The new year is a great time to reflect on the commercial real estate market in search of trends leading to opportunities. The most interesting local trend is the sales growth rate in Carbondale and Glenwood. Median sales prices in both markets continue to rise as the number of listings decrease.
Keep in mind that many commercial deals happen off market. With my current Old Snowmass commercial listing, I’ve been approached by two other potential commercial sellers. If you need it, let’s go find it. Intrigued by the idea of commercial investment? Let’s talk.
As I would expect, Aspen’s 2018 commercial dollar volume is the highest in the valley at $21.3mm. $12mm was one off-market transaction that appears to be one of the last commercial redevelopment parcels that allows a free market residential penthouse on top. Even though it has the highest volume, the total annual dollar volume was down $31mm over 2017.
BASALT & WILLITS TOWN CENTER
Surprisingly, Basalt which includes Willits Town Center saw a decrease in sales volume as the larger commercial opportunities were sold in 2017. Listings are down as are dollar volume of listings signalling the end of the Willits commercial frenzy. For now.
CARBONDALE & GLENWOOD
Both markets experienced significant sales growth increasesof over 50% of the previous year. Median sales prices in both markets continue to rise as the number of listing decrease.