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