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