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Glenwood Springs Market Update – April 2019

Commercial Real Estate sales volume of $1.3M with 2 transactions YTD in 2019 is significantly down 62% compared to sales YTD in 2018 with 13 transactions worth $3.6M. Residential Real Estate sales for $36.6M YTD in 2019 are up 13% compared to sales YTD in 2018 of $27M. Sales Taxes YTD in 2019 were up 4.8% compared to taxes collected YTD in 2018. New commercial real estate projects include Glenwood Adventure Park/Iron Mountain Hot Springs expansion, Six Canyon complex of 116 apartment units which is well under construction as are the 85 units of Lofts at Red Mountain in Glenwood Meadows. An additional 96 units in Phase 2 is slated for completion in early 2020. Approvals were also granted for Sopris Lodge, a 78 unit senior living facility to be built in Carbondale.

GLENWOOD SPRINGS MARKET UPDATE

Item
Q1 2018
Q1 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – FlexMLS )
Item :
Q1 2018:
Q1 2019:
% +/- :
Commercial Sales Volume
$3.6M
$1.3M
-62%
Item:
Q1 2018:
Q1 2019:
% +/- :
Commercial Transactions
13
2
-84%
Item:
Q1 2018:
Q1 2019:
% +/- :
Commercial Average Price
$277K
$672K
142%
SALES TAX INDICATORS (Source – City of Glenwood Springs):
Item:
Q1 2018:
Q1 2019:
% +/- :
All Sales Taxes
$3.8M
$4.1M
4.8%
Item:
Q1 2018:
Q1 2019:
% +/- :
Health & Recreation
$42K
$48K
12.5%
Item:
Q1 2018:
Q1 2019:
% +/- :
Restaurant Taxes
$567K
$583K
2.7%
Item:
Q1 2018:
Q1 2019:
% +/- :
Lodging Taxes
$368K
$413K
12.3%
Item:
Q1 2018:
Q1 2019:
% +/- :
Weedtail Sales
$54K
$53K
-1%
Item:
Q1 2018:
Q1 2019:
% +/- :
Building Supplies
$372K
$410K
10.3%
VACANCY RATE
Q1 2018:
Q1 2019:
% +/- :
VACANCY RATE
6%
5%
-1%
CAP RATES
Q1 2018:
Q1 2019:
% +/- :
CAP RATES
7.5%
7.5%
0%
RESIDENTIAL REAL ESTATE
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Total Sales
$27M
$36.5M
35%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Average Price
$490,350
$481,354
1.8%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Days On Market
119
127
6.7%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Listed for Sale
347
330
-4.9%
PUBLIC POLICY CHANGES
  • Glenwood Springs Passes 4 Month Moratorium on Vacation Rentals
  • Glenwood Springs passing “Entertainment District”
  • State of Colorado passes legislation to allow grocery and convenience stores to sell beer of any strength rather than 3.2% ABV or lower
PUBLIC POLICY CHANGES
  • 27th Street Bridge project in Glenwood Springs is being funded by a $2M Grant from the State Energy and Mineral Impact Grant, Garfield County Federal Mineral Lease District and the Federal Highway Administration
  • The South Midland project in Glenwood Springs has received a $7M federal BUILD grant
  • An easement agreement has been finalized with the Roaring Fork Transportation Authority for crossing the Rio Grande Trail to connect to Highway 82 for the proposed South Bridge project, saving approximately $25M
  • Glenwood Springs City Council has agreed to put a ballot measure before city voters in April to increase funding for city streets and alleys by an additional 3/4% sales tax
  • Glenwood Springs Mall has been designated as an Urban Renewal site, with a committee appointed by the city to work with the owner on renewing that area.
  • Quarry expansion is still being debated by the City
DEVELOPMENTS
  • Glenwood Adventure Park/Iron Mountain Hot Springs expansion
  • Six Canyon complex of 116 apartment units which is well under construction as are the 85 units of Lofts at Red Mountain in Glenwood Meadows. An additional 96 units in Phase 2 is slated for completion in early 2020
  • Approvals have also granted for Sopris Lodge, a 78 unit senior living facility to be built in Carbondale.

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About The Author

Scott Dillard, Integrated Mountain Group

Scott Dillard is the leading Commercial Real Estate Broker in Glenwood Springs/Carbondale, bringing many years of experience in commercial real estate leasing, sales and development. Being one of the very few CCIM designees (Certified Commercial Investment Member) on the Western Slope confirms that Scott Dillard is a recognized expert in the commercial and investment real estate industry.