Grand Junction/Mesa County Market Update – March 2021

Posted on March 26, 2021 by Brian Bray, Bray Commercial Real Estate in Market Updates

Commercial Real Estate sales volume of $142.5M with 207 transactions in 2020 is down 24.2% compared to sales in 2019 with 229 transactions worth $188M. Residential Real Estate sales for Mesa County in 2020 of $1.3B are up 18% compared to sales in 2019 of $1.1B. Sales Taxes in 2020 were up 17.4% compared to taxes collected in 2019. New development projects include Railyard at Rimrock Apartments with 200 studio, 1BR and 2 BR apartments which are under construction near Walmart. $9M in improvements including reconstruction of the north stands at Suplizio Field and west stands at Stocker Stadium are underway. Construction is underway for infrastructure at Dos Rios Riverfront project. Construction is to begin April 2021 on improvements to the 1st and Grand intersection. Street Construction Projects for Summer 2021 include widening of 24 Road and improvements to G Road from 23 1/2 to 24 1/2 Roads at a cost of $12.2M.

GRAND JUNCTION/MESA COUNTY MARKET UPDATE

Item
2019
2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source � Mesa County Assessor)
Item :
2019
2020
% +/- :

Commercial Sales Volume
$188M
$142.5M
-24.2%

Item :
2019
2020
% +/- :

Commercial Transactions
229
207
-9.6%

MESA COUNTY SALES TAX INDICATORS:
Item :
2019
2020
% +/- :

Total Sales Taxes
$48.6M
$57.1M
17.4%

Item :
2019
2020
% +/- :

Lodging Taxes
$1.6M
$1.1M
-31.3%

CAP RATE
2019
2020
% +/- :

CAP RATE
7.5%
7.5%

MESA COUNTY RESIDENTIAL REAL ESTATE
Item:
2019
2020
% +/- :

Residential Total Sales
$1.1B
$1.3B
18%

Item:
2019:
2020
% +/- :

Residential Average Price
$256,000
$287,000
12%

Item:
2019:
2020
% +/- :

Residential Days On Market
59
56
-5%

Item:
2019:
2020
% +/- :

Residential Listed for Sale
585
281
-52%

PUBLIC POLICY CHANGES
  • City of Grand Junction released a new Comprehensive Plan and City Council members are taking more ownership of that than in the past.
  • Grand Junction City Council voted to include two measures that will allow retail marijuana businesses to operate and be taxed within city limits.
DEVELOPMENTS
  • Construction is to begin April 2021 on improvements to the 1st and Grand intersection.
  • Street Construction Projects for Summer 2021 include widening of 24 Road and improvements to G Road from 23 1/2 to 24 1/2 Roads at a cost of $12.2M.
  • Construction is underway for Railyard at Rimrock Apartments with 200 studio, 1BR and 2 BR apartments near Walmart.
  • $9M in improvements are underway including reconstruction of the north stands at Suplizio Field and west stands at Stocker Stadium.
  • Construction is underway for infrastructure at Dos Rios Riverfront project.
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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.

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