November Listing Spotlight
What struck me most about November was not the total amount of homes that hit the market (10) but the overall quality of the type of homes that hit the market this past month. 70% of those listings that hit the market were single family homes, which tend to be a bit more desirable type homes in Old Town. Of those, there was a nice mix of prices, including an ever so rare $700-800K home (which coincidentally was under contract in short order). While the total numbers listed in November was down from the previous month, the amount listed in 2021 vs 2020 was actually up a bit (6 listed in Nov. 2020 and 10 listed in Nov 2021). Either way, the inventory listed in November this year has already been snatched up, except for a few opportunities that are either top price (IE over $2.0 million) on a busy street intersection (Shields and Laporte) or are mid-range/high end condos. This should lend towards another month of quick paced selling in December, despite the holiday season. Here is what hit the market this month:
311 Pearl St., Fort Collins, 80521
Listed by Emily Heinz, Downtown Real Estate Partners
List Price: $399,000
Sold Price: Pending (4 days to offer)
Difference: TBD
This property had a go at the market in mid to late 2020, but ultimately was unsuccessful that time when priced at $385K. I imagine some portion of that was in the timing of the market as it was listed in August, which is a timeframe that can be a bit difficult as rental cycles end, school goes back in session, etc. This year, it was listed and under contract in just 4 days, and overall, this property is a nearly $100K increase in value since its last sale in 2017.
436 N Roosevelt Ave, Fort Collins, CO 80521
Listed by Matthew Powell, EXP Realty
List Price: $459,000
Sold Price: Pending (4 Days to Offer)
Difference: TBD
This homes looks like it received a fresh facelift, and the quickness of sale is most likely based on a mixture of that facelift, lack in inventory, and overall pricing. The characteristics of this home (3 bed, 2 bath) make it ideal for both an investor looking for a good rental, or a first time homebuyer who wants a decent sized home in an area close to the action. While the neighborhood is not the most desirable, these are some of the characteristics that made this one sell quickly.
136 N Shields, Fort Collins, CO 80521
Listed by Jeffrey Tennant, Tennant Realty
List Price: $460,000 (Originally $474,000)
Sold Price: Active (as of 12/03/2021)
Difference: TBD
As long as I have lived in Old Town, this property has been a rental, and I wouldn’t expect that fact will change over time. This is a tricky location as it is on the corner of Shields and Laporte, and will always have some semblance of traffic going by, and difficulty in parking/exiting the property onto Shields. There is a decent backyard, but the road noise will certainly be a deterrent. Inside looks like it is pretty well updated, so that is a positive for both a future owner and tenant. I’d expect that this home sits through most of December until we get into the new year, where a new owner has a better opportunity of hitting a desirable rental cycle in March/April.
225 Park St, Fort Collins, CO 80521
Listed by, Alexi Rajala, Hazel Sky Homes
List Price: $625,000
Sold Price: Pending (5 days to offer)
Difference: TBD
I’ve been by this home many times over the past decade, and always thought it had a nice craftsman appeal to it, at least on the exterior. It looks like the interior follows suit as well, so I’m not surprised that this one went quickly. Over the past year, I have seen contractors reattaching the front gable (it fell off once!) as well as putting on a new roof, and new exterior paint. I can’t completely confirm this, but I think it has been a rental for some time as well, which at times can be a small concern with older homes not receiving consistent care that they need to keep them running up to snuff. Either way, we have seen very little inventory in the $600’s, so this will be a good sale in the area for a small to medium sized old town home.
508 W Magnolia St, Fort Collins, CO 80521
Listed by Scott Joseph Mullen, The Group Inc
List Price: $650,000
Sold Price: Active (as of 12/03/2021)
Difference: TBD
One of the very few “row-houses” that exist in Fort Collins, this home is a throwback for me to my time spent in Capitol Hill of Denver. I’ve always been curious about these 3 rowhouses, and they certainly lack no charm on the exterior. The interior also looks nicely updated, and with its proximity to downtown, these would be a great apartment for visiting grandparents or retiree’s looking for minimal maintenance and walkability. My gut reaction is that the pricing is a bit high on these, especially since there is a $148/month self managed HOA fee associated as well, but with the current inventory where it is at, this one (and another next door that is currently being fixed up) will probably still get snatched up. Too bad they are not in the allowed zone for “non-primary short term rental” as it would make a killer VRBO/Air BnB.
