September 23’ - Listing Spotlight
September fell into a familiar pattern as has happened in years past. As would be expected, not as many homes hit the market as we cruise into the fall, with 11 homes coming to market in September 2023 vs the 10 that were on the market in September of 2022. Within those properties that were listed in September, many are still active and sitting, following the pattern of much of the rest of the market which currently struggles due to overall affordability from higher prices mixed with high interest rates. Unfortunately, it doesn’t seem that the rate situation will go away anytime soon, so many of the currently listed homes may have to price adjust to attract the interest of potential buyers, and I wouldn’t be surprised to see many homes get withdrawn if they aren’t under contract by the end of the month. Within those that get withdrawn, the likely attitude would be relisting them in Spring, or potentially looking to rent them out, which also may be tougher to do on a fall/winter rental cycle. Really, I didn’t see many “standout” properties listed this month, with the exception of 912 W Magnolia, which attracted multiple buyers and went under contract in quick fashion. This lines up October/November for sellers to stand out if they have a property that is fully dialed in and ready to go. If you don’t know what “dialed in” looks like, lets have a conversation and I can get you lined out!
Here is an overview of what hit the market this month and my thoughts on each property.
415 S Howes St 606, Fort Collins, 80521
Listed by Carol Voorhis, The Group Mulberry
List Price: $345,000
Sold Price: Active (as of 10/03/23)
Difference: TBD
This unit is a nice 1 bedroom, 1 bathroom condo in the heart of Old Town. Strangely, the HOA fees associated with this unit are substantially less than the following unit below (?) Either way, I’ve run out of ways to describe this particular building and the units within it. Each unit can feel updated and nice, but within the shell of a building that screams 1970 and building amenities that struggle to provide a sense of value for the extra HOA costs.
415 S Howes St N-910, Fort Collins, CO 80521
Listed By Sarah Blaise Hay-Arthur, The Group Horsetooth
List Price: $425,000
Sold Price: Active (As of 10/03/23)
Difference: TBD
Foothill views are a high probability in this 9th floor totally remodeled condo in the heart of Old Town. I think the overall living costs associated with one of these units ultimately prohibits buyers as the current hoa fees on this unit are $814/month. This is definitely increased over what is used to be, which still always felt high. Of course, those HOA fees don’t just go to waste as they pay for some utilities, amenities, etc., but your autonomy on where your money goes is pretty much gone in a purchase of one of these condos. They could be good as a “lock and leave” situation for someone, but I’ve found that many buyers who can afford to have a “lock and leave” situation are looking for a different living lifestyle overall.
1108 Cherry St, Fort Collins, CO 80521
Listed by Greg Roeder, Liv Sothebys
List Price: $460,000
Sold Price: Available (As of 10/03/23)
Difference: TBD
Because this property is in a lease until July of 2024, it will limit the potential buyers to investors only. Add to that, the current interest rates for investors is well into the 8% or above range, it further limits the potential buyers to those investors with substantial cash reserves to put down to make the numbers work. The property is rented at $1825/month until June of 2024, and admittedly needs some TLC, so a purchase of this property will likely be from an investor with cash, who is willing to wait out the lease, make some improvements, and hopefully catch a new lease cycle with an improved rental amount.
204 Maple St 308, Fort Collins, CO 80521
Listed by Rick Hausmann, Roots Real Estate
List Price: $525,000
Sold Price: Available (As of 10/03/23)
Difference: TBD
I’ve long thought that Penny Flats condos would sell so much easier and better given a slightly different location further away from the train on Mason. As a condo itself, there is a lot to like about this property with its size, general location (super close to the heart of downtown), and finishes. I have to imagine that the mixture of price, interest rate, and proximity to the tracks keeps this property as a perennial second choice among buyers…..I can already hear them saying “if only it weren’t near the train”. Also, a $408/month HOA fee doesn’t help that monthly costs…that makes the monthly payment on this property in a similar ballpark to a $600-$610K single family home in town with no HOA.
620 Park St, Fort Collins, CO 80521
Listed By Heather Braden-Medina, Remax Alliance FTC-Downtown
List Price: $525,000
Sold Price: Pending (3 Days to Offer)
Difference: TBD
I’ve got to be honest on this one…I’m surprised that this property was under contract in just 3 days. Almost every inch of this home will likely be remodeled, and at a starting price of $525K, it seems like the after remodel value will have to be quite high to recoup the costs associated with the project. I’ve been proven wrong many a times, but I don’t know that I would be recommending this home to anyone but a contractor with a saavy know-how and the ability to be bang on budget for a remodel
223 N Whitcomb St, Fort Collins, CO 80521
Listed by Emily Heinz, Downtown Real Estate Brokers
List Price: $700,000
Sold Price: Available (As of 10/03/23)
Difference: TBD
This one is a bit of a head scratcher for me as I can’t really get a good vibe on why this one hasn’t gone under contract yet. The condition of the property seems to be pretty dialed in, and there is a good bedroom/bathroom count. The one thing that might give it some troubles in the current market is that there doesn’t seem to be a very good overall flow in regards to open concept….nothing new to the old town market in which century old homes were built. However, given the current sensitivity in the market to the “just right” property, and the fact that this home sits in a price range best suited for “move up buyers” there just might not be the same demand for this type of home as there was just a few months ago when rates were a bit more forgiving.
1124 W Magnolia St, Fort Collins, CO 80521
Listed by Michael Garneau, HUB Real Estate
List Price: $720,000
Sold Price: Active (As of 10/03/23)
Difference: TBD
After taking a short time off of the market (originally listed in July for $750K), this nicely completed remodel is back on the market for an improved price a bit later in the season. At the time of writing, it has spent 26 days at the new price without any takers, and I have to believe that this one is a more difficult sell based on its proximity to Shields st (It borders Shields on one long side). I’d put this into the “house hot-potato” category that I warn my buyers about when shopping….IE in a more aggressive market this would sell somewhat easily, but if you get caught with the “hot potato” in a cooling market like we have, it will take more patience, and potentially lowered costs. This is tough for the sellers as this was a fix and flip for them and the numbers will count as they look to recoup their renovation costs and still make a profit on the sale.
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912 W Magnolia St, Fort Collins, CO 80521
Listed by Catherine Rogers, C3 Real Estate Solutions LLC
List Price: $1,375,000
Sold Price: Pending (3 days to offer)
Difference: TBD
I’ve always admired this particular property on my daily walks to get the kids to school at Dunn Elementary. This is a recent remodel/revamp of the original home (built in 1924) which would be nearly unrecognizable after the revamp by local Craftsman builders in 2007. I do love that they kept the original craftsman charm in this home and added to it with details that feel updated, yet timeless for the area. Too many times I’ve seen remodels of these older homes turn into an exercise to “build to the current times” with styles that feel like they won’t last more than a decade of popularity. This one, however, not only fit the bill on style and upgrades, but also location, size, and in general, price (for a home of the size in old town). I’m not surprised to see it go under contract in quick fashion, and I would anticipate that it actually closes a decent bit higher than its listed price.
223 S Howes St, Fort Collins, CO 80521
Listed by Michelle Hickey Crawford, Remax Commercial Alliance - FTC Downtown
List Price: $1,385,000
Sold Price: TBD (Active as of 10/03/23)
Difference: TBD
So this one doesn’t really count as a residential property, even though it comes up in residential property searches. Right now, it is being used as a business office, and is bordered by many other business offices in the area, so even a conversion to a residential property would feel a bit “off” from a neighborhood standard. As a quality architectural construction goes, I really like this property with is low slung covered front porch, grand entrance, and period details throughout the interior.
