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
