GENEVA – The 28 acres Geneva School District 304 planned to sell as surplus is going on the back burner, sidelined by a depressed real estate market.
The property, on the northwest corner of Keslinger and Brundige roads, has a minimum selling price of $2.2 million.
Real estate agents have advised the district that the most they could get for the property is $500,000, said Donna Oberg, assistant superintendent for business services.
Oberg said real estate agents advised the district to wait on the sale until the market value increases – or take a substantial loss on the sale.
"Their suggestion was to just put it on the shelf," Oberg said. "If we don't have to sell it, just hang on to it and see what happens with the economy down the road, five or 10 years later and recoup that money back.
"I don't want to take a loss on it," board President Mark Grosso said. "It's not a fire sale."
The district paid nearly $1.5 million for the property in January 2007, intending to use it for a maintenance facility and bus parking.
The district put in more money for improvements on Brundige Road. After the economy soured, the district did not need to build a maintenance facility, officials said.
Officials put it up for sale becuase it is unsuitable and inconvenient for a school, first putting it out for bid in January. They received no bidders, Oberg said, eventually going with a real estate agent in March.