329 S Sherwod St, Fort Collins, CO 80521
Listed by Scott Joseph Mullen, The Group Inc.
List Price: $700,000
Sold Price: Pending Sale (17 Days to offer)
Difference: $TBD
Following suit to the previous listing, this is one of 3 rowhouse style condos that listed on the corner of Sherwood/Magnolia. Of the 3, this one seems like it is the “premium” one with a bit more above grade sqft, a nice front porch, and a wider stance to its overall layout. Most importantly, the sale of this particular property will pave the way for the sale of the other 2 properties down the line.
121 N McKinley Ave, Fort Collins, CO 80521
Listed by Gregg Thomas, Group Mulberry
List Price: $750,000
Sold Price: Pending (4 Days to Offer)
Difference: TBD
It seems that mid sized homes priced in the $700’s have been the most rare this year in Old Town, so when I saw this one hit the market I knew it had all of the characteristics that would make it go quickly. I was able to look through the pre-inspection report, and there are a few items on this home that could cause concerns (like foundational cracks, etc). However, given the current market activity, this sale will likely go through without many issues as the supply is just so low and the upside potential of a home like this at that price is huge. If you own a mid-sized (think 3 beds or more, 2 baths or more, and at least 2000 sqft) home that may have some issues lurking, the next 12 months could be a great time to make the switch and be able to negotiate a good deal without worrying about making major repairs.
210 W Magnolia St 320, Fort Collins, CO 80521
Listed by Kyle Basnar, Group Mulberry
List Price: $795,000
Sold Price: Active (as of 12/06/21)
Difference: TBD
I have to admit that the interior of this condo is pretty sweet and reminds me of a loft that you might see in a downtown metropolis setting more than one would expect in Fort Collins. With 2 beds and 2 baths, it also provides some decent space and flexibility of use, but certainly is not likely to be a fit for investors (price), families (size) or first time homebuyers (price). That pretty much leaves retirees or high earning young professionals, and with it being towards the end of the year, it seems that the demand for this type of property is not quite as high as it was a little earlier in the year. Another thing to note is the HOA amount which is at $415/month. While that certainly pays for lots of amenities at the complex, it means that this homes monthly payment would be around the same as a single family home priced in the upper $800’s.
619 W Magnolia St, Fort Collins, CO 80521
Listed by Mary Greenberg, New Paradigm Partners LLC
List Price: $1,250,000
Sold Price: Pending Sale (4 Days to Offer)
Difference: $TBD
Built in 2008 in a great location (albeit on a smaller 5,000 SQFT lot) this home epitomizes the dreams of many potential Old Town buyers in that they can rest assured that the home is not riddled with major issues, but still has some charm and great proximity to live the old town lifestyle. An added bonus in this home is the presence of a good sized main floor master bedroom, which is the top requested item (in my experience) of retiree’s looking to buy. That’s not to say that this is a retiree home exclusively, but at the price, its likely that the type of buyer who can make this sale happen has owned real estate before in order to fund the purchase. Ultimately, we have gotten to a point in Old Town where the supply across the board is minimal, so even million dollar homes are going under contract in less than a week.
119 N Loomis St, Fort Collins, CO 80521
Listed by David Johnson, Liv Sotherbys Intl Realty
List Price: $2,200,000
Sold Price: TBD (Active as of 12/06/21)
Difference: TBD
I actually wrote a whole blog post specific to this one particular property when it originally hit the market. It seems that a home like this divides parties; those who may think that this type of home is worth $2.2 million, and others that just see enough extra value out of the home to fork out those numbers….yet. Anyhow, if you missed the original article, you can catch it here:
https://www.oldtownfocohomes.com/real-estate/will-it-stay-or-will-it-go
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