October 23’ - Listing Spotlight
October was a standout month in regards to the amount of homes hitting the market. Suprisingly, there were 24 new homes to hit the market this October, which is nearly double the 14 that came on the market in October 2022! This is second in number of homes listed this year just barely behind June which had 25 homes listed. So what does this mean? Frankly, it is a bit tough to decipher why this October was such a standout month for listings, but I’m inclined to think that many realtors (myself included) would urge a seller to either listing in October (prior to the holidays coming) or wait until early next spring to list. Because the timeframe to get a home up and on the market has a small lag time (to get it done right) many of these listings that showed up in October were probably planned back in August/September and are just now hitting the market. With demand seriously hampered by high interest rates (now at the highest they have been nearing 8%) and a major influx of Old Town Supply, I’d expect that only the cream of the crop ends up with offers in the very near future, with other listings chasing the market with price reductions every 2-3 weeks to try to garner interest in their homes. Whether or not November continues to see elevated inventory is a 50/50 bet in my opinion, and I would verge towards the side that says we see a less busy November in regards to listings than normal.
Here is an overview of what hit the market this month and my thoughts on each property.
421 S Howes St 303, Fort Collins, 80521
Listed by Kelly Lindner, Remax Advanced Inc
List Price: $360,000
Sold Price: $360,000
Difference: $0
There is nothing amazingly noteworthy on this particular condo. The place does look updated in a manner that suits most tastes, and at the time it was listed it was the least expensive 2 bedroom option within Old Town. This likely drove the speed to offer on this home, and I don’t expect that it sells for any more than its listed value.
1216 Mulberry St, Fort Collins, CO 80521
Listed By Jonathon Holsten, EXP Realty LLC
List Price: $400,000
Sold Price: Active (As of 11/04/23)
Difference: TBD
This marks one of a few homes that are currently listed on busy streets (Shields St being the other major street within Old Town). I don’t see much wrong with this home in its own right, so my best guess is that a mixture of size, location, and price are holding this one back at the moment. The lack of a 3rd bedroom could also hold it back, especially for its potential as a rental.
326-328 N Grant Ave, Fort Collins, CO 80521
Listed by Rebekah Harvey, Resident Realty
List Price: $439,000
Sold Price: Available (As of 11/04/23)
Difference: TBD
Rental sales, which this would be, are a had bargain in the current interest market. This particular property is right on the edge of break-even for an investor (assuming a 25% down loan amount). The current leases provide $2775 of rental income, and assuming the current price, mixed with an investor interest rate (which is higher than a primary occupant rate) the interest rate would need to be in the sub 8% range for an investor to break even and start making money on this one. If the rates got down to 7%, with a 25% down loan, a purchase would start to make around $300/month on this and it might start looking more attractive.
221 N Roosevelt Ave, Fort Collins, CO 80521
Listed by Edith Melanie Dore, Assist To Sell- Ortiz Realty
List Price: $450,000
Sold Price: Available (As of 11/04/23)
Difference: TBD
This falls into the category of a “tough” sale in the current market due to its condition cosmetically. While the structure may be totally dialed in for its age, there is quite a bit of updating needed in this property, and with an expected monthly payment between $2700-$3100 (depending on downpayment of 10%/20% respectively) it doesn’t leave much room for buyers to save off money to make improvements. They would likely need to stay in the 10% down range, which would increase the monthly payment that $400, which over the year of ownership, is a good $4800 of funds that could have been used for upgrades on this home.
413 Franklin St, Fort Collins, CO 80521
Listed By Kareen Kinzli Larsen, Remax Alliance - Wellington
List Price: $459,900
Sold Price: Active (As of 11/04/23)
Difference: TBD
Somewhat similar to the last property, this one could use some cosmetic updating, although it looks like the carpeting in this home is in decent shape. Its location adjacent to the open field is an attractive feature which should add some value to the home. This home would make a great rental once the rates get into a decent spot, so this one seems to be a great opportunity for a home buyer who might want to purchase, fix while living in it, and then jump off to find a better primary down the line.
