Photo taken by Tim Bradley, all rights reserved and may not be reproduced without the express written permission of the photographer.
Tim Bradley is an owner of Contour Investment Properties, the only brokerage firm in Jackson exclusively focused on commercial and investment property in Jackson Hole and Teton Valley. Tim has earned the MAI designation from the Appraisal Institute as well as the CCIM designation from the CCIM Institute.
Tim Bradley
Owner/Broker
Contour Investment Properties
220 East Broadway
PO Box 1152
Jackson, WY 83001
(307) 733-6400
www.contourproperties.com
Teton County commissioners intend to extend a moratorium on new housing developments in the county. The moratorium was enacted in May 2008 and is set to expire at the end of December, but will now likely be renewed until July 1, 2009 or when the new Jackson Hole/Teton County Comprehensive Plan is updated, whichever is sooner. The debate over whether to allow/encourage new development or close the door on increased population has long been contentious in Jackson Hole. For now, at least, the county government is leaning towards limiting development. That will tend to boost housing prices even further, as there is no shortage of people wanting to move to the valley.
Tim Bradley is an owner of Contour Investment Properties, the only brokerage firm in Jackson exclusively focused on commercial and investment property in Jackson Hole and Teton Valley. Tim has earned the MAI designation from the Appraisal Institute as well as the CCIM designation from the CCIM Institute.
Tim Bradley
Owner/Broker
Contour Investment Properties
220 East Broadway
PO Box 1152
Jackson, WY 83001
(307) 733-6400
www.contourproperties.com
Here's another project idea for your Rotary club. Every year our club mans the Salvation Army buckets at Thanksgiving and Christmas. The Salvation Army provides the buckets and bells, and club members sign up for one hour shifts to ring the bell. We ring the bell on Saturday and Sunday afternoons/evenings on the most popular shopping weekend days of the holidays. This season especially, the Salvation Army needs the help and funds.
Build goodwill and friendships,
Get your club involved - ring the bell!
The Town of Jackson and surrounding county (Teton) have been struggling with growth issues for years. The raw beauty and recreational opportunities of our valley continue to attract more and more people, where housing is limited by the geography and the fact that 97% of the land in the county is owned by federal, state, or local government.
Demand for housing far exceeds supply, and prices long ago became unaffordable for those living paycheck to paycheck. The most common solutions proposed fall into two camps: Build More, and Close The Door.
Build More strategies include increasing building heights, increasing allowed densities in town, rezoning county land to allow housing, requiring developers to provide price-restricted housing, and using public dollars to build housing.
Close The Door proponents include such groups as Don't Let The Hole Lose It's Soul and Save Historic Jackson Hole.
Each group feels passionately about their cause, and there are great divides even within the groups about the appropriate policies. Local politics in Jackson are not for the timid.
There are no easy answers. People move here to enjoy the wildlife, the vistas, the clean air, the lack of traffic, etc. Yet every additional person that moves here contributes to the loss of wildlife habitat, increases in traffic and changing a small town into a larger town.
What do you think? Build more? Or Close the Door?
Tim Bradley is an owner of Contour Investment Properties, the only brokerage firm in Jackson exclusively focused on commercial and investment property in Jackson Hole and Teton Valley. Tim has earned the MAI designation from the Appraisal Institute as well as the CCIM designation from the CCIM Institute.
Tim Bradley
Owner/Broker
Contour Investment Properties
220 East Broadway
PO Box 1152
Jackson, WY 83001
(307) 733-6400
www.contourproperties.com
After years of annual 15% to 25% increases, Jackson Hole office prices have plateaued and are even showing decreases. The drops are attributable to three factors.
Tighter Credit
Mortgage rates haven't gone up, a typical cause of decreased values, but credit is harder to come by. As a result, fewer buyers are qualified to purchase office property, putting downward pressure on prices. Lenders are demanding a higher debt coverage ratio, causing lower loan to value ratios, and pushing more buyers out of the pool.
Building Glut Leads to Oversupply
New office buildings at 690 South Highway 89, 172 Center Street, and 10/20 Pioneer Lane will add over 15,000 square feet of office space to the market in the next six months. This comes on top of the recently completed building at 275 Veronica Lane which still has 3,300 square feet available. In all, I estimate there is over 47,000 square feet of available or soon to be completed office space in Jackson. I can't recall a time when there was more than 5,000 or 6,000 square feet available. In addition, we are receiving a steady stream of phone calls from office tenants who would like to downsize, or are seeking subtenants to take over vacant space within their offices, which leads us to...
