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Glenwood Springs Market Update – August 2019

Glenwood Springs Market Update – April 2019

Commercial Real Estate sales volume of $6.2M with 8 transactions YTD in 2019 is significantly down 46% compared to sales YTD in 2018 with 20 transactions worth $11.6M. Residential Real Estate sales for $55.3M YTD in 2019 are down 6.33% compared to sales YTD in 2018 of $59M. Sales Taxes YTD in 2019 were up 4.4% 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 by the Carbondale Board of Trustees for Sopris Lodge, a 78 unit senior living facility to be built in Carbondale.

GLENWOOD SPRINGS MARKET UPDATE

Item
Q2 2018
Q2 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – FlexMLS )
Item :
Q2 2018:
Q2 2019:
% +/- :
Commercial Sales Volume
$11.6M
$6.2M
-46%
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Transactions
20
8
-60%
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Average Price
$579K
$777K
34%
SALES TAX INDICATORS (Source – City of Glenwood Springs):
Item:
Q2 2018:
Q2 2019:
% +/- :
All Sales Taxes
$8.5M
$8.8M
4.4%
Item:
Q2 2018:
Q2 2019:
% +/- :
Health & Recreation
$31K
$36K
16.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Restaurant Taxes
$245K
$251K
2.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Lodging Taxes
$228K
$223K
-2.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Weedtail Sales
$20K
$21K
3%
Item:
Q2 2018:
Q2 2019:
% +/- :
Building Supplies
$241K
$275K
14%
VACANCY RATE
Q2 2018:
Q2 2019:
% +/- :
VACANCY RATE
6%
5%
-8.3%
CAP RATES
Q2 2018:
Q2 2019:
% +/- :
CAP RATES
7.5%
7.5%
0%
RESIDENTIAL REAL ESTATE
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Total Sales
$59M
$55.3M
-6.3%

Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Days On Market
109
119
9.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Listed for Sale
347
330
-4.9%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Price PSF
233
245
5.2%
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
  • 85 units of Lofts at Red Mountain in Glenwood Meadows are under construction. An additional 96 units in Phase 2 is slated for completion in early 2020
  • Approvals were also granted by the Carbondale Board of Trustees 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.