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Glenwood Springs Market Update – November 2018

Commercial Real Estate sales volume of $17.1M with 28 transactions YTD in 2018 is up 60% compared to sales January-October 2018 with 27 transactions worth $9.2M. Residential Real Estate sales for $132M YTD in 2018 are up 33% compared to sales January-October 2017 of $94.6M. Sales Taxes are up 3.75% YTD compared to taxes collected January-October 2017. New commercial real estate projects include Oasis Creek Apartments which is just breaking ground, 85 unit lofts at Red Mountain, approvals in place for 54 unit apartment complex in Buffalo Valley, Glenwood Caverns installing a new tram and expansion of Glenwood Hot Springs.

GLENWOOD SPRINGS MARKET UPDATE

Item
2017 YTD
2018 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – FlexMLS )
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Sales Volume
$9,200,000
$17,100,000
60%
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Transactions
27
28
3.6%
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Average Price
$342,000
$610,000
56%
SALES TAX INDICATORS (Source – City of Glenwood Springs):
Item :
2017 YTD :
2018 YTD :
% +/- :
All Sales Taxes
$11,358,523
$11,783,847
3.75%
Item :
2017 YTD :
2018 YTD :
% +/- :
Health & Recreation
$128,108
$136,345
6.4%
Item :
2017 YTD :
2018 YTD :
% +/- :
Restaurant Taxes
$1,618,709
$1,725,571
6.6%
Item :
2017 YTD :
2018 YTD :
% +/- :
Lodging Taxes
$1,250,000
$1,346,858
7.7%
Item :
2017 YTD :
2018 YTD :
% +/- :
Weedtail Sales
$175,982
$155,980
-11.4%
Item :
2017 YTD :
2018 YTD :
% +/- :
Building Supplies
$1,283,277
$1,330,288
3.7%
VACANCY RATE
2017 YTD :
2018 YTD :
% +/- :
VACANCY RATE
6%
5%
1%
CAP RATES
2017 YTD :
2018 YTD :
% +/- :
CAP RATES
7.5%
7.5%
0%
RESIDENTIAL REAL ESTATE
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Total Sales
$94,690,978
$132,065,734
33%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Average Price
$468,767
$586,959
22.4%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Days On Market
111
107
3.7%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Listed for Sale
202
225
10.8%
PUBLIC POLICY CHANGES
  • Glenwood Springs Passes 4 Month Moratorium on Vacation Rentals
  • Fire District Tax Increase Passes
  • Carbondale Removes Distance Requirements Between Retail Marijuana Stores
DEVELOPMENTS
  • Oasis Creek Apartments – Just Breaking Ground
  • Lofts at Red Mountain – 85 Units at $1,500 Studio/$2,400 2 Bedroom
  • Buffalo Valley – Approvals in Place for 54 Unit Apartment Complex/Just Sold for $1,575,000
  • Glenwood Caverns Installing New Tram
  • Glenwood Hot Springs Under Expansion

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About The Author

Scott Dillard

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.