October 22’ - Listing Spotlight
October fell into a rhythm of listings that we would expect as we transition into the fall/holiday season. Last October, 15 homes hit the market compared to the 14 homes this October (22’). However, 3 of the October 22’ homes were “recycled” listings that had previously hit the market in earlier months, so from that standpoint, we are a bit less than expected in listings when comparing year over year stats. Interest rates continue to be the major stall in the market and as of writing the rates are in the 7.25% range, which is up from last month. This, paired with the upcoming holiday season, will continue to keep new and unique listings at a slow pace as we near the end of 2022. Last month I predicted that homes would start selling for less than their listed price, and as I look over the homes that have sold since August, it does look like the market is trending this way. A majority of homes are selling at their listed values, but there are a few occasions where they are selling slightly above, and also occasions selling below. I’d expect that as long as interest rates stay this high, or climb higher, we will continue to see home values stagnate. If previous years tell us anything about what to expect in the final 2 months of the year, I’d expect that we see less than 2 dozen homes listed between now and 2023.
Here is an overview of what hit the market this month and my thoughts on each property.
415 S Howes St N-207, Fort Collins, 80521
Listed by Nathan Buie, Main Street Properties-Inc
List Price: $329,900
Sold Price: Pending (2 days to offer)
Difference: TBD
There have been quite a few of these condos listed and sold this year, and coming on the market at this price is probably the driving factor for this property as most of the 2 bedroom units have been selling for more than this one. There are definitely upgrades that could be done to the unit, but at this point, most buyers in this price point are most sensitive to overall monthly payments.
415 S Howes St S-806, Fort Collins, CO 80521
Listed by Dave Trujillo, The Group Centerra
List Price: $379,000
Sold Price: Active (As of 11/4/2022)
Difference: TBD
On the flip side to the property above, this one is listed at a much higher price based on the overall upgrades that have been completed on it. However, it is priced in the range where the 2 bedroom units have been selling, and the loss of utility of that second bedroom makes it a tougher sale for the price. The views from this unit look really nice and it looks like a perfect place for a short term rental, although I believe that the HOA rules would disallow it for that use.
401 Mason Ct 204, Fort Collins, CO 80521
Listed by Steve Balmer, Elevations Real Estate LLC
List Price: $439,000
Sold Price: Active (As of 11/4/22)
Difference: TBD
I’ve always thought that these condos have amazing natural light, and this one is a great example of a light and bright condo. The overall hoa costs are actually pretty good comparatively to others across the city (just less than $200/month). Probably most detrimental to the sale of this condo is the lack of a second bedroom and overall small size. These 1 bedroom units across the city seem like perfect places for short term rentals, but many HOA’s have started to crack down on their condos being used in this manner. The remarks note that “use as a rental must be approved through the HOA”. It is unclear on whether that means use as a short term rental, or as a long term rental. The city website shows that it is in a zone that allows non-primary short term rentals, but the city also has strict rules regarding permitting for short term rentals on multi-unit buildings.
123 Fishback Ave, Fort Collins, CO 80521
Listed by Angie Spangler, Remax Alliance FTC-Downtown
List Price: $450,000
Sold Price: Active (As of 11/4/22)
Difference: TBD
Prior to the current high rates, a home priced like this in this location would be flying off the shelf. This property did start its pricing at $490,000, received a price adjustment 10 days on the market and then received an offer just a little after 2 weeks on the market. However, it did come back on the market 5 days later which would imply either a lending mishap or inspection mishap. Either way, it is now on the market at $450,000 and looks like it has some good potential if someone can make the numbers work for their housing needs.
618 Hanna St, Fort Collins, CO 80521
Listed By Rob Kittle, Kittle Real Estate
List Price: $500,000
Sold Price: Pending (14 days to offer)
Difference: TBD
Despite being in a decent overall location, and great overall price for bedroom/bathroom/sqft count, this home took quite a bit of time to go under contract. A quick look at the history of the property shows that it originally went under contract in late August after just 3 days on the market. However, it fell out of contract a few weeks later and then spent quite some time on the market before another offer came around. It was reintroduced to the market in the middle of October and received another offer roughly 2 weeks later. I don’t know that homes in this particular neighborhood tend to attract as much interest as those just a few blocks to the east towards Downtown, and they tend to feel a bit more “meh” than other homes nearby as they were built in the late 70’s and might lack the character of other homes in the area.
234 N McKinley Ave, Fort Collins, CO 80521
Listed by Carolina Westers, Remax Advanced INC.
List Price: $529,000
Sold Price: Pending (13 days to offer)
Difference: TBD
Originally under contract the first day on the market, this home is now available for a future buyer. Based on the timeline of termination, this seems most likely due to inspection items. With the market favoring the buyers negotiating powers, many homes have received much more in-depth inspection repair lists, and while I can’t verify that this is the case with this home, there may be a component of truth to that aspect with many homes that come back on the market. This home looks like it is pretty nice overall, although it is just shy of 1000 SQFT, is on a modest sized lot, and doesn’t have any garage. These factors for the price might be a bit of a deterrent for a potential buyer, especially in this particular sub-neighborhood of Old Town.
