News

Check out market updates

Glenwood Springs Market Update – November 2019

Commercial Real Estate sales volume of $12.3M with 11 transactions YTD in 2019 is down 21% compared to sales YTD in 2018 with 28 transactions worth $15.5M. Residential Real Estate sales for $110M YTD in 2019 are down 20% compared to sales YTD in 2018 of $138M. Sales Taxes YTD in 2019 were up 5% compared to taxes collected YTD in 2018. New commercial real estate projects include Glenwood Adventure Park/Iron Mountain Hot Springs Expansion. The Six Canyon complex of 116 units along Highway 6 is well under way 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 Carbondale Marketplace is under contract which entails a new flagship City Market store as well as 10,000sf of attached commercial yet to be leased. Basalt Vista, a unique 27-unit partnership spearheaded by Habitat for Humanity Roaring Fork along with the Roaring Fork School District and Pitkin County is underway in Basalt.

GLENWOOD SPRINGS MARKET UPDATE

Item
Q3 2018 YTD
Q3 2019 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – FlexMLS )
Item :
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Sales Volume
$15.5M
$12.3M
-20.6%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Transactions
28
11
-60.7%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Average Price
$610K
$919K
50.7%
SALES TAX INDICATORS (Source – City of Glenwood Springs):
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
All Sales Taxes
$1.7M
$1.8M
5%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Health & Recreation
$29K
$31K
5.1%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Restaurant Taxes
$235K
$235K
0%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Lodging Taxes
$209K
$207K
-1.3%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Weedtail Sales
$21K
$21K
0%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Building Supplies
$208K
$235K
13.1%
VACANCY RATE
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
VACANCY RATE
6%
5%
-8.3%
CAP RATES
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
CAP RATES
7.5%
7.5%
0%
RESIDENTIAL REAL ESTATE
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Total Sales
$138M
$110M
-20.4%

Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Days On Market
108
104
-3.7%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Listed for Sale
321
325
1.2%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Price PSF
279
245
-12.2%
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 alley reconstruction 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
  • Carbondale Marketplace is under contract which entails a new flagship City Market store as well as 10,000sf of attached commercial yet to be leased
  • Basalt Vista, a unique 27-unit partnership spearheaded by Habitat for Humanity Roaring Fork along with the Roaring Fork School District and Pitkin County is underway in Basalt

Signup for FREE Market Report

About The Author

Gene Fourney, InteractiveWest

Gene Fourney is CEO/President of InteractiveWest that provides digital marketing and web development services to a variety of Colorado based companies including the Rocky Mountain Commercial Brokers. InteractiveWest employs experienced programmers, coders, graphic designers, search engine optimization consultants, copywriters, photographers and videographers to offer a full range of web development and digital marketing services.