Grand Junction/Mesa County Market Update – November 2018

Posted on November 20, 2018 by Brian Bray, Bray Commercial Real Estate in Market Updates

grand junction/mesa county market update – august, marketupdate bray

Commercial Real Estate sales volume of $131.7M with 208 transactions YTD in 2018 is up 34% compared to sales January-October 2017 with 151 transactions worth $98M. Residential Real Estate sales for $901M YTD in 2018 are up 13% compared to sales January-October 2017 of $797M. Sales Taxes are up 1.2% YTD compared to taxes collected January-October 2017. New commercial real estate development projects include 30,000 SF Strive construction project almost complete, new medical office building construction project underway at 360 W. Park, Assisted Living project at 2656 Patterson Rd. nearly complete, newly constructed ANB Bank branch and new 100+ unit apartment complex underway at 12th and Patterson along with multiple downtown redevelopment projects underway.

GRAND JUNCTION/MESA COUNTY MARKET UPDATE

Item
2017 YTD
2018 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source � Mesa County Assessor)
Item :
2017 YTD :
2018 YTD :
% +/- :

Commercial Sales Volume
$98,090,000
$131,700,000
34.3%

Item :
2017 YTD :
2018 YTD :
% +/- :

Commercial Transactions
151
208
37.7%

MESA COUNTY SALES TAX INDICATORS:
Item :
2017 YTD :
2018 YTD :
% +/- :

Mesa County Use Tax
$2,589,000
$2,851,000
10.12%

Item :
2017 YTD :
2018 YTD :
% +/- :

Mesa County Sales Tax
$25,101,000
$27,392,000
9.13%

Item :
2017 YTD :
2018 YTD :
% +/- :

Grand Junction City Use Tax
$1,279,000
$1,116,000
-12.74%

Item :
2017 YTD :
2018 YTD :
% +/- :

Grand Junction City Sales Tax
$33,097,000
$35,741,000
7.99%

Item :
2017 YTD :
2018 YTD :
% +/- :

Total Taxes
$62,066,000
$67,100,000
8.11%

VACANCY RATE
2017 YTD :
2018 YTD :
% +/- :

VACANCY RATE

MESA COUNTY RESIDENTIAL REAL ESTATE
Item :
2017 YTD :
2018 YTD :
% +/- :

Residential Total Sales
$797,089,755
$901,612,992
13%

Item :
2017 YTD :
2018 YTD :
% +/- :

Transactions
3,283
3,429
4%

RESIDENTIAL DEVELOPMENTS
  • North Grand Junction � 20 projects/106 lots
  • Southeast Grand Junction � 15 projects/114 lots
  • City of Grand Junction � 8 projects/54 lots
  • Fruita � 18 projects/74 lots
  • Orchard Mesa � 13 projects/83 lots
  • Northeast Grand Junction � 6 projects/27 lots
  • Redlands � 26 projects/30 lots
  • Northwest Grand Junction � 1 project/4 lots
  • Clifton � 3 projects/21 lots
COMMERCIAL DEVELOPMENTS
  • 30,000 SF Strive Medical Office Project almost complete
  • New Medical Office building underway at 350 W. Park
  • Assisted Living project almost complete at 2656 Patterson Rd.
  • Newly constructed ANB Bank and 100+ unit apartment complex underway at 12th and Patterson
  • Multiple downtown redevelopment projects underway
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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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