Realtor.com came out with an article recently discussing Where Costs Per Foot Is Most Expensive. Your San Francisco’s were on there, along with Boston, Seattle and New York. What do you think it is?
When my wife and I were looking for our first house in Fort Collins in 2013 we had a budget of $300,000 and I told her to look for houses that were listed at $100/Ft or less. I was looking for value and to me, at that point, value was as much house for as little dollars as possible.
That was 2013 and Fort Collins. Well, in New York, the average is $1,106/Sq. Ft. In San Francisco, it is $1,004/Sq. Ft., Boston comes in at $1,160 and Seattle $454/Sq. Ft.
Nationally, the average $/Ft sits at $123/Sq Ft.
Per Robert Dietz, chief economist of the National Association of Home Builders “In general, price per square foot is higher in markets where there’s high demand but land is scarce due to underlying geographic constraints.” More people, tight space, high demand will drive $/Ft higher and higher in these areas.
What about Fort Collins, where are we at?
As of December, 2019 the Fort Collins market is at:
Median: $160/Sq. Ft.
Average: $187/Sq. Ft.
This is a fair increase from the $100/Ft. I had my wife searching for in 2013.
Fort Collins is getting pretty expensive. It is. Being one of the most desirable places to live brings pros and cons. Pros, you all know them already if you live in Fort Collins. Cons, can be the cost to live increasing. When compared to the rest of the nation and what the averages are though, Fort Collins is a value buy. We are continuously listed as one of the most desirable places to live, job growth is among the best in the nation, yet, to live here is only a 50% premium comparatively to the nation.
We are among the BEST places to live and yet priced well below the leaders in $/Ft. I think perspective here, is key.
If you can find a home selling for less than $187/Sq. Ft. or $160/Sq. Ft. it may be an opportunity for you to buy at value.