404 Tedmon Dr, Fort Collins, CO 80521
Listed by Angie Spangler, Remax Alliance FTC- Downtown
List Price: $480,000
Sold Price: Available (As o11/04/23)
Difference: TBD
This is a really nice home for the price, and just 6 months ago would probably be under contract in quick order. The hardwood floors a solid feel to these types of homes, and having that extra family room is a bonus in this type of ranch home. A second full bathroom would really see extra value added in this home, but it might be hard to find the space to add it. Similar to the last home on Franklin, this would make a great rental in the future, so it would be a great purchase that holds value for future purposes.
215 N Shields St, Fort Collins, CO 80521
Listed by Billy Miles, The Group Mulberry
List Price: $545,000
Sold Price: Active (As of 11/04/23)
Difference: TBD
The lot on this home is nice and large, and would provide some flexibility for future expansion. The home itself is pretty tight, and is located directly on Shields st, albeit in a school zone after it drops to one lane each way, which would lessen the road noise. Unfortunately, I think most buyers who are looking in this price range are looking for a property that has more space, bedrooms, or immediate flexibility, so I doubt that this home will really move unless the price adjusts, or the interest rate really drops.
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421 Franklin St, Fort Collins, CO 80521
Listed by Jennifer Moody-Steyer, Remax Alliance- FTC South
List Price: $550,000
Sold Price: Active (As of 11/04/23)
Difference: TBD
I really think that this home would show so much better an attractively with some staging, whether real staging or virtual. The current owners made some smart decisions in opening up the kitchen to living space, and the hardwood floors are really nice as well. This home also backs to the open farm space just like 413 Franklin, but is also nearly $100K more expensive overall. Fact is, the work is done on this property, but a monthly payment is likely just putting it out of reach for some buyers right now. 413 Franklin, priced at $459K but in need of work, would have a monthly payment of around $2800/month (20% down, 7.25% interest rate). Meanwhile, this property would have a monthly payment or nearly $3300/month with the same downpayment and interest rate.
413 Park St, Fort Collins, CO 80521
Listed by Michael Campana, TRX Inc
List Price: $624,900
Sold Price: Pending (16 Days to Offer)
Difference: TBD
This is a fix and flip that actually works as the owners have connections in the industry to make it happen both quickly, and efficiently with costs. Purchased for $375,000 in August, it is now under contract in October at least $200K higher than when purchased. While these opportunities are far and few in the market, I just hope that the speed at which this was fixed up didn’t equate to a lack of quality which would be a shame. Certainly the new iteration of this home is more attractive inside and out and brings some extra vitality to the neighborhood.
818 Cherry St, Fort Collins, CO 80521
Listed by Roland Keuhn, Remax Advanced Inc.
List Price: $624,900
Active (As of 11/04/23)
Difference: TBD
This duplex has a huge lot, and some potential associated with it. As it stands, if a buyer wanted to keep this in its current state, they would not be making much if any money given the current rents ($2850 for 2 units). If they could add a third unit down the line, and refinance into a better rate down the line, it might make sense. Right now this seems like too big a risk for most investors to take on with the current interest rate environment, both for rents but also for building costs and future value.
1002 Laporte Ave, Fort Collins, CO 80521
Listed By Brendan Mahoney, At Home Realty
List Price: $649,900
Sold Price: TBD
Active (As of 11/04/23)
Difference: TBD
Upstairs, this home is really quite nice. I love the solid wood floor and feel they give the home, and the lighting upstairs is quite nice. There is some definitive road noise from Laporte Ave that is somewhat noticeable, but not so much that I would call it a deterrent. Downstairs is mostly finished, and probably looses the interest of most buyers. I think if the basement space were fully finished (ceilings for sure need it to increase the liveable feel) and a few egress windows were cut in, it might attract more buyers at the price. Right now, I could see this one going in the $615-$630K price range without the changes.
