NC Governor Easley Gets Special Deal on Cannonsgate Property
This one fits in the “not what you know” but who you know category. Getting a sweetheart deal on real estate is not especially surprising, but when you are the governor of the state and you are getting the deal from people you have appointed to high state offices, sometimes the better part of valor is to walk away from the deal.
Governor Easley got an extra special deal on waterