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Old 01-09-2011, 05:57 AM
 
Location: Morehead City, NC
1,676 posts, read 5,358,872 times
Reputation: 1245

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I've been posting for years here at CD about the bloated prices, lack of over all value compared to the rest of the market and the scandal focused around Cannonsgate.
Plaintiffs heartened in coastal mortgage fraud case - Local/State - NewsObserver.com
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Old 01-09-2011, 01:33 PM
 
Location: NC
128 posts, read 432,860 times
Reputation: 104
This is more good news but the 2 month prison sentence is a joke. 3-5 years would be more appropriate. I still have little sympathy for the buyers in Cannonsgate and Summerhouse. Anyone who thought those lots were worth those prices were simply ignorant. A ten minute conversation with any local real estate professional not associated with those subdivisions would have easily prevented an uninformed purchase. Nobody forced those teachers and firefighters to buy those lots.
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Old 01-10-2011, 04:27 AM
 
Location: Morehead City, NC
1,676 posts, read 5,358,872 times
Reputation: 1245
A ten minute conversation with any local real estate professional not associated with those subdivisions would have easily prevented an uninformed purchase.
You should read some of the threads here at CD that have been posted over the years about CG. The impression given to the viewing public by some of the "real estate profesionals" was , well shall we say "Interesting".
A great lesson to be learned here particularly if you are a long distance buyer. Contract a buyers broker. Do not deal directly with a listing broker. A buyers broker represents you and does not represent a property or a seller. In respects to their commission, for the most part a buyers broker doesn't care which property you buy. (They do care which property you buy in terms of this is what they are contracted to do and is their legal responsibility to look after your best interests)
Interview several buyer's brokers. Pick one that knows the complete market not just a segment of it. Listing agents tend to be experts in a segment of the market-The segment where they have listings.
Bill

Last edited by Bill Hitchcock; 01-10-2011 at 04:36 AM..
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Old 01-10-2011, 01:20 PM
 
Location: NC
128 posts, read 432,860 times
Reputation: 104
Quote:
Originally Posted by Bill Hitchcock View Post
The impression given to the viewing public by some of the "real estate profesionals" was , well shall we say "Interesting".
I know what you mean. My office received an appraisal request for a vacant lot in Summerhouse before they even cut the roads in. If I remember correctly the contract price was about $140,000 for a lot with no views. The assignment was cancelled after a brief conversation with the mortgage broker and a few days later I got a nasty call from one of the Summerhouse reps blaming me for "scaring off" the lender. Since then I've performed well over 100 foreclosure appraisals in Summerhouse over the past 2 years and none for the lender in question.
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Old 01-11-2011, 03:56 AM
 
Location: Morehead City, NC
1,676 posts, read 5,358,872 times
Reputation: 1245
Quote:
If I remember correctly the contract price was about $140,000 for a lot with no views.
If I remember correctly CG had 1/4 acre non-waterfront lots selling for over $300K. Absolutely insane. You could (and still can) go a couple of miles down the road and get a beautiful home with a deeded boat slip right off the ICW for less than that price.
But-If you're use to an expensive market and live out of the area and contacted a listing agent from CG-How would you know any different?
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Old 01-11-2011, 11:07 AM
 
Location: NC
128 posts, read 432,860 times
Reputation: 104
Quote:
Originally Posted by Bill Hitchcock View Post
But-If you're use to an expensive market and live out of the area and contacted a listing agent from CG-How would you know any different?

I always recommend a real estate appraisal. From my office of course.
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