423 W Oak St., Fort Collins, CO 80521
Listed by Anna T Ditorrice-Mull, The Group Horsetooth
List Price: $650,000
Sold Price: TBD
Pending (3 Days to Offer)
Difference: TBD
Great house with great showcasing! Out of all of the homes that hit the market this past month, this one stands out as good value for the current market. I think the agent did an amazing job staging this home, and it has a good amount of space to satisfy the needs of many different variety of buyers. Its location is pretty great as well, as it stands right on the edge of where Old Town transitions from single family homes to more commercial properties. This home is just a 4 short blocks down to some pretty amazing shopping, restaurants, etc, but still have a nice feel and decent back yard for living.
337 N Shields St., Fort Collins, CO 80521
Listed by Matt Purdy, Redfin Corp.
List Price: $715,000
Sold Price: TBD
Active (As of 11/04/23)
Difference: TBD
This strikes me as a home that had been a rental for years, and then was fixed up to sell once tenants left. I just can’t see buyers in this market being willing to spend over $700K for an old town property on Shields unless it is an absolute gem. I do think they did a nice job getting this one fixed up, but I really doubt that they will get traction on this home unless it is priced substantially less as buyers in that price range could find many other attractive options across town that would provide more space, less noise, and still have great access to Old Town.
227 N McKinley Ave, Fort Collins, CO 80521
Listed by Dave Trujillo, The Group Centerra
List Price: $745,000
Sold Price: TBD
Pending (11 Days to Offer)
Difference: TBD
I’m surprised that this home took quite as long as it did to go under contract (This is its second go-around on the market, so the 11 days to offer is really more like 50 days to offer. This property strikes me as a true “family” home with living space, bedroom/bathroom qualities that rival new builds in the general Fort Collins area. Neighborhood wise, there is a bit of a mix of housing types in this particular neighborhood, but overall the value for Old Town is great in this particular sale
1013 W Mountain Ave, Fort Collins, CO 80521
Listed by Brandon Bidwell, Windermere Real Estate
List Price: $830,000
Sold Price: TBD
Active (As of 11/04/23)
Difference: TBD
Everything starts out well enough on this home, with a great Mountain Ave location just across the way from Little on Mountain, Beavers (Fresh Foods now…I guess) and a few blocks away from City Park. Inside, the spacious living room opens up to the dining/kitchen space which all flows pretty well. There is a slightly odd stairwell that goes down to the basement just at the back of the living space, but not a huge concern. The bedrooms are all tucked down a long hallway at the back of the house, but this area feels like a totally different space than the front of the home….and also of a bit lesser quality and structure than the front. I think that this home probably would fair better in the market in the upper $700’s, and probably won’t see much action unless they get it under $800K.
525 Gordon St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $875,000
Sold Price: TBD
Active (As of 11/04/23)
Difference: TBD
Tudor style homes are pretty rare across Fort Collins, and in its day prior to Mulberry being the street that it is, this was probably a premier home in the area. I still think there are some really great period details in the home, and good natural light throughout. While the property address is on Gordon St, this one also has Mulberry as neighboring road, and this section of Mulberry does see quite a bit of traffic that can cause some buyers to pause unless everything else it totally dialed in. I would say that this home does have lots going for it…great neighborhood overall, good school district, large lot, and plenty of charm. My best guess is that in the absence of the Mulberry traffic, this one would be under contract already.
1022 W Mountain Ave, Fort Collins, CO 80521
Listed by Barry Hufford, Hufford and Company
List Price: $1,090,000
Sold Price: TBD
Active (As of 11/04/23)
Difference: TBD
This is one of 6 townhomes in this community which was originally built in 2017. These townhomes have actually changed hands more frequently than I would have expected, but the overall general location is pretty amazing. This particular unit has the largest of outdoor spaces between the home and the garage out of any in the complex. I’ve always been a bit perplexed on these townhomes, as the price in the millions versus the size and lack of outdoor space screams “lock and leave” for a retiree. Somewhat unfortunately, none of these townhomes have a main level bedroom, which seems to be one of the biggest deciding factors that I have seen for retirees. Whether or not this equates to them changing hands as frequently, I don’t know, but logically, they just don’t make sense for me to recommend to aging couples based on the amount of steps in the homes.