Cutbacks Reduce Demand
The recession has caused quite a few local firms to downsize. The construction/real estate industry has been hit the hardest, with contractors, engineers, architects, real estate companies, and title companies all laying off employees. Some have closed their doors, while others are trying to sublease empty offices or have taken advantage of lease endings and have moved to smaller quarters.
So What
These factors have reduced demand for office space, and prices are beginning to fall as a result. Landlords may be looking at extended vacancies, as it may take several years to absorb the existing office space in town. This will create opportunity for the stronger tenants in town, as they will be able to use their leverage to negotiate lower leases. It also creates opportunity for the well capitalized investor, who may be able to acquire some excellent property in Jackson that has long been rather expensive.
Tim Bradley is an owner of Contour Investment Properties, the only brokerage firm in Jackson exclusively focused on commercial and investment property in Jackson Hole and Teton Valley. Tim has earned the MAI designation from the Appraisal Institute as well as the CCIM designation from the CCIM Institute.
Tim Bradley
Owner/Broker
Contour Investment Properties
220 East Broadway
PO Box 1152
Jackson, WY 83001
(307) 733-6400
www.contourproperties.com
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Commercial and investment real estate specialist, holding both the MAI and CCIM designation. We specialize in commercial leasing and sales in Jackson Hole, Wyoming.
Contour Investment Properties was formed in May 2008 by three brokers with over 50 years of collective experience in commercial brokerage. The company focuses on commercial and investment opportunities in Jackson Hole and Teton Valley, including retail, office, warehouse, and land development.
Beyond brokerage, the partners have experience as retailers, developers, appraisers, property managers, and marketing directors. The marriage of this background and their brokerage expertise create an unbeatable combination.
Tim Bradley began his career in commercial real estate in 1987, after graduating from University of Texas with an MBA in real estate and finance. He moved to Jackson in 1999 after a 12 year career as a commercial appraiser in Dallas, Tx. Licensed as a broker and an appraiser, Tim specializes in the leasing and sale of office, retail, and industrial property in Jackson Hole. He has closed over 140 commercial leases and sales in Jackson since beginning his brokerage practice in 2002.
Tim is a Certified Commercial Investment Member (CCIM). Only 6 percent of the estimated 150,000 commercial real estate practitioners nationwide hold the CCIM designation. He has also earned the designation of MAI with the Appraisal Institute, the highest designation available for commercial appraisal. Tim is a past president of the Board of Directors of Teton Literacy Program and recipient of their Founder’s Award, and is president-elect of the 200 member Rotary Club of Jackson Hole.
At Contour Investment Properties, we specialize in commercial investment real estate, both leasing and sales. In 2006, I closed 32 transactions in Jackson Hole, including industrial, retail, office, and development land, followed by another 20 transactions in 2007. The transactions range from one year leases to multi-million dollar sales, with each transaction receiving the same focus and dedication that you deserve. For a more complete overview of my background and our capabilities, available properties, and closed transactions, please visit our website at www.contourproperties.com.
I recently was involved in a transaction with Tim to acquire a piece of property for a local human service non-profit. What really impressed me about Tim and his dedication to service occurred months later, when we were in the design phase of the project. Tim spent several volunteer hours with me researching the feasibility of our plans, the current applicable zoning and neighborhood CCRs. Tim was an invaluable source of insight and professionalism. www.jhccc.org
Tom Hickey, Director of Development, Jackson Hole Community Counseling Center
Dear Tim,
We would like to thank you for all your help in our recent building sale. We found you to be extremely responsive and professional at all times. We felt that you kept our sale as a top priority and because of that we were able to turn our property much quicker than we had anticipated. Please feel free to share our name with prospective clients.
Stephen and Karen Gieck, Wyoming Mechanical
Jackson, WY
I would not be in the wonderful space that I am in right now if it wasn't for Tim Bradley. He was very attentive, knowledgable, and dedicated to doing the best job possible. I believe that Tim is the best man Jackson has to offer for commercial leasing. www.astoriafineart.com
Greg Fulton, Astoria Fine Art
Wood has been the preferred building material for thousands of years, because it is one of the few materials that will rot as well as burn.
Dave Barry
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