September 22’ - Listing Spotlight
Perhaps September is going to be the true test of buyer and seller resolve in the current market. We are now sitting with a few months on elevated interest rates (at the time of writing, the rates are hovering around 6.75-7%) which has seemed to cause a standstill in most of the market. In September of 2021, there were a total of 18 homes that came to the market, which is nearly 40% more homes than we saw come on the market this September (11 total homes). More telling than anything is the fact that many homes listed in September and sold last fall still received offers at or above list (there are a few that sold for less too), but I get the feeling that many of the homes going under contract in Old Town this September will sell for less than their listed price. Some is this is down to the quality of product, but mostly the affordability factor is really coming into play this fall. I think more concerning is the total pause seen by many across the market. Perhaps October will bring a few more homes to the market as we get through the seasonal hump, but I’d expect that November and December will be very quiet across the Old Town market as buyer and sellers alike wait for more certainty in the market that 2023 might bring.
Here is an overview of what hit the market this month and my thoughts on each property.
421 S Howes St S-701, Fort Collins, 80521
Listed by Kittle Real Estate
List Price: $367,500
Sold Price: $355,000
Difference: $12,500
As condos in this complex go, this one was a nice one as it had 2 full suites associated with it. The fact that it sold for less than its listed price, but only took 7 days to go under contract signifies that sellers are starting to realize that they may be fortunate just to get homes under contract in the current market situation
427 N Grant Ave, Fort Collins, CO 80521
Listed by Laura Petrick, C3 Real Estate Solutions LLC
List Price: $420,000
Sold Price: Pending (2 days to offer)
Difference: TBD
There is a whole lot of work to be done on this property, but it was still under contract in just 2 short days. I would expect that it sells close to its list price, and there will definitely be some remodeling coming down the line on this one in the near future post closing. I’ll be interested to see if we see this back on the market post remodel sometime in the not so distant future.
1512 Elm St, Fort Collins, CO 80521
Listed by Angie Spangler, Remax Alliance - FTC Downtown
List Price: $525,000
Sold Price: Active (As of 10/05/22)
Difference: TBD
This one has a good bedroom/bathroom count and sqft, but 4 level homes can be a more difficult living situation. A home like this would have quickly been sold at the early part of the year, but it now seems that buyers can be a bit more discerning on their home choices, with multi-level homes being a bit out of favor in comparison to single story and 2 story homes. The staging looks nice, and the kitchen remodel seems solid, but it looks like there is some more to be done (carpeting, some paint, a bit more modernization in the kitchen) to really get this one sold at the current price in this market.
221 Lyons St, Fort Collins, CO 80521
Listed by Ben Woodrum, Coldwell Banker Realty - FTC
List Price: $535,000
Sold Price: Pending (18 Days to Offer)
Difference: TBD
A tidy and compact little place with some cool architectural features on the interior. I’d expect that the eventual sales price of this home gets down towards the $500K range as it does look like there is still some work that could be done, and the neighborhood is still a bit hit or miss in the quality of general home maintenance.
504 Pearl St, Fort Collins, CO 80521
Listed By The Washle Team, The Group Mulberry
List Price: $550,000
Sold Price: Pending (4 days to offer)
Difference: TBD
If you wanted a blueprint for how to update and showcase a home in the current market, this would be a great candidate. Everything from inside out looks like it has been packaged in a great, move-in ready condition, and the fact that the home was under contract in just 4 days signifies that there was likely a bit of interest and competition associated with this sale. While I doubt the selling price will be crazily above the list price, I’m sure the sellers were able to prioritize the right offer for getting them to the finish line.
127 N Grant Ave, Fort Collins, CO 80521
Listed by Brendan Mahoney, At Home Realty
List Price: $575,000
Sold Price: Pending (13 days to offer)
Difference: TBD
This long term rental definitely looks like a type of sale that is predicated on the potential vs the actuality of the home. There is definitely some great features to this home, particularly the general location and lot size which would be great for someone looking to add to the home or build something larger in a great location. Its likely that this sells for less than $575K, but I’m more interested in what happens to this site moving forward.
1414 Laporte Ave, Fort Collins, CO 80521
Listed by Sam Moes, Roots Real Estate
List Price: $619,000
Sold Price: Pending (8 Days to offer*)
Difference: TBD
*Originally listed last month for $633,000
One its second go around after a short withdrawal to the market, it looks like this home finally found a good buyer. In the past, there have been quite a few of these fix and flip homes from this team of broker/remodeler, but I think we may see that slow down here in the near future as the profit margins are going to be much tighter in the current market. Cosmetically everything looks really nice on this home, but it does seem as though the flow may still be a bit choppy and segmented overall on this home.
900 W Mulberry St, Fort Collins, CO 80521
Listed by Vicki Dye, eXp Realty LLC
List Price: $634,500
Sold Price: Active (As of 10/05/22)
Difference: TBD
Home sales on Mulberry will always be tough as traffic noise can be quite substantial. This particular home is right across the street from Dunn elementary, which will slow down traffic in the morning hours and afternoon hours, but still won’t quite suit a family….or at least I don’t think most families would find it ideal even if it is just across the street from a great school. I think it’s more likely that this home will end up as a CSU rental property as it is just a few blocks away from the university and renters tend to not care as much when it comes to road noise. That being the case, its going to be a pure numbers situation on this one….IE what can it be rented for vs how much is the mortgage, so this may continue to stay on the market in the upcoming months.
322 Pearl St, Fort Collins, CO 80521
Listed by Aaron Lebovic, eXp Realty LLC
List Price: $675,000
Sold Price: TBD (Active as of 10/05/22)
Difference: TBD
This remodel does look nice overall, but I think the asking price is too high given the neighborhood and market. I went through this home when it was for sale most recently, and while I saw the potential in the upstairs (which looks like was realized) the downstairs was a conundrum at the time. A lack of overall curb appeal is also a bit off putting at the price, and this is the type of home I think would do much better in the spring market.
1005 W Oak St, Fort Collins, CO 80521
Listed by Timothy Borgman, 8z Real Estate
List Price: $685,000
Sold Price: Pending (4 Days to offer)
Difference: TBD
In my mind there are not many better locations in old town that this section of Oak st down to about the 700 block of Oak St. This particular home has seen some updating over the years, and while not huge, still has a full 3 bedrooms and a larger 2 car garage. There was quite a bit of showing activity right off the get go, with the most concerns in the lack of a second bathroom. It ended up with 2 offers after the open house.
1042 W Mountain Ave, Fort Collins, CO 80521
Listed by Lisa K. Meyer, Kittle Real Estate
List Price: $900,000
Sold Price: Active (As of 10/05/22)
Difference: TBD
I’ve been quite surprised on how many of these townhomes have already changed hands since they were first built in 2016/2017. This particular townhome is the one situation right next door sharing a wall with Little. There could certainly be some hesitation from buyers on sharing a wall with a commercial space, and the eventual sales price will most likely reflect that. The higher taxes ($5505) and large monthly HOA ($575) don’t help at all when it comes to a monthly payment on this type of property .
