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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
$43.9M
11
$15.7M
6
-64.2%
-45.5%
SALES TAX INDICATORS (Source – City of Aspen/ACRA)
All Sales 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%

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
$999,800,000
$2,335,981
205
1700
$816,834,000
$2,576,763
130
1400
18.3%
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

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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.