The Boomer/Millennial Effect – 2019 Q1 Review

We hear the US is now 10 years into an economic expansion and real estate recovery. However, the local Sierra Foothills economy, including Western Nevada County, has historically lagged economic indicators in the greater Bay Area and Sacramento regions, and this recent expansion appears no different. In fact, local trends seem to indicate that we are only about 5 years into positive economic activity. While national prognosticators are now warning of an economic softening and market correction, might our local economy just be hitting its stride with several more years of positive economic activity on the horizon? Baby Boomers and Millennials may help provide the answer.

The sheer numbers of Millennials and Baby Boomers mean that these groups remain the most influential drivers of our economy.  Nevada County is well-known as a retirement haven for boomers who continue flocking to the area. Now, in addition to the boomers, we are noticing a growing swell of interest in the area from Millennials, now with kids, looking to relocate here for a more wholesome environment to raise their families.  More affordable housing, abundant outdoor recreation, quality health care, low crime, diverse school choice, less congestion and other quality of life characteristics of our Gold Country environment create a strong current that I believe may continue to keep our local economy growing for some time to come – in spite of recent concerns of a slowdown.

AVAILABLE FOR SALE Q1 2019   
LocationSq. Ft.PricePrice/SF
Industrial
11976 Charles Dr, Grass Valley2,550$355,000$139.22
174-178 Lower Grass Valley Rd, Nevada City8,320$1,249,000$150.12
310 Railroad Ave #300, Grass Valley2,736$399,000$145.83
Office
563 Brunswick Rd # 2, Grass Valley1,151$220,000$191.14
972 Golden Gate Ter, Grass Valley4,864$699,900$143.89
104 New Mohawk Rd, Nevada City26,336$3,495,000$132.71
351-357 Providence Mine Rd, Nevada City10,554$1,583,000$149.99
146 Scandling Ave, Grass Valley1,316$349,950$265.92
143 Spring Hill Dr Ste 1A, Grass Valley5,200$995,000$191.35
Medical/Dental
152 Catherine Ln., Suite E & F, Grass Valley1,393$225,000$161.52
225 Colfax Ave, Grass Valley2,545$569,000$223.58
411 Coyote St, Nevada City1,842$615,000$333.88
150 Glasson Way, Grass Valley6,462$990,000$153.20
1061 E Main St # 103, Grass Valley1,224$146,800$119.93
1061 E Main St # 201, Grass Valley1,137$179,000$157.43
105 Margaret Ln, Grass Valley2,460$399,000$162.20
300 Sierra College Dr #250, Grass Valley1,740$595,000$341.95
300 Sierra College Dr #165, Grass Valley4,787$1,450,000$302.90
590 Searls Ave, Nevada City5,575$2,000,000$358.74
Retail
210 Broad St, Nevada City21,675$2,275,000$104.96
231 - 233 Colfax Ave, Grass Valley4,440$1,400,000$315.32
131-139 Joerschke Dr, Grass Valley19,580$1,800,000$91.93
206 W Main St, Grass Valley3,950$895,000$226.58
840 E Main St, Grass Valley28,706$5,450,000$189.86
123 Mill St, Grass Valley1,485$923,000$621.55
345 Railroad Ave, Nevada City7,884$985,000$124.94
1125-1165 Sutton Way, Grass Valley24,539$3,500,000$142.63
AVAILABLE FOR FOR LEASE Q1 2019   
LocationSq. Ft.Min Base Price/SFMax Base Price/SF
Industrial
416 Crown Point Cir, Grass Valley14,936$0.60$0.68
10141 Evening Star Dr, Grass Valley2,750$0.90$0.90
201-204 Gold Flat Ct, Nevada City3,000$0.90$0.90
13355 Grass Valley Ave, Grass Valley2,680$0.71$0.71
