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Aspen/Snowmass Market Update – January 2020

Commercial Real Estate sales volume in Aspen/Snowmass of $38.3M with 12 transactions in 2019 is down 46.8% compared to $72M with 17 transactions in 2018. Residential Real Estate sales in Pitkin County of $1.364B in 2019 were up 8% compared to sales in 2018 of $1.263B. Sales Taxes for the City of Aspen were up 8.1% in 2019 compared to taxes collected in 2018. The Isis Theatre Building was sold in October 2019 for $13M and redevelopment of the Crystal Palace property is planned for a new Restoration Hardware Hotel.

ASPEN/SNOWMASS MARKET UPDATE

Item
2018
2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Aspen Board Of Realtors)
Item:
2018:
2019:
% +/- :
Commercial Sales Volume
$72M
$38.3M
-46.8%
Item:
2018:
2019:
% +/- :
Commercial Transactions
17
12
-29.4%
SALES TAX INDICATORS (Source – City of Aspen/ACRA)
Item:
2018:
2019:
% +/- :
All Sales Taxes
$648.4M
$701M
8.1%
Item:
2018:
2019:
% +/- :
Retail Taxes
$232.8M
$247.4M
6.3%
Item:
2018:
2019:
% +/- :
Restaurant Taxes
$101.4M
$122.9M
21.2%
Item:
2018:
2019:
% +/- :
Lodging Taxes
$142.9M
$199.9M
39.9%
Item:
2018:
2019:
% +/- :
Weedtail Sales
$10.5M
$10.8M
2.9%
Item:
2018:
2019:
% +/- :
RE Transfer Taxes
$4.6M
$4.4M
-4.3%
VACANCY RATE
2018:
2019:
% +/- :
VACANCY RATE
2.5%
3% (30,000 SF)
20%
CAP RATES
2018:
2019:
% +/- :
CAP RATES
3.5% – 5.5%
3.5% – 5.5%
0%
PITKIN COUNTY RESIDENTIAL REAL ESTATE
Item:
2018:
2019:
% +/- :
Residential Total Sales
$1.26B
$1.36B
8%
Item:
2018:
2019:
% +/- :
Average Price All Types – Aspen
$4M
$4.4M
9%
Item:
2018:
2019:
% +/- :
Average Price All Types – Snowmass
$1.6M
$2.1M
34.8%
Item:
2018:
2019:
% +/- :
Aspen Residential Days on Market
284
259
-8.8%
Item:
2018:
2019:
% +/- :
Aspen Residential Listed for Sale
304
253
-16.8%
Item:
2018:
2019:
% +/- :
Snowmass Residential Days on Market
200
227
13.5%
Item:
2018:
2019:
% +/- :
Snowmass Residential Listed for Sale
250
263
5.2%
DEVELOPMENTS
  • Isis Theatre Building was sold in October 2019 for $13M
  • Redevelopment of the Crystal Palace property is planned for a new Restoration Hardware Hotel

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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.