Aspen/Snowmass Market Update – August 2018
Commercial Real Estate sales volume of $15.7M YTD in 2018 is down 65% compared to sales Jan-July 2017 of $43.9M. Residential Real Estate sales or $816M YTD in 2018 are slightly down compared to sales Jan-July 2017 of $816M. All Sales Taxes are up 5% YTD compared to taxes collected Jan-July 2017.
The City of Aspen is under contract to buy 27,000 SF of a soon to be built building for $32.5M. Jazz Aspen-Snowmass is under contract to buy the 2nd floor of Red Onion office space for $15M. New W Hotel in downtown Aspen to be completed in Spring 2019. Snowmass Mall has been sold for $28.5M to local Snowmass ownership group.
ASPEN/SNOWMASS MARKET UPDATE
Item
2017 YTD
2018 YTD
%Difference
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Aspen Board Of Realtors)
Commercial Sales Volume
Commercial Transactions
Commercial Transactions
$43.9M
11
11
$15.7M
6
6
-64.2%
-45.5%
-45.5%
SALES TAX INDICATORS (Source – City of Aspen/ACRA)
All Sales Taxes
Retail Taxes
Restaurant Taxes
Lodging Taxes
Weedtail Sales
RE Transfer Taxes
Retail Taxes
Restaurant Taxes
Lodging Taxes
Weedtail Sales
RE Transfer Taxes
$4.7M
$4.6M
$5.1M
$4.4M
5.0%
1.0%
1.0%
2.0%
8.0%
-4.3%
1.0%
1.0%
2.0%
8.0%
-4.3%
VACANCY RATE
5.50%
5.50%
0%
CAP RATES
4.5%
4.5%
0%
RESIDENTIAL REAL ESTATE
Residential Total Sales
Retidential Average Price
Residential Days On Market
Residential Listed for Sale
Retidential Average Price
Residential Days On Market
Residential Listed for Sale
$999,800,000
$2,335,981
205
1700
$2,335,981
205
1700
$816,834,000
$2,576,763
130
1400
$2,576,763
130
1400
18.3%
10.3%
-36.6%
-17.6%
10.3%
-36.6%
-17.6%
DEVELOPMENTS
- City of Aspen under contracrt to buy 27000 SF to be built building for $32.5 million
- Jazz Aspen-Snowmass under contract to buy 2nd floor Red Onion office space for $15.0 million
- New W Hotel in downtown Aspen to be completed Spring 2019
- Snowmass Mall sold for $28.5 million to local Snowmass group
