Mesa County Real Estate Market Update - August 2018

Grand Junction/Mesa County Market Update – August 2018

Posted on September 11, 2018 by Brian Bray, Bray Commercial Real Estate in Market Updates

Commercial Real Estate sales volume of $78M with 98 transactions YTD in 2018 is up 25.8% compared to sales Jan-July 2017 with 82 transactions worth $62M. Residential Real Estate sales for $527M YTD in 2018 are up 17% compared to sales Jan-July 2017 of $450M. Sales Taxes are up 7.87% YTD compared to taxes collected Jan-July 2017. New commercial real estate development projects include Mind Springs Health, St. Mary’s Health Expansion, Strive and Los Colonias Park.

GRAND JUNCTION/MESA COUNTY MARKET UPDATE

Item

2017 YTD July 1

2018 YTD July 1

+/- %

——————————————————————————————————————————————————————————————————

VELOCITY (Source � LTGC)

Commercial Sales Volume
Commercial Transactions

$62,000,000
82

$78,000,000
98

25.8%
19.5%

SALES TAX INDICATORS (Source � City of Grand Junction)

All Sales Taxes
Retail Taxes
Restaurant Taxes
Lodging Taxes
Weedtail Sales
RE Transfer Taxes

$25,300,000
$20,100,000

$580,530

$27,500,000

$623,472

7.87%

7.4%

VACANCY RATES

CAP RATES

8%

7.5%

-6.7%

RESIDENTIAL REAL ESTATE

Residential Total Sales
Residential Average Price
Residential Days On Market
Residential Listed for Sale

$450,000,000
$215,000
66
960

$527,000,000
$234,000
57
883

17%
9%
-14%
-8%

PUBLIC POLICY CHANGES

Opportunity Zone

DEVELOPMENTS

Mind Springs Health
St. Mary�s Hospital
Strive
Las Colonias Park

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About The Author

Brian Bray, Bray Commercial Real Estate

Born and raised in Western Colorado, Brian Bray is a fourth-generation Bray working in his family’s real estate brokerage, which was founded by his great-grandfather, Sherman Bray, in 1946. Brian brings to the table a vast working knowledge of real estate and the trusted name that has become the premier real estate firm of Western Colorado. Working for Bray Real Estate since 2004, Brian began his real estate career selling residential homes, farm/ranch properties, and development ground. He became managing broker of the commercial division in 2016. Previous to working in the family business, Brian owned and managed his own businesses and worked in the construction industry. He is educated in construction management and graduated from Mesa State College with a Bachelor of Science in Business Administration. Over the years, Brian has had the opportunity to assist his clients in asset disposition/acquisition and represent tenants of large national retailers and small main street businesses. Brian also maintains a large volume of real estate listings for his sales and leasing clients. Through continued education through CCIM and industry forums, Brian is able to stay on the pulse of the existing and emerging industries. Brian also manages Bray Business Brokerage, where he oversees a team of merger and acquisition specialists. He enjoys educating business owners in making strategic decisions to maximize the profitability of their company before selling it. He is also able to assist buyers in mitigating the risks involved in a business transaction. Brian resides in Grand Junction with his wife and five children. When he is not working, he enjoys recreating in the high country of the Rocky Mountains. Whether it is sitting at 13,000 feet watching some bighorn sheep or calling in a large bull elk during the rut, Brian won’t miss an opportunity to be hunting the vast expanse of the Rocky Mountain country. Achievements Top Commercial Producer – Bray Real Estate, 2016-2021 Broker of the Year – Rocky Mountain Commercial Brokers, 2018 Affiliations Member – Rocky Mountain Commercial Brokers Member – Grand Junction Rotary Club Member – Grand Junction Chamber of Commerce Member - The Society of Industrial & Office Realtors (SIOR) *The Society of Industrial & Office Realtors (SIOR) designation is a professional achievement for highly qualified commercial real estate practitioners with a strong transactional history in brokerage, fee-based services, or executive management.