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
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
- 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
