ASPEN REAL ESTATE – A record number of commercial properties have been put on the market in the past year or so, and the late 2012 closings likely represent the largest wave of closings so far…After bouncing back from the Great Recession earlier than other parts of the market, Aspen’s retail sector currently has very little vacancy. “Everything’s leased on the retail side which shows high demand, low vacancy and a certain momentum of activity,” said [one Aspen’s commercial brokers], who added that would-be buyers are not only assured of getting tenants but also of commanding higher rents than in the past several years. It’s clear that for those who can afford Aspen commercial real estate, it’s historically been a good investment. Three of the buildings closing this week are among Aspen’s 27 most valuable—those worth more than $8 million.
By Catherine Lutz, Dec. 25, 2012 ABJ
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Bidwell Building in the center of downtown Aspen is scheduled to close before the end of the year: “It sits on one of the most prominent corners in downtown Aspen, at Cooper and Galena, and is valued at $13 million by the county assessor, making it the 11th most valuable commercial property in Aspen (according to an analysis by ABJ and Aspen Journalism). The Bidwell family had hoped to raze and redevelop the building, adding a third-story residential component, but withdrew its application due to opposition to the project. A new redevelopment application for the 15,000-square-foot building is pending.”