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Aspen/Snowmass Market Update – April 2019

Commercial Real Estate sales volume of $16.2M with 4 transactions YTD in 2019 in Aspen/Snowmass is significantly down 55% compared to $36M sales with 8 transactions YTD in 2018. Residential Real Estate sales in Pitkin County of $691M YTD in 2019 was up 8.2% compared to sales in 2018 of $638M. Sales Taxes were up 6.9% YTD in 2019 compared to taxes collected YTD in 2018. New developments include new W Hotel to open Fall 2019, new Aspen City Hall is under construction and Lift One project has been approved by voters.

ASPEN/SNOWMASS MARKET UPDATE

Item
Q2 2018
Q2 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Aspen Board Of Realtors)
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Sales Volume
$36M
$16.2M
-55%
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Transactions
8
4
-50%
SALES TAX INDICATORS (Source – City of Aspen/ACRA)
Item:
Q2 2018:
Q2 2019:
% +/- :
All Sales Taxes
$308M
$331M
6.9%
Item:
Q2 2018:
Q2 2019:
% +/- :
Retail Sales Taxes
$60.8M
$64.8M
7.5%
Item:
Q2 2018:
Q2 2019:
% +/- :
Restaurant Sales Taxes
$47M
$56.7M
19.1%
Item:
Q2 2018:
Q2 2019:
% +/- :
Lodging Sales Taxes
$98.2M
$108.6M
10.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Weedtail Sales Taxes
$5.1M
$5.3M
3.9%
Item:
Q2 2018:
Q2 2019:
% +/- :
RE Transfer Taxes
$4.5M
$4.3M
-4.4%
VACANCY RATE
Q2 2018:
Q2 2019:
% +/- :
VACANCY RATE
2.5%
3% (30,000 SF)
20%
CAP RATES
Q2 2018:
Q2 2019:
% +/- :
CAP RATES
3.5% – 5.5%
3.5% – 5.5%
0%
PITKIN COUNTY RESIDENTIAL REAL ESTATE
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Total Sales
$638.4M
$691M
8.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Average Price All Types – Aspen
$4M
$4.4M
9%
Item:
Q2 2018:
Q2 2019:
% +/- :
Average Price All Types – Snowmass
$1.6M
$2.1M
34.8%
Item:
Q2 2018:
Q2 2019:
% +/- :
Aspen Residential Days on Market
284
258
-9.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Aspen Residential Listed for Sale
275
258
-6.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Snowmass Residential Days on Market
200
253
26.5%
Item:
Q2 2018:
Q2 2019:
% +/- :
Snowmass Residential Listed for Sale
250
201
-19.6%
DEVELOPMENTS
  • New W Hotel to open Fall 2019
  • New Aspen City Hall is under construction
  • Lift One project has been approved by voters

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About The Author

William Small, Zenith Realty Advisors

William Small brings over 28 years of experience in all aspects of commercial real estate to Zenith Realty Advisors. Based in Aspen, Bill Small provides commercial real estate investment consulting and advisory services to major US and foreign corporations and institutions.