Moving to Fort Collins area next year, planning ahead, please help! (Denver: sale, rent)

[Marv101]

Did the Ft. Collins and/or Denver housing markets crash in 2008 as was the case here in Los Angeles, and has either market recovered since then?

[jwiley]

Originally Posted by Marv101

Did the Ft. Collins and/or Denver housing markets crash in 2008 as was the case here in Los Angeles, and has either market recovered since then?

the Denver market experiences a bit of a crash, although nowhere near as bad as LA or most of the other California markets. for the most part houses lost between 5-15% of their value and have hung right around there since. Average home prices are right around $210,000 in the denver market.

the Fort Collins market never did crash, in fact for the most part houses have continued to appreciate in the area. I believe the median home price is right about $224,000. with a median household income of right around $50,000 a year, the average family cannot afford an average home in the area.

[Mike Weber]

Originally Posted by Marv101

Did the Ft. Collins and/or Denver housing markets crash in 2008 as was the case here in Los Angeles, and has either market recovered since then?

We leveled out in 2008 - 2011, but saw little, if any decline here in Fort Collins. Now the market in Fort Collins is shifting back toward a seller's market and prices are increasing.

Median home price in Fort Collins in March and April of this year was about $245k, a 17% increase over March 2011 and a 7% increase over April 2011. There were 20% fewer homes for sale during those months than during the same time last year. Homes under $250k are going under contract in days, sometimes with the seller having their choice between multiple offers.

So far this year, 23% more single family homes have sold in Fort Collins than had sold by this time last year. (688 vs. 561)

Mike Weber

[davemess10]

Originally Posted by ledjar

You can buy a home with a 10 year mortgage and see rates that are around $800 a month with a mortgage for a 3 bed room HOUSE in both cities.

Where did you find a house with a 10 year mortgage of $800 in Portland? You're either putting a ton down, or that's probably an area you don't want to live.

[ledjar]

Originally Posted by davemess10

Where did you find a house with a 10 year mortgage of $800 in Portland? You're either putting a ton down, or that's probably an area you don't want to live.

I've been told that the west side and the north sides of portland are the nicer parts. I'd perfer to live downtown but the prices are too high for that.

Property 3421 N Lombard St Portland Or 97217, information on RE/MAX EQUITY GROUP GRESHAM OFFICE

according to the bank rate mortgage calculator (Mortgage Calculator - Bankrate.com)

The payments would be 770 per month + $97/mo for taxes.

[davemess10]

SOrry we're getting off topic here, but.....

That is a short sale house, so the price is artificially low and it will probably sell for a good bit more (and take a lot longer). That neighborhood isn't bad, more up and coming or transitioning.

I spent about 5 months last year looking for houses, and we found that to get something "liveable" (ie. you can live in it, even if you have to make some renovations or changes) would run at a minimum $110k on the low end, and this is going to be a in a further out neighborhood that is not very desirable. You have to also remember the "mortgage payments" they give you on those online calculators are assuming you will put down at least 20% and can then avoid mortgage insurance. To give you an example. WE put about 10% down on a $126k sale, and our monthly payments are $911 for a 30 year mortgage.

I'm not trying to rain on your parade, just warning that the real estate in Portland might not be quite as affordable as you're seeing when scanning the internet. If a price looks like it's a little out of whack with the rest of the neighborhood, then the house is almost certainly a short sale.
Granted it is still cheaper than Fort Collins, for the most part.

Also N and "West" Portland are not necessarily the nicer parts of town, there are great houses and neighborhoods all over the city, each with it's own feel and vibe.

[irunsowhat]

I am actually moving to Fort Collins and the end of July/beginning of August from Lawrence, KS and have several of the same questions as the original poster. I've made a few calls to apartment complexes in Fort Collins and many of them are full in August. I suppose I'm not too surprised by that.

I am curious if there is a way to find any houses, apartments, etc. that aren't a part of complexes? I'm just looking for a small 1 or 2 bedroom with nothing fancy as far as amenities are concerned.

If anyone has any ideas on where to look, I'd be more than grateful. In the meantime, I'll continue to scour this board and collect all the information I can! Thanks in advance!

[Mike Weber]

You can search for property management companies in Fort Collins by Googling homes for rent or houses for rent or property management in Fort Collins. The craigslist here is also pretty active.

Most leases in Fort Collins run August 1 to July 31 because a majority of the rentals are to CSU students and those dates fit well with the beginning of the school year. Most students plan for and lease their housing for the upcoming year the previous May, before the end of the school year.

Rentals are a bit scarce right now, so be persistent in your search and maybe plan a bit more in your budget for rent.

Good luck,
Mike Weber

[HeadingWest87]

I am actually moving to Fort Collins and the end of July/beginning of August from Lawrence, KS and have several of the same questions as the original poster. I've made a few calls to apartment complexes in Fort Collins and many of them are full in August. I suppose I'm not too surprised by that.

I am curious if there is a way to find any houses, apartments, etc. that aren't a part of complexes? I'm just looking for a small 1 or 2 bedroom with nothing fancy as far as amenities are concerned.

If anyone has any ideas on where to look, I'd be more than grateful. In the meantime, I'll continue to scour this board and collect all the information I can! Thanks in advance!

I have found that the Craigslist "rooms / shared" section has been very helpful. Granted it means you'll have at least one room mate but there are several houses listed that are pretty spacious and some even offer entire floors or basements and most give you an immediate idea of what rent will be with utilities included.

[pabrew]

To reply to Headingwest87's original post- this in my 2 cents as a somewhat new resident (not quite 1 year):
If I were you, I would ask myself if I could be happy with a modest lifestyle, maybe scraping by but enjoying all the free amenities & outdoor activities readily available in FOCO? In other words, could you approach this as an adventure?

From what you initially described in terms of salary & housing expectations, I think you'd be greatly disappointed if you moved here hoping for that situation, at least in the near future. However, if you were to downsize your material expectations but put more value on the opportunities for personal growth (new places & faces thing), the chance to do meet new people, shop at the thrift stores, hike, bike, take your dog to the dog parks, barter your skills for things you need, etc IMO you'd be very happy! For instance, it would be almost entirely possible to furnish a lovely apartment entirely from the things people post here on the free section of Craigslist!!

I know some people on this forum complain that there's not much to do here (usually people from urban areas) but that has not been my experience at all. There are always things going on (just check the Ticket in Thursday's paper), walks to take, church, parks, grab a coffee in old town, volunteer, etc. We have also found people super friendly and have made lots of friends. I can't think of any areas that I wouldn't live, although there are a few sketchy blocks that I would avoid (for instance I would not want to live by the adult bookstore). I would just check the cities crime map on their website to eliminate the "hot spots."

You should also consider the fact that you're young without a degree, and may have to work 2-3 part time jobs and/or get some additional education. If you moved here knowing that you're starting at the bottom rung, you could position yourself to grow into better positions. I also think you'd probably want to plan to live with roommates or the first year, until you're sure you have a solid job/s & can afford your own place.

So to sum it up, I think Fort Collins is awesome! You can enjoy life here without lots of money, but you have to be practical & prepare yourself to live with less. I also think people should be responsible (as it appears you are) and not move here with limited resources then be surprised by the tight labor market & higher costs of living.

Good luck on your journey!