915 Maple St, Fort Collins, CO 80521
Listed by Mala Vyas, Greyrock Realty
List Price: $550,000
Sold Price: Pending (30 days to offer)
Difference: TBD
If I’m being honest, I am a bit surprised that this home took as long as it did to receive an offer. The detailing throughout the interior has lots of character and seems to be on point with current trends. While the home is smaller, it is in a great neighborhood and has lots to offer, especially for someone who wants a small, minimal maintenance yard and a move in ready home. However, these same details that may be a bonus for one buyer, provide a lack of opportunity for other buyers who value larger lots, garages, and overall more space. Perhaps the biggest detriment to this home is the smaller bedroom sizes (roughly 9X9 each which is not huge given some of the current standards of the day)
401 Mason Ct 203, Fort Collins, CO 80521
Listed by Steve Balmer, Elevations Real Estate LLC
List Price: $559,000
Sold Price: Pending (7 days to offer)
Difference: TBD
Very cool 2 bedroom unit with tons of natural light. This one was under contract in 1 week which is good given the current climate of the market. It does seem that condo units with more bedrooms are better overall value for the money overall as they tend to sell more quickly than single bedroom condos.
407 N Loomis Ave, Fort Collins, CO 80521
Listed by Linda Hepperle, BHHS Colorado RE NO CO
List Price: $575,000
Sold Price: TBD (Active as of 11/04/22)
Difference: TBD
I try not to be too hard on homes as each and every one has their story, but this particular home looks like it is in pretty rough condition. As I look through each and every photo, I have tried to find some saving grace, and I can’t say that I see much more in this home that a gut-job or a scrape opportunity. With that being said, $575,000 does not seem like reasonable value in the market, especially since this home is on a smaller lot (.11 acres) which does not allow for a large property to be built on site. I’d expect to see this one stay on the market for quite some time and eventually sell when it gets below $500K….maybe quite a bit below.
520 Laporte Ave, Fort Collins, CO 80521
Listed by Joseph Coulter, Fort Collins Real Estate, LLC
List Price: $575,000
Sold Price: Pending (16 Days to offer)
Difference: TBD
It’s ok. Thats the first thing that comes to mind to me on this home. The upstairs shows some decent value, as does the overall lot size. However, as is the case with many Old Town homes, the basement underwhelms for usable value in its current state. While the home is technically only a few blocks away from downtown, I’ve found that the blocks east of Whitcomb start to loose a bit of the neighborhood vibe and transition to a more rental centric aesthetic. This home did receive an offer after 2 weeks on the market, so it will be interesting to see whether it is a new investor looking to rent the property, or a homeowner looking for an opportunity to own and live in an Old Town location.
1414 Laporte Ave, Fort Collins, CO 80521
Listed by Sam Moes, Roots Real Estate
List Price: $619,000 *
Sold Price: Pending (9 days to offer)
Difference: TBD
*Originally listed in August for $633,000
This property has come in and out of contract at least once, and has been withdrawn from the market once as well to make sure that it didn’t loose momentum by showing a large amount of days on the market. Overall, this looks like a nice remodel, although the layout does seem a bit choppy overall. The first buyers terminated due to financing, which has been more prevalent the past couple of months based on how tight the interest rates have made financing for buyers.
220 Park St, Fort Collins, CO 80521
Listed by Ashley Lowery, Coldwell Banker DTC
List Price: $639,000
Sold Price: Active (As of 11/04/22)
Difference: TBD
I love the neighborhood of this property (Its just down the street from me) and overall the upstairs looks really well dialed in. The lot size is also really nice on this property. However, because this is more of a duplex style, with 2 beds and 1 bath up and similar down, it doesn’t make it quite as appealing to all buyers who might be looking to utilize all of the space for themselves. However, for homebuyer who doesn’t mind having some income generating tenants, this might be a good fit as they could live upstairs and rent the downstairs to offset the higher mortgage.
310 W Olive St B, Fort Collins, CO 80521
Listed by Jennifer Fields, Remax Alliance FTC-South
List Price: $850,000
Sold Price: Active (As of 11/04/22)
Difference: TBD
I had to do a quick double take when I saw this one hit the market as I wasn’t quite sure if this was still the original new build sale, or a resale of the property. It seems that this is actually a resale of the property which was just finished and sold last year, so that is a quick turnaround on the property. It originally sold last year for $760,485, making the new price ~11.75% higher over the year. This is somewhat inline with what the market has done this year (Fort Collins did appreciate 12% over the first 2 quarters of 2022). Now with higher interest rates, it does look like this property may be in for a longer haul to get an offer, especially as the monthly HOA is $420/month which is fairly high overall for a Fort Collins HOA.
310 W Olive St B, Fort Collins, CO 80521
Listed By Emily Heinz, Downtown Real Estate Brokers
List Price: $1,250,000 *
Sold Price: Pending (4 days to offer)
Difference: TBD
* Originally listed in August 22 for $1,350,000
I’ve noticed over the years that some Old Town properties match up on paper with the numbers (IE the SQFT, bed/bath counts justify price on paper) but the quality and condition doesn’t quite match up. I think this is the case with this home, primarily in regards to the basement space. The location is spot on, the lot size is spot on, and in general, the upstairs is really quite nice over. However, it gets a bit lost in the basement where nearly half of the SQFT is in the home. While there certainly is some great value to living on Mountain ave, I don’t know that I see the overall value of this property with the basement still in need of some serious updating to get in on par with the rest of the home.