12519 Loma Rica Dr, Grass Valley1,348$0.93$0.93
Office
10015 Alta Sierra Dr, Grass Valley830$1.05$1.05
124 S Auburn St, Grass Valley5,100$0.55$0.55
131 S Auburn St, Grass Valley1,994$1.51$1.51
159 S Auburn St, Grass Valley2,242$1.50$1.50
375 Brunswick Rd, Grass Valley6,791$1.28$1.28
464-458 Brunswick Rd, Grass Valley4,970$1.58$1.88
256 Buena Vista St A-F, Grass Valley2,247$0.85$0.85
214 Church St, Nevada City648$1.21$1.21
124 Clydesdale Ct, Grass Valley7,352$0.75$0.75
333 Crown Point Cir, Grass Valley10,241$1.70$1.70
350 Crown Point Cir, Grass Valley5,550$1.40$1.40
355 Crown Point Cir, Grass Valley12,000$0.60$0.60
360 Crown Point Cir, Grass Valley9,603$1.39$1.49
431 Crown Point Cir, Grass Valley11,100$0.85$0.85
488 Crown Point Cir, Grass Valley5,168$1.57$1.57
149 Crown Point Ct, Grass Valley728$1.50$1.50
200 Litton Dr, Grass Valley3,000$1.40$1.40
12438 Loma Rica Drive, Grass Valley9,312$0.69$0.69
900 E Main St, Grass Valley7,700$1.63$2.09
944 - 1020 McCourtney Rd, Grass Valley4,030$1.55$1.55
2322 Nevada City Hwy, Grass Valley1,632$1.04$1.04
205 - 207 N Pine St, Nevada City1,250$1.40$1.40
101 - 106 Providence Mine Rd, Nevada City1,650$1.41$1.43
200 - 208 Providence Mine Rd, Nevada City13,529$1.47$1.48
351-353 Providence Mine Rd, Nevada City1,152-1,704$1.60$1.90
357 Providence Mine Rd, Nevada City1,800$1.75$1.75
400 Providence Mine Rd, Nevada City6,265 – 72.110$0.95$0.95
313 Railroad Ave, Nevada City1,469$1.35$1.35
360 Sierra College Dr, Grass Valley2,519$1.96$1.96
420 Sierra College Dr, Grass Valley1,750$2.20$2.20
143 Spring Hill Dr Ste 1A, Grass Valley5,082$1.23$1.23
165 Spring Hill Dr, Grass Valley2,500$1.00$1.00
1012 Sutton Way, Grass Valley3,200$1.87$1.87
1415 Whispering Pines Ln, Grass Valley8,009$1.60$1.60
Medical/Dental
470 S Auburn St, Grass Valley1,045$1.20$1.20
150 Glasson Way, Grass Valley5,720$1.55$1.55
105 Margaret Ln, Grass Valley1,100$1.30$1.30
123 Margaret Ln, Grass Valley1,200$1.30$1.30
113 Presley Way, Grass Valley918$0.98$0.98
404 Sierra College Dr, Grass Valley1,000$2.00$2.00
Retail
477 S Auburn St, Grass Valley900$1.55$1.55
102 Catherine Ln, Grass Valley2,586$1.15$1.15
650 Freeman Ln, Grass Valley18,396$2.20$2.20
128 - 132 E Main St, Grass Valley960$1.40$1.40
533-537 E Main St, Grass Valley14,300$1.20$1.20
840 E Main St, Grass Valley11,727$1.60$1.60
633 - 653 Maltman Dr, Grass Valley8,175$1.01$1.01
111 W McKnight Way, Grass Valley10,275$2.06$2.06
2032 - 2118 Nevada City Hwy, Grass Valley12,469$1.76$1.76
984 Plaza Dr, Grass Valley5,000$1.35$1.35
1035-1043 Sutton Way, Grass Valley2,600$1.00$1.62
RECENT TRANSACTIONS Q1 2019    
LocationSq. Ft.Sale/LeaseClose Date
416 Crown Point Cir, Grass Valley15,806Lease1/14/2019
232 Commercial St, Nevada City1,710Sale1/21/2019
944 - 1020 McCourtney Rd, Grass Valley48,336Sale1/24/2019
11229 McCourtney Rd, Grass Valley6,000Sale1/31/2019
102 - 108 Union St, Nevada City1,528Lease2/1/2019
13366 Grass Valley Ave, Grass Valley7,850Lease2/1/2019
224 Church St, Nevada City4,140Sale2/20/2019
108 New Mohawk Rd, Nevada City3,000Lease2/22/2019
154 Hughes Rd #10, Grass Valley650Lease2/25/2019
12400 Loma Rica Dr, Grass Valley3,000Lease2/28/2019
563 Brunswick Rd # 7, Grass Valley1,591Sale3/19/2019
216 Main St, Nevada City2,598Sale3/26/2019
150 Catherine Ln., Suite D & E, Grass Valley2,189Sale3/26/2019

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