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Aspen/Snowmass Market Update – November 2018

Commercial Real Estate sales volume of $49.3M YTD in 2018 is down slightly 5.6% compared to sales January-October 2017 of $52.2M. Residential Real Estate sales or $1,075M YTD in 2018 is down 12.4% compared to sales January-October 2017 of $1,227M. Sales Taxes are up 6% YTD compared to taxes collected January-October 2017. The City of Aspen voted to build a new town hall next the the city parking grarage instead of buying a 27,000 SF to be built building for $32.5M from a private developer, 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 and Snowmass Mall has sold for $28.5M to locate Snowmass ownership group.

ASPEN/SNOWMASS MARKET UPDATE

Item
2017 YTD
2018 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Aspen Board Of Realtors)
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Sales Volume
$52,200,000
$49,300,000
-5.6%
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Transactions
18
11
-38.9%
SALES TAX INDICATORS (Source – City of Aspen/ACRA)
Item :
2017 YTD :
2018 YTD :
% +/- :
All Sales Taxes
6%
Item :
2017 YTD :
2018 YTD :
% +/- :
Retail Taxes
4%
Item :
2017 YTD :
2018 YTD :
% +/- :
Restaurant Taxes
2%
Item :
2017 YTD :
2018 YTD :
% +/- :
Lodging Taxes
4%
Item :
2017 YTD :
2018 YTD :
% +/- :
Weedtail Sales
$7,900,000
$8,500,000
7%
Item :
2017 YTD :
2018 YTD :
% +/- :
RE Transfer Taxes
-15%
VACANCY RATE
2017 YTD :
2018 YTD :
% +/- :
VACANCY RATE
1.5%
1.5%
0%
CAP RATES
2017 YTD :
2018 YTD :
% +/- :
CAP RATES
4.5%
4.5%
0%
RESIDENTIAL REAL ESTATE
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Total Sales
$1,227,433,203
$1,075,151,284
-12.4%
Item :
2017 YTD :
2018 YTD :
% +/- :
Single Family Home – Average Price – Aspen
$7,593,026
$7,262,594
-4.4%
Item :
2017 YTD :
2018 YTD :
% +/- :
Single Family Home – Average Price – Snowmass
$3,160,901
$3,236,051
2.4%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Days on Market
238
185
-22.3%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Listed for Sale
1,700
1,500
-12.8%
DEVELOPMENTS
  • City of Aspen voted to build a new town hall next to the city parking garage instead of buying 27,000 SF newly constructed building for $32.5 million from private developer
  • Jazz Aspen-Snowmass is 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.