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Aspen/Snowmass Market Update – April 2019

Commercial Real Estate sales volume of $15.4M with 3 transactions YTD in 2019 in Aspen/Snowmass is significantly down 368% compared to $72M sales with 17 transactions YTD in 2018. Residential Real Estate sales in Pitkin County of $301M YTD in 2019 was up slightly 3.8% compared to sales in 2018 of $290M. Sales Taxes were up 3.5% YTD in 2019 compared to taxes collected YTD in 2018. New developments include W Hotel to open Summer 2019, Katie Reed building sold for $14.8M in January 2019, WeWork leasing building at 517 E. Hopkins Ave., JP Morgan Chase opening retail bank on Hyman Ave. and Jazz Aspen-Snowmass is under contract to buy 2nd floor Red Onion office space for $15M.

ASPEN/SNOWMASS MARKET UPDATE

Item
Q1 2018
Q1 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Aspen Board Of Realtors)
Item:
Q1 2018:
Q1 2019:
% +/- :
Commercial Sales Volume
$72M
$15.4M
-368%
Item:
Q1 2018:
Q1 2019:
% +/- :
Commercial Transactions
17
3
-467%
SALES TAX INDICATORS (Source – City of Aspen/ACRA)
Item:
Q1 2018:
Q1 2019:
% +/- :
All Sales Taxes
$3.5M
$3.7M
3.5%
Item:
Q1 2018:
Q1 2019:
% +/- :
Lodging Taxes
$774K
$821K
6.1%
Item:
Q1 2018:
Q1 2019:
% +/- :
Weedtail Sales
$10.6M
$10.6M
0%
Item:
Q1 2018:
Q1 2019:
% +/- :
RE Transfer Taxes
$2.3M
$2.2M
-4.5%
VACANCY RATE
Q1 2018:
Q1 2019:
% +/- :
VACANCY RATE
2.5%
3% (35,000 SF)
1%
CAP RATES
Q1 2018:
Q1 2019:
% +/- :
CAP RATES
3.5% – 5.5%
3.5% – 5.5%
0%
PITKIN COUNTY RESIDENTIAL REAL ESTATE
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Total Sales
$290M
$301M
3.8%
Item:
Q1 2018:
Q1 2019:
% +/- :
Average Price All Types – Aspen
$4M
$4.4M
9%
Item:
Q1 2018:
Q1 2019:
% +/- :
Average Price All Types – Snowmass
$1.6M
$2.1M
34.8%
Item:
Q1 2018:
Q1 2019:
% +/- :
Aspen Residential Days on Market
283
293
3.5%
Item:
Q1 2018:
Q1 2019:
% +/- :
Aspen Residential Listed for Sale
274
251
-8.4%
Item:
Q1 2018:
Q1 2019:
% +/- :
Snowmass Residential Days on Market
252
253
-.4%
Item:
Q1 2018:
Q1 2019:
% +/- :
Snowmass Residential Listed for Sale
279
230
-17.6%
DEVELOPMENTS
  • W Hotel to open Summer 2019
  • Katie Reed building sold for $14.8M in January 2019
  • WeWork leasing building at 517 E. Hopkins Ave.
  • JP Morgan Chase opening retail bank on Hyman Ave.
  • Jazz Aspen-Snowmass under contract to buy 2nd floor Red Onion office space for $15M

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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.