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
