Site search
sponsored by
News
Sports
 ENLARGE
|
|
ENLARGE
|
|
ENLARGE
|
|
ENLARGE
|
|
ENLARGE
|
|
ENLARGE
|
|
ENLARGE
|
|
ENLARGE
|
For months, national headlines have screamed of the housing crisis gripping the country. The number of foreclosures has skyrocketed and home values have plummeted, sending the economy into a frenzy.
While Northern Colorado has seen some of the shift on a smaller scale, the truth is these headlines don’t tell the full story on a local level.
Real estate experts suggest that the Fort Collins market is relatively stable and healthy. Combined with historically low interest rates, a promising outlook for price appreciation in the next few years, and the existence of a few motivated sellers who are facing impending foreclosures, there may not be a better time to buy a home in the Fort Collins area, some experts suggest.
In some areas of the country, home prices continue to depreciate, and some potential buyers may be waiting to see the market hit rock bottom. But according to a recent Colorado State University study, home prices in Fort Collins actually grew slightly in the past year, suggesting that the bottom has already occurred here.
Historically low interest rates add to the temptation to buy a home.
“Interest rates allow buyers to afford more home for the same amount of money than what they could afford a few years ago,” said Brandon Bidwell, broker associate with Remax Alliance and member of the Fort Collins Board of Realtors.
For example, two years ago interest rates were about 6.25 percent. Now they are about 5 percent. That makes a big difference to the buyer when it comes down to the monthly payment, Bidwell said.
The recent CSU real estate study showed that five of the 11 major housing markets in Northern Colorado have experienced price increases in the past year. Fort Collins is one of the five.
“What happens with the national headlines doesn’t apply to Fort Collins,” said Rick Hausman, supervising broker with Benchmark Realty LLC.
Sure, the Fort Collins market has been impacted and it might be a little harder to sell a home than it was five years ago, he said, but homes aren’t seeing the drastic drop in value compared to other places. It’s a smoother and steadier market.
Hausman said it’s important to note that there are even markets within markets based on price points and geography.
“The low end of the market is super hot right now,” he said.
Bidwell agreed, adding that in general he has seen inventory shrink, a good sign for the housing industry.
“The majority of that shrinking is in the single-family homes under $250,000,” he said.
He attributes that to the first-time homebuyer tax credit, and said he has seen lots of first-time homebuyers take advantage of the incentive in Fort Collins.
Furthermore, each neighborhood within Fort Collins is different. There are a few that may have depreciated in value. And yet, areas like Old Town remain in high demand. Hausman said it’s common for neighborhoods that are centrally located and closer to jobs to hold their value.
He said overall, Fort Collins was not seeing the movement six months ago that is seeing now, especially in the lower prices.
“Fort Collins is like the slow and steady turtle, never dropping but climbing slowly,” Bidwell said.
While Northern Colorado has seen some of the shift on a smaller scale, the truth is these headlines don’t tell the full story on a local level.
Real estate experts suggest that the Fort Collins market is relatively stable and healthy. Combined with historically low interest rates, a promising outlook for price appreciation in the next few years, and the existence of a few motivated sellers who are facing impending foreclosures, there may not be a better time to buy a home in the Fort Collins area, some experts suggest.
In some areas of the country, home prices continue to depreciate, and some potential buyers may be waiting to see the market hit rock bottom. But according to a recent Colorado State University study, home prices in Fort Collins actually grew slightly in the past year, suggesting that the bottom has already occurred here.
Historically low interest rates add to the temptation to buy a home.
“Interest rates allow buyers to afford more home for the same amount of money than what they could afford a few years ago,” said Brandon Bidwell, broker associate with Remax Alliance and member of the Fort Collins Board of Realtors.
For example, two years ago interest rates were about 6.25 percent. Now they are about 5 percent. That makes a big difference to the buyer when it comes down to the monthly payment, Bidwell said.
The recent CSU real estate study showed that five of the 11 major housing markets in Northern Colorado have experienced price increases in the past year. Fort Collins is one of the five.
“What happens with the national headlines doesn’t apply to Fort Collins,” said Rick Hausman, supervising broker with Benchmark Realty LLC.
Sure, the Fort Collins market has been impacted and it might be a little harder to sell a home than it was five years ago, he said, but homes aren’t seeing the drastic drop in value compared to other places. It’s a smoother and steadier market.
Hausman said it’s important to note that there are even markets within markets based on price points and geography.
“The low end of the market is super hot right now,” he said.
Bidwell agreed, adding that in general he has seen inventory shrink, a good sign for the housing industry.
“The majority of that shrinking is in the single-family homes under $250,000,” he said.
He attributes that to the first-time homebuyer tax credit, and said he has seen lots of first-time homebuyers take advantage of the incentive in Fort Collins.
Furthermore, each neighborhood within Fort Collins is different. There are a few that may have depreciated in value. And yet, areas like Old Town remain in high demand. Hausman said it’s common for neighborhoods that are centrally located and closer to jobs to hold their value.
He said overall, Fort Collins was not seeing the movement six months ago that is seeing now, especially in the lower prices.
“Fort Collins is like the slow and steady turtle, never dropping but climbing slowly,” Bidwell said.
