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
VELOCITY (Source – FlexMLS )
SALES TAX INDICATORS (Source – City of Glenwood Springs):
VACANCY RATE
VACANCY RATE
CAP RATES
CAP RATES
RESIDENTIAL REAL ESTATE
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.
