Special offer

The "Fine Home" Market in the Fort Collins Area.

By
Real Estate Agent with Prudential Rocky Mountain REALTORS

"Fine Homes" are generally considered to be those homes priced in the top 5% of the market price range. Obviously this fine home definition varies greatly across the country with homes in the $200's qualifying in some areas and homes priced above $1 million in other areas. Last year, in this area, the top 5% of the market totaled 173 homes priced above $520,000. For this year to date the top 5% are the 71 homes sold for $525,000 or more. By way of contrast, the top 5% of the market five years ago were the 186 homes sold above $410,000.

 

The marketing of a home in the upper price range requires a different set of skills and experience, particularly when it is noted that there are currently 331 homes listed for sale priced at $525,000 and above. This represents 15% of the current active listings even though the normal demand is just 5% of total sales. Obviously this kind of inventory / competition makes it difficult for home sellers and their agents and a boon for buyers.

 

Above $1,000,000 it is even more of a challenge. In 2007 there were thirteen single family home properties sold at $1,000,000 or more. There were three other sales in this price range but they were large horse properties and / or large acreages. Five of these sales were new homes in Glenn Ridge (3), Fossil Lake (1) and The Hill at Cobb Lake (1). The other sales were resale homes in Eagle Ranch (4), Woody Creek (1), Coeur D'Alene Estates (1), Terry Cove (1) and a Cortina condo.

 

For this year to date, sales above $1 million are on a roll, certainly going against the grain of all the bad news about the economy, financial institutions, the mortgage crisis and more. In the first five and one half months, there have been thirteen single family sales closed above $1 million. This does not include another three sales of horse / large acreage properties. Six of the sales have been newly constructed homes with four of those in the new Harmony development, one in Glenn Ridge and one in Fossil Lake Ranch. The resales have been four in Eagle Ranch and one each in Warren Shores, Breakwater Estates and Cottonwood Point.

 

This is on a pace for twenty-five sales this year which would be remarkable considering that the best year ever for sales of homes priced above $1 million were the seventeen closed in 2005. This has to be good news for sixty four sellers in this price range. In analyzing the homes for sale in this market, it is interesting to note that they are literally all over the map. Twenty four of them are large acreages, mountain properties, ranches, horse operations and development properties. Of the balance, they are located in twenty two different subdivisions with the most in Harmony Club (5) and The Hill at Cobb Lake (4). There are three listings in Fossil Lake and three in Eagle Ranch and the rest are one or two listings in areas like Harmony Ridge, Glenn Ridge, Patterson Point, Hearthfire, Eagle Lake, Cottonwood Shores, Woody Creek, Center Greens, Greenstone, Parkwood, Hearthside, Loomis (‘old town'), Warren Shores, Gregory Road, Vista Largo and The Ridge.

 

In addition to the many varied locations, these homes offer a wide range of amenities, features, size and age. Prices range from $250 per square foot (finished living space above grade) all the way to $600 and size ranges from a 1,900 main floor to more than 5,000 sq. ft. above grade and almost 10,000 sq. ft. of total finished space. Most have at least four or five bedrooms plus office / study and four baths all the way to seven seems to be the norm. Garages range from a very normal two car attached all the way up to a massive 2,400 sq. ft. seven car - about the size of an average home. The oldest was built in 1905, a few are from the sixties and seventies but the majority is less than ten years old and several are waiting for a contract before even beginning construction.

 

If you are a potential buyer or are just interested in more information on any of these properties you can view them at www.ColoProperty.com. Go to the ‘Fort Collins' area and put in a price range of $1,000,000 and up. Most have many additional photos and virtual tour links.

 

Pam & Dave Pettigrew, Real Estate Brokers and Certified Residential Specialists are available to answer your questions on real estate. Write to them at Prudential Rocky Mountain, REALTORS, 2700 S. College, Fort Collins, 80525, call them directly at (970) 282-9305 or email FCRealtor@msn.com. For an archive of past columns and market information visit their award winning web site at www.FortCollinsRelocation.com

Comments (3)

Dwayne West
Atlanta Real Estate - Canton, GA
Canton Georgia Real Estate

Welcome to the Active Rain community. You have chosen a great site with tons of information you can learn from.

Jun 20, 2008 05:22 AM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Pam & Dave,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya both!

-Keith

Jun 20, 2008 09:05 AM
Neal Barnes
Starstate Realty - Killeen, TX
Broker, REALTOR, ABR, CRS, GRI, SRES, SRS.

Hi Pam & Dave -  Welcome to ActiveRain.  I look forward to reading your future post.  Have a great day!!!

Oct 14, 2008 05:23 PM