Emerald Isle- Cannonsgate (Morehead City, Beaufort, Swansboro: short sales, real estate, foreclosures)

[ei_beachhouse]

Dave,

It's been a while since we traded posts and even longer since we spoke on the phone regarding EI and Cannonsgate. Any updates to how the plan is progressing? Any new photos?

Thanks as always!

[dsobotta]

Originally Posted by ei_beachhouse

Dave,

It's been a while since we traded posts and even longer since we spoke on the phone regarding EI and Cannonsgate. Any updates to how the plan is progressing? Any new photos?

Thanks as always!

Pretty well all the amenities are finished and close to being turned over to the homeowners' association.

One home has been started.

I have few July shots but I am traveling and don't have them with me.

Here are some shots that I did in early June.

I expect to have some pictures of inside the clubhouse within the next week or so. I'll try to post them here.

[dsobotta]

I was out at Cannonsgate today and managed to take these pictures of the inside of the Clubhouse.

Also there are a couple of pictures of the first house under construction in Cannonsgate. It now has walls.

[RobioAXP]

Anyone have thoughts on Cannonsgate now that the developers are facing a lawsuit and property values have declined so rapidly?

I don't want to dwell on the events that led to this awful situation that many property owners are in. I wonder though...what happens to Cannonsgate next?

I've been searching for years for property in Carteret County (with water access and view), and Cannonsgate was always one I immediately passed over due to price. Now that many of the lots are in foreclosure (look at the Bank of America REO site, for example), I wonder if there is any silver lining in buying one of these distressed properties? After all, much of the infrastructure is in. For someone who has been woefully priced out of Cannonsgate until now, I have to wonder if it might be a good time to buy? After all, I personally am not looking for a short-term investment, but want a property I can eventually build on, share with family, and most importantly provide me with a strong community (eventually) and access to the ICW.

Does anyone have any thoughts on Cannonsgate as it stands today? What happens to the infrastructure? Is there still a stipulation to build a home by 2013? Are the highly inflated property tax values to be amended? I searched the Carteret GIS and noticed that about half the property is within the flood zone, but I found some forclosure lots outside of the zone for ~ $90k. I did notice that lot sizes on many of these are less than .25 an acre. Isn't that like an elephant in a tea cup? Is this normal for the coast? The lot I was initially researching on Marshland Cir is only .17, so I'm not sure what kind of home would even fit on it

Thanks for sharing your thoughts! I feel like there are finally some opportunities for me to find a good piece of property in Carteret/Onslow with water view that I can afford. I want to buy now to use in the future with my young family, but just can't seem to find the right spot.

[dsobotta]

Originally Posted by RobioAXP

Anyone have thoughts on Cannonsgate now that the developers are facing a lawsuit and property values have declined so rapidly?

I don't want to dwell on the events that led to this awful situation that many property owners are in. I wonder though...what happens to Cannonsgate next?

I've been searching for years for property in Carteret County (with water access and view), and Cannonsgate was always one I immediately passed over due to price. Now that many of the lots are in foreclosure (look at the Bank of America REO site, for example), I wonder if there is any silver lining in buying one of these distressed properties? After all, much of the infrastructure is in. For someone who has been woefully priced out of Cannonsgate until now, I have to wonder if it might be a good time to buy? After all, I personally am not looking for a short-term investment, but want a property I can eventually build on, share with family, and most importantly provide me with a strong community (eventually) and access to the ICW.

Does anyone have any thoughts on Cannonsgate as it stands today? What happens to the infrastructure? Is there still a stipulation to build a home by 2013? Are the highly inflated property tax values to be amended? I searched the Carteret GIS and noticed that about half the property is within the flood zone, but I found some forclosure lots outside of the zone for ~ $90k. I did notice that lot sizes on many of these are less than .25 an acre. Isn't that like an elephant in a tea cup? Is this normal for the coast? The lot I was initially researching on Marshland Cir is only .17, so I'm not sure what kind of home would even fit on it

Thanks for sharing your thoughts! I feel like there are finally some opportunities for me to find a good piece of property in Carteret/Onslow with water view that I can afford. I want to buy now to use in the future with my young family, but just can't seem to find the right spot.

I suspect that we will see more construction in Cannonsgate over the next couple of years.

One of the reasons that Cannonsgate lots are smaller is that there is a sewage system on site. That is a little unusual for Carteret County, but it opens the door for smaller lots since there is no need for a septic system. Some of the lots in Cannonsgate require a long narrow home. The subdivision was built so that it would look something like Charleston when finished.

As for the infrastructure, it is all in place at Cannonsgate. The property is still very well maintained. All you have to do is build a home to take advantage of it.

The property tax values will be fixed during the next valuation. There are a number of water access communities in Carteret County, and you are right about there being some opportunities now.

I just saw a house started on a lot that until recently listed for over $190K, because of the economy, the 1700 sq ft home on the lot is listed for $329K. It is less than a five minute walk to the water, boat ramp, pool, and clubhouse.

Two or three years ago, you would not have seen that. Prices have come down all over, not just in Cannonsgate. I have seen water view places under $300K.

Hope you find something that you like.

[ei_beachhouse]

Dave,

Was on EI in June and failed to visit Cannonsgate. Has there been any new construction? Also, what about the 2013 "must build" stipulation? With the infrastructure in place (last I saw it was beautiful) is there any rumors of new investors to complete the project?

It's been a while. How have you been and what is the address to your site?

Take Care!

[Bill Hitchcock]

Here's the last news article I saw on Cannonsgate
Builder defends original Cannonsgate developer: Click Here

In my opninion-That are just too many other places along the Crystal Coast that offer so much more for the money.

[NCGT]

Lot owners quit paying HOA dues well before they default on their mortgage payments. I'll be curious to know the condition of the HOA and more importantly, the amenities in another year or so considering the high foreclosure rate in this subdivision.

[Steven McCurdy]

I do not know the condition of the HOA or what the covenants call for.....But if I had 90-120k that I could sink into a property at cannonsgate, I would....If the HOA falls all to pieces, oh well, I would park a camper on my lot for a weekend or week and use it as a vacation spot....I drove thru there today....nice place to launch my boat...who knows how it is all going to turn out....I think it is worth a shot and if it all falls to pieces...at least you may have a place to park the RV for a retreat..and go launch your boat and enjoy life..

[dsobotta]

Originally Posted by NCGT

Lot owners quit paying HOA dues well before they default on their mortgage payments. I'll be curious to know the condition of the HOA and more importantly, the amenities in another year or so considering the high foreclosure rate in this subdivision.

My understanding is that the Cannonsgate HOA is in very good shape.

The amenities are in great shape. The place is gorgeous. The gates are open on the weekend. Go by for a visit and see for yourself.

The house that is under construction is almost done.

Some lots have gone through foreclosure, but some of those lots have been resold to new owners at a great price.

The big difference between Cannonsgate and developments that will not make it is that the developer at Cannonsgate delivered on all the amenities.

Everything is functional at Cannonsgate. There are plenty of developments where developers promised a pool or a clubhouse and disappeared before building them. Cannonsgate is not one of those.

Everything that is there is first class.