Commercial Property for Sale | Aspen/Snowmass Market Update

Aspen/Snowmass Market Update – August 2018

Posted on August 26, 2018 by William Small, Zenith Realty Advisors in Market Updates

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%

CAP RATES

4.5%

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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