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
