Prospects improving for Granby owned Grand Elk lots
October 20, 2016
As the economic situation in Grand County slowly rebounds from the doldrums of the Great Recession home prices and land prices are beginning to climb back up.
This is good news for some folks and bad news for others. But for the Town of Granby, which owns around 40 lots south of the Fraser River in what is known as the Grand Elk Improvement District (GEID), the climbing values of real estate are cause for cautious optimism. But despite rising values officials from Granby do not anticipate selling any of the lots unless and until property values continue to rise.
The GEID is an entity contained within the boundaries of the larger Grand Elk subdivision and is made up entirely by the Granby Board of Trustees with the Granby Town Manager acting as manger for the GEID as well. The GEID encompasses approximately 40 lots within the subdivision located south of the Fraser River and west of US Highway 40 in the area west of Granby’s City Market store.
Granby’s most recent Town Manager Wally Baird explained how the dynamic took shape in an interview in early 2015. According to Baird Granby established the GEID and took possession of lots within the subdivision at the request of the Grand Elk Home Owners Association (HOA). The request was made because the developer, Koelbel and Company, had not paid system development fees and property taxes on numerous lots in the subdivision. Those lots were set to go into default.
After negotiations were held between the HOA and Koelbel the Town received numerous lots as, “a deed in lieu of foreclosure”.
For the past few years the lots have been listed for sale through local developer and real estate broker Paul Chavoustie, who was elected Granby Mayor this past spring and was recently appointed to the position of Interim Town Manger, as Granby looks to select a permanent replacement for Baird. Granby owns the lots but Chavoustie has worked for the Town to market the properties to other developers.
Chavoustie explained some of the difficulties associated with selling the lots. “The parcel the Town has are unfinished lots,” Chavoustie said. “There are no roads and no utilities to them. To bring the road and utilities to them costs more than what the lots sell for right now.”
Chavoustie continued, explaining that lot values in the GEID have not yet rebounded to the point the Town would like to see but added that the values are, “on the rise”.
The Town of Granby largely remains in a holding pattern, seeking potential buyers and developers, on the GEID lots until the sale price for the parcels increases enough to negate the costs associated with the installation of infrastructure.