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Glenwood Springs Market Update – January 2020

Commercial Real Estate sales volume of $12.6M with 13 transactions in 2019 is down 26.5% compared to sales in 2018 of 28 transactions worth $17.1M. Residential Real Estate sales of $126.4M in 2019 are down 16% compared to sales in 2018 of $150.5M. Sales Taxes for the City of Glenwood Springs in 2019 were up 2.1% compared to taxes collected in 2018. New commercial real estate projects include the controversial Six Canyon complex of 116 units along Highway 6 that is currently leasing as are the first 85 units of the Lofts at Red Mountain in Glenwood Meadows. An additional 96 units in Phase II of the Lofts is slated for completion in early 2020. In Carbondale, the new City Market store within Carbondale Marketplace is under construction. There is 10,000sf of attached commercial yet to be leased. MindSprings Health is relocating to 2802 S. Grand Avenue in Summer 2020. West Glenlood Lutheran Church is being converted to 13 one bedroom apartments.

GLENWOOD SPRINGS MARKET UPDATE

Item
2018
2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – FlexMLS )
Item :
2018:
2019:
% +/- :
Commercial Sales Volume
$17.1M
$12.6M
-26.5%
Item:
2018:
2019:
% +/- :
Commercial Transactions
28
13
-53.6%
Item:
2018:
2019:
% +/- :
Commercial Average Price
$610K
$966K
58.4%
SALES TAX INDICATORS (Source – City of Glenwood Springs):
Item:
2018:
2019:
% +/- :
All Sales Taxes
$18.3M
$18.7M
2.1%
Item:
2018:
2019:
% +/- :
Health & Recreation
$195K
$205K
5.1%
Item:
2018:
2019:
% +/- :
Restaurant Taxes
$2.36M
$2.41M
2.1%
Item:
2018:
2019:
% +/- :
Lodging Taxes
$1.15M
$1.23M
6.9%
Item:
2018:
2019:
% +/- :
Weedtail Sales
$211K
$214K
1.4%
Item:
2018:
2019:
% +/- :
Building Supplies
$1.86M
$2.03M
8.9%
VACANCY RATE
2018:
2019:
% +/- :
VACANCY RATE
6%
5%
-8.3%
CAP RATES
2018:
2019:
% +/- :
CAP RATES
7.5%
7.5%
0%
RESIDENTIAL REAL ESTATE
Item:
2018:
2019:
% +/- :
Residential Total Sales
$150.5M
$126.4M
-16%

Item:
2018:
2019:
% +/- :
Residential Days On Market
106
106
0%
Item:
2018:
2019:
% +/- :
Residential Listed for Sale
265
259
-2.3%
Item:
2018:
2019:
% +/- :
Residential Price PSF
286
247
-13.6%
PUBLIC POLICY CHANGES
  • The Glenwood Springs Planning and Zoning Commission, in a unanimous vote, approved ANB Bank’s proposal to move into the 900 block of Grand Avenue downtown.
  • Glenwood Mall is under contract with Center Pointe Development. Headquartered in Scottsdale, Arizona. Center Pointe Development was founded in 2006 and has worked on development projects predominantly in the Southwest Region of the US.
  • For the next six months, Garfield County will not accept applications for new or amended mining and gravel projects. The moratorium will prevent RMR Industrials from seeking a change to its special use permit for the Mid-Continent limestone quarry north of Glenwood Springs.
  • The Garfield County commissioners unanimously approved a $150,000 matching grant for a portion of the Lower Valley trail project.
  • Bus service from Battlement Mesa to Rifle could begin in June, with a grant from Garfield County.
DEVELOPMENTS
  • Six Canyon complex of 116 units along Highway 6 that is currently leasing as are the first 85 units of the Lofts at Red Mountain in Glenwood Meadows. An additional 96 units in Phase II of the Lofts is slated for completion in early 2020.
  • New City Market store within Carbondale Marketplace is under construction. There is 10,000sf of attached commercial yet to be leased.
  • MindSprings Health is relocating to 2802 S. Grand Avenue in Summer 2020.
  • West Glenlood Lutheran Church is being converted to 13 one bedroom apartments.

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About The Author

Shilo Bartlett, ERA New Age

Shilo Bartlett grew up in the Roaring Fork Valley of Colorado and has experience within the Glenwood Springs market for many years. She has deep roots with the local community and has worked in the business sector for over a decade. Her background is in the commercial and industrial real estate markets.