$100K
Address and name of subdivision: 1705 Heatheridge Road B106, Heatheridge Lakes near Prospect and Shields.Listing price: $104,900
No. of bedrooms, baths: 2 bedroom, 1.5 baths
Square feet: 1,000 square feet
Garage: No garage
Year built: 1974
Last sold: December 2003 for $90,000
Larimer County 2008 assessed value: $91,900
Other highlights: Has access to clubhouse and a pool. Nicely maintained two-story end unit with ground level entrance and private walk-out patio area. Very few single-family homes are available in Fort Collins for $100,000 or less, but condos and townhomes are available at this price.
Estimated monthly payment: Will vary depending on HOA fees.
$150K
Address and name of subdivision: 145 3rd St., Buckingham Place near Old Town area. Listing price: $150,000
No. of bedrooms, baths: 3 bedrooms, 1 bath
Square feet: 1,387 square feet
Garage: Single detached.
Year built: 1946
Last sold: 2001 (price unavailable).
Larimer County 2008 assessed value: $161,000
Other highlights: Most homes in this price range are somewhat smaller. This one features a new roof, a gas stove and lots of natural light. It may need new carpet and some minor updating in the kitchen.
Estimated monthly payment: $736 with a conventional loan and $955 with a FHA loan.
$200K
Address and name of subdivision: 1901 Sonora St., Meadows East subdivision near Timberline between Horsetooth and Drake.Listing price: $194,900
No. of bedrooms, baths: 3 bedrooms, 2 baths
Square feet: 1,203 square feet
Garage: double attached garage
Year built: 1981
Last sold: July 2003 for $165,900
Larimer County 2008 assessed value: $175,000
Other highlights: House has been well-maintained. Living room, kitchen and dining room feature wood floors. Kitchen and both baths have been updated.
Estimated monthly payment: $983 with a conventional loan and $1,275 with a FHA loan.
$250K
Address and name of subdivision: 1515 Purple Sage Court, Westfield Park near Horsetooth in between Shields and Taft. Listing price: $245,000
No. of bedrooms, baths: 3 bedroom, 2.5 bath actually
Square feet: 1585 square feet finished with a 876 square foot unfinished basement
Garage: Double attached.
Year built: 2002
Last sold: 2002 for $209,000 and has since transferred ownership through foreclosure and is now for sale.
Larimer County 2008 assessed value: $241,900
Other highlights: This home is clean and ready to move in. Fenced yard, deck, central air, sprinkler etc.
Estimated monthly payment: $1,227 with a conventional loan and $1,593 with a FHA loan.
$300K
Address and name of subdivision: 1129 W. Mountain Ave., near Mountain and Shields. Listing price: $299,000
No. of bedrooms, baths: 4 bedrooms, 2 baths
Square feet: 2,1128 including a finished basement.
Garage: Single detached.
Year built: 1946
Last sold: January, 2005 for $259,000.
Larimer County 2008 assessed value: $293,000.
Other highlights: All brick ranch on a corner lot. Features wood burning fireplace, hardwood floors and built-in cabinets and bookcases. Finished basement also features a separate entrance.
Estimated monthly payment: $1,474 with a conventional loan and $1,912 with a FHA loan.
$350K
Address and name of subdivision: 7050 Avondale Road, Ridgewood Hills in southwest Fort Collins. Listing price: $350,000
No. of bedrooms, baths: 5 bedrooms, 4 baths
Square feet: 3,441 square feet finished, 1,301 of which is basement
Garage: Three-car attached garage.
Year built: 1998
Last sold: 2007 for $365,000.
Larimer County 2008 assessed value: $306,500
Other highlights: Remodeled Kitchen in 2008, views of the mountains, walkout basement, move in ready.
Estimated monthly payment: $1,719 with a conventional loan.
$400K
Address and name of subdivision: 3909 Yosemite Court, Woodland Park Estates in Southeast Fort Collins. Listing price: $395,000
No. of bedrooms, baths: 5 bedrooms, 4 baths.
Square feet: 3,825 square feet including a finished basement.
Garage: Attached two-car garage
Year built: 2000
Last sold: 2001 for $271,000, since then the basement was finished.
Larimer County 2008 assessed value: $369,200
Other highlights: Sits on a quiet cul-de-sac near the neighborhood pool and clubhouse. Features custom crown molding throughout, oversized family room, granite kitchen countertops and hardwood floors, as well as huge landscaped yard with large deck.
Estimated monthly payment: $1,965 with a conventional loan.
$450K
Address and name of subdivision: 1621 Catamaran Court in Richards Lake subdivision, near Fort Collins Country Club. Listing price: $465,000
No. of bedrooms, baths: 3 bedrooms, 3.5 bath
Square feet: 2,942
Garage: Two-car attached garage.
Year built: 2004
Last sold: June, 2006 for $470,000
Larimer County 2008 assessed value: $344,500
Other highlights: Sits on a cul-de-sac and includes a free golf membership. Main floor master bedroom features a luxurious 5-piece master bath.
Estimated monthly payment: $2,210 with a conventional loan.
* Conventional loan scenario is 80 percent loan to value and subject to qualifying. FHA scenario is 96.5 percent loan to value and subject to qualifying. Both payment scenarios are PITI (principle, interest, taxes and insurance). These payments including taxes and insurance are estimates based on the price point, not the listing price.
