA from this property, and use those funds as normal borrowed funds in a loan, you would be able to afford a property with no HOA priced at $995,000! So that begs the question in my mind…..is a buyer willing to spend the extra funds on purchase price and HOA to be on the top floor of this property with no yard, or are they more willing to find another place with a lower HOA, less of a view, or even potentially a single family home with a yard and land?
210 W Magnolia St 410, Fort Collins, CO 80521
Listed by Ben Woodrum, Coldwell Banker Realty - Fort Collins
List Price: $1,450,000
Sold Price: Active, (As of 12/06/2024)
Difference: TBD
I know this building is newer (built in 2006) and has some luxury finishes to it, but as a buyer I would always be concerned about only having 1 bedroom. The layout is very spacious, so you do get quite a bit of space for the money, but may feel limited on use for guests or any type of family use. What makes it more difficult is that there are other options that have been coming on the market in a similar price range with that second bedroom, so I think this home may take a bit more time to find just the right buyer who values the property for its location, finishes, and feel.
210 W Magnolia St 410, Fort Collins, CO 80521
Listed by Chris Doyle, The Group Harmony
List Price: $1,995,000
Sold Price: Active, (As of 12/06/2024)
Difference: TBD
This is a quick turnaround from when it last sold in March of 2023, and looking into the contract writing instructions that I can see online, it looks as though it is being sold as part of an estate. That tells me that this is not a sale because an owner didn’t like the home and had second thoughts about it, but that there may have been unfortunate life circumstances that dictated the estate to sell the home. This property is quite a unique one in Old Town, complete with its own swimming pool at the back of the house. What you do lack, however, is much of a backyard, which is a bit of a bummer if you had kids, but with City Park just a block away, it might not be that bad? This is not the best time of year to list a property, but I bet that the price holds pretty resolute through the holiday season until we get into January/February when demand starts to pick back up.
