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Glenwood Springs Market Update – September 2021

Commercial Real Estate sales volume of $12.2M with 14 transactions in Q2 2021 is up 144.6% compared to sales in Q2 2020 of 5 transactions worth $5M. Residential Real Estate sales of $108M in Q2 2021 are up 70.9%% compared to sales in Q2 2020 of $63.2M. Sales Taxes for the City of Glenwood Springs in Q2 2021 were up 37.1% compared to taxes collected in Q2 2020. New commercial real estate projects include 15.8 acre vacant lot in West Glenwood for development of 360 unit residential units along with some commmercial by R2 Partners from Ohio. R2 Partners has also just announced they are under contract for the West Glenwood Mall which is adjacent to the residential project. The Lofts Apartment Complex as well as Six Canyon Complex are stabilized and have no vacancy. The 62 2 bedroom and 38 1 bedroom apartment Bell-Rippy project next to Walmart has been approved.

GLENWOOD SPRINGS MARKET UPDATE

Item
Q2 2020
Q2 2021
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – FlexMLS )
Item :
Q2 2020:
Q2 2021:
% +/- :
Commercial Sales Volume
$5M
$12.2M
144.6%
Item:
Q2 2020:
Q2 2021:
% +/- :
Commercial Transactions
5
14
180%
Item:
Q2 2020:
Q2 2021:
% +/- :
Commercial Average Price
$998K
$872K
-12.7%
SALES TAX INDICATORS (Source – City of Glenwood Springs):
Item:
Q2 2020:
Q2 2021:
% +/- :
All Sales Taxes
$6.1M
$8.3M
37.1%
Item:
Q2 2020:
Q2 2021:
% +/- :
Health & Recreation
$45K
$83K
82.4%
Item:
Q2 2020:
Q2 2021:
% +/- :
Restaurant Taxes
$691K
$1.1M
57%
Item:
Q2 2020:
Q2 2021:
% +/- :
Lodging Taxes
$335K
$786K
121.3%
Item:
Q2 2020:
Q2 2021:
% +/- :
Weedtail Sales
$98K
$124K
27.4%
Item:
Q2 2020:
Q2 2021:
% +/- :
Building Supplies
$894K
$1.1M
21.2%
VACANCY RATE
Q2 2020:
Q2 2021:
% +/- :
VACANCY RATE
4%
5%
1%
CAP RATES
Q2 2020:
Q2 2021:
% +/- :
CAP RATES
7%
6%
-1%
RESIDENTIAL REAL ESTATE
Item:
Q2 2020:
Q2 2021:
% +/- :
Residential Total Sales
$63.2M
$108M
70.9%

Item:
Q2 2020:
Q2 2021:
% +/- :
Residential Days On Market
109
86
-26.7%
Item:
Q2 2020:
Q2 2021:
% +/- :
Residential Sold
114
154
35%
Item:
Q2 2020:
Q2 2021:
% +/- :
Residential Price PSF
$245
$323
31.8%
PUBLIC POLICY CHANGES
DEVELOPMENTS
  • 15.8 acre vacant lot in West Glenwood for development of 360 unit residential units along with some commmercial by R2 Partners from Ohio.
  • R2 Partners has also just announced they are under contract for the West Glenwood Mall which is adjacent to the residential project.
  • The Lofts Apartment Complex as well as Six Canyon Complex are stabilized and have no vacancy.
  • The 62 2 bedroom and 38 1 bedroom apartment Bell-Rippy project next to Walmart has been approved.

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About The Author

Scott Dillard, Integrated Mountain Group

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.