401 W Mountain Ave 302, Fort Collins, CO 80521
Listed by Jessie Laner, C3 Real Estate Solutions LLC
List Price: $1,350,000
Sold Price: TBD
Pending: (19 Days to offer)
Difference: TBD
This unit provides a more urban loft feel than most other condos you can find in Fort Collins. The actual unit is quite spacious and open overall, and compared to some other sometimes available options (like the Cortina Lofts) there is some good value in this property. The private balcony spaces are quite nice for the area and give a totally different perspective to the Old Town area that is very rare to find. The proximity to downtown is great in this unit as well and it is one of the few listings this month that have actually gone under contract.
412 W Mountain Ave, Fort Collins, CO 80521
Listed by Laura Gippert, Remax Alliance FTC- South
List Price: $1,590,000
Sold Price: TBD
Active: (As of 11/04/23)
Difference: TBD
This property has had a bit of a rough history on the market as it has been listed a few times over the past year at different prices, but with the same end result. As an old town property in itself, it is an absolutely beautiful place that looks well maintained with lots of charm. I certainly would love to own a place of this quality and style, so I’d imagine other buyers would as well. The fact that the property is currently being used as a commercial space is what I think is really holding it back. The identity crisis of a place like this (is it best used as commercial or residential) makes for a tough sell, as I can’t imagine too many commercial spaces really being interested in this type of property in its location (sandwiched between 2 residential properties). As a residential property, at that price, the kitchen is a bit underwhelming and no garage might be problematic for some buyers (think nicer car that would be good to be garaged).
321 N Meldrum St, Fort Collins, CO 80521
Listed by Kyle Basnar, The Group Mulberry
List Price: $1,595,000
Sold Price: TBD
Active: (As of 11/04/23)
Difference: TBD
An interesting property in an interesting location, as this particular home has an operating Air BNB in the basement unit that brings in $4000/month. The neighborhood itself is right on the verge of commercial/residential, which can be a deterrent for some buyers who would prefer more of a “traditional” neighborhood feel. As far as quality goes in this home, it doesn’t lack it and because this was built in 2002, there are less worries about things like sewer lines, electrical, and plumbing within the home. That same factor also may degrade a bit in the overall charm of the home relative to other old town properties that have a depth of history and construction associated with them. Overall, it is a great home with plenty of space, and overall flexibility of use if you are alright with the neighborhood and have an entrepreneurial spirit of running an Air BNB.
418 N Grant Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,795,000
Sold Price: TBD
Active: (As of 11/04/23)
Difference: TBD
Not the first time on the market for this brand new property, but now the home is completely finished, which makes for a more marketable overall property. Having personally worked with both the builder and the architect that designed and completed construction on this home (and 420 N Grant) I can attest that there was great thought put into the design and build of this home. Of course, the overall price will be the main driver for a home of this nature….with a potential buyer perhaps looking at other locales outside of Old Town in their searches as well.
420 N Grant Ave, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $1,850,000
Sold Price: TBD
Active: (As of 11/04/23)
Difference: TBD
Similar to the home above, this home is now completed and ready to go. Great construction, attention to detail in design, and a brand new home to live in and enjoy in the heart of Old Town.
516 N Grant Ave, Fort Collins, CO 80521
Listed by Catherine Rogers, C3 Real Estate Solutions LLC
List Price: $1,995,000
Sold Price: TBD
Active: (As of 11/04/23)
Difference: TBD
This home has not been built yet, but is being marketed as a custom build package with the final product build bid out upfront. This one has recently been on the market at $2,295,000 with no luck, so perhaps $1,995,000 will fair a little bit better. It does look like this will be quite a showcase property once it is built, but it would require some patience from the buyers as they wait for the final product to be completed.
516 N Grant Ave, Fort Collins, CO 80521
Listed by Diane Sherry, Diane Sherry and CO
List Price: $2,400,000
Sold Price: TBD
Withdrawn: (off market after 10 days)
Difference: TBD
This home sold just a little over 2 years ago for $1,750,000 and hit the market at $2,400,000. The sellers withdrew from the market after just 10 days, and I suspect we may see this one listed again in spring given the short amount of time spent active before being pulled.
