News

Check out market updates

Aspen/Snowmass Market Update � January 2019

Posted on January 24, 2019 by William Small, Zenith Realty Advisors in Market Updates

There were 33.3% fewer Commercial Real Estate transactions in 2018 vs. 2017 but overall Commercial Real Estate sales volume of $68.6M in 2018 was up 31% compared to sales in 2017 of $52.2M. Residential Real Estate sales in Pitkin County of $1,805M in 2018 was down slightly 5.4% compared to sales in 2017 of $1,907M. Sales Taxes were up 4% in 2018 compared to taxes collected in 2017. Snowmass Mall sold for $28.5M and Snowmass Club also sold for $18M to ABA Hospitality which represented 68% of all commercial real estate sales in 2018. Jazz Aspen-Snowmass is under contract to buy the 2nd floor of Red Onion office space for $15M and new W Hotel in downtown Aspen is to be completed in Spring 2019. WeWork is coming to Aspen and will be located at 517 E. Hopkins Ave.

ASPEN/SNOWMASS MARKET UPDATE

Item
2017
2018
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Aspen Board Of Realtors)
Item:
2017:
2018:
% +/- :
Commercial Sales Volume
$52.2M
$68.6M
31.4%
Item:
2017:
2018:
% +/- :
Commercial Transactions
18
12
-33.3%
SALES TAX INDICATORS (Source – City of Aspen/ACRA)
Item:
2017:
2018:
% +/- :
All Sales Taxes
$624.9M
$650.9M
4%
Item:
2017:
2018:
% +/- :
Retail Taxes
$110.4M
$116.3M
5.4%
Item:
2017:
2018:
% +/- :
Restaurant Taxes
$114.2M
$116.5M
2%
Item:
2017:
2018:
% +/- :
Lodging Taxes
$178.5M
$185.9M
4%
Item:
2017:
2018:
% +/- :
Weedtail Sales
$10.1M
$10.6M
5%
Item:
2017:
2018:
% +/- :
RE Transfer Taxes
$9.9M
$8.8M
-11.5%
VACANCY RATE
2017:
2018:
% +/- :
VACANCY RATE
2.5%
3.5% (35,000 SF)
1%
CAP RATES
2017:
2018:
% +/- :
CAP RATES
4.5% – 5%
4.5% – 5%
0%
PITKIN COUNTY RESIDENTIAL REAL ESTATE
Item:
2017:
2018:
% +/- :
Residential Total Sales
$1,907M
$1,805M
-5.4%
Item:
2017:
2018:
% +/- :
Single Family Home – Average Price – Aspen
$7.5M
$6.9M
-8.4%
Item:
2017:
2018:
% +/- :
Single Family Home – Average Price – Snowmass
$3.1M
$3.1M
0%
Item:
2017:
2018:
% +/- :
Aspen Residential Days on Market
245
193
-21.2%
Item:
2017:
2018:
% +/- :
Aspen Residential Listed for Sale
294
255
-13.3%
Item:
2017:
2018:
% +/- :
Snowmass Residential Listed for Sale
231
246
6.5%
Item:
2017:
2018:
% +/- :
Snowmass Residential Listed for Sale
212
188
-11.3%
DEVELOPMENTS
  • Snowmass Mall sold for $28.5M and Snowmass Club sold for $18M to ABA Hospitality (worth 68% of total commercial deals in Aspen-Snowmass Market)
  • WeWork coming to Aspen – 517 E. Hopkins Ave.
  • JP Morgan Chase – Opened retail bank on Hyman Ave.
  • 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
[gravityform id=”3″ title=”true” description=”true” ajax=”true”]
Email

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.

Archives