Grand Junction/Mesa County Market Update – April 2019

Posted on May 17, 2019 by Brian Bray, Bray Commercial Real Estate in Market Updates

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Commercial Real Estate sales volume of $59.5M with 81 transactions YTD in 2019 is significantly up 32.2% compared to sales YTD in 2018 with 72 transactions worth $45M. Residential Real Estate sales for $203M YTD in 2019 are down 1.4% compared to sales YTD in 2018 of $206M. Sales Taxes YTD in 2019 were up 5.2% compared to taxes collected YTD in 2018. New commercial real estate projects include Tru by Hilton scheduled to open May 2019, Downtown Grand Junction has partnered with Kaart Group for the development of 734 and 702 Main in downtown Grand Junction, Dillard’s is building a new store at Mesa Mall at the old Sears store location and new multi-family development is underway on 24 1/2 Rd.

GRAND JUNCTION/MESA COUNTY MARKET UPDATE

Item
Q1 2018
Q1 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source � Mesa County Assessor)
Item :
Q1 2018
Q1 2019
% +/- :

Commercial Sales Volume
$45M
$59.5M
32.2%

Item :
Q1 2018
Q1 2019
% +/- :

Commercial Transactions
72
81
12.5%

MESA COUNTY SALES TAX INDICATORS:
Item :
Q1 2018
Q1 2019
% +/- :

Lodging Taxes
$211K
$369K
74.7%

Item :
Q1 2018
Q1 2019
% +/- :

Total Taxes
$13.3M
$14M
5.2%

CAP RATE
Q1 2018
Q1 2019
% +/- :

CAP RATE
8%
7.5%
-.5%

MESA COUNTY RESIDENTIAL REAL ESTATE
Item:
Q1 2018:
Q1 2019:
% +/- :

Residential Total Sales
$206M
$203M
-1.4%

Item:
Q1 2018:
Q1 2019:
% +/- :

Residential Average Price
$230,000
$250,000
8.6%

Item:
Q1 2018:
Q1 2019:
% +/- :

Residential Days On Market
64
70
9.3%

Item:
Q1 2018:
Q1 2019:
% +/- :

Residential Listed for Sale
808
730
-9.6%

PUBLIC POLICY CHANGES
  • Lodging Tax increase approved by voters
  • Measure 2B to increase first responder funding approved by voters
DEVELOPMENTS
  • Tru by Hilton is scheduled to open May 2019
  • Downtown Grand Junction has partnered with Kaart Group for the development of 734 and 702 Main in downtown Grand Junction
  • Dillard’s is building a new store at Mesa Mall at the old Sears store location
  • New multi-family development is underway on 24 1/2 Rd.
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About The Author

Brian Bray, commercial real estate broker at Bray Real Estate, smiling in a professional suit with glasses, representing his expertise and long-standing family legacy in Western Colorado 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.

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