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
VELOCITY (Source – Aspen Board Of Realtors)
SALES TAX INDICATORS (Source – City of Aspen/ACRA)
VACANCY RATE
VACANCY RATE
CAP RATES
CAP RATES
RESIDENTIAL REAL ESTATE
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