Glenwood Springs Market Update – January 2019
Commercial Real Estate sales volume of $17.1M with 28 transactions YTD in 2018 is up 40% compared to sales in 2017 with 30 transactions worth $11.4M. Residential Real Estate sales for $150M in 2018 are up 15.8% compared to sales in 2017 of $128.1M. Sales Taxes in 2018 were up 5.9% compared to taxes collected in 2017. New commercial real estate projects include Oasis Creek Apartments with 115 units, 85 unit lofts at Red Mountain, 115 residential units on West Main next to the new City Market in Carbondale have been approved, Glenwood Caverns installing a new tram and expansion of Glenwood Hot Springs.
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
DEVELOPMENTS
- 116 unit Oasis Creek Apartments � currently going vertical
- Lofts at Red Mountain � 85 Units at $1,500 Studio/$2,400 2 Bedroom – Testing market
- Carbondale approves 115 residential units on West Main next to City Market
- Glenwood Caverns installing new Tram
- Glenwood Hot Springs under expansion