$1 million condos a new reality in Fort Collins

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FORT COLLINS, Colo. -- In recent years, there has been significant media coverage of the metro Denver real estate market, with soaring rents and high property values.

However, the booming market in northern Colorado -- specifically Fort Collins -- has not been covered to the same degree.

Greg Schmidt, the president of Saunders development, says the Fort Collins real estate market has changed just as much as Denver's in recent years.

“This particular unit is north of $1 million,” Schmidt told FOX31 as he toured his latest project, dubbed Confluence, in Fort Collins’ River District.

“You guys believe there is a market for million-dollar-plus condos in Fort Collins. Why?” FOX31 reporter Joe St George asked.

"We do and there is demand for it,” Schmidt said. “Some are using them as second homes either for business or to be in this area during certain times of the year."

Confluence lists condos as low as $300,000s to north of $1 million. Most units have sold.

What Schmidt is selling isn’t necessarily new in Fort Collins.

“People in Denver used to come north to Fort Collins to get affordable real estate. Now, Cheyenne is the new 'go north',” said Rich Coccaro, a realtor with Keller Williams. “The flight from California is yielding a lot of people coming from California and they are thinking these are deals."

More on the Confluence project can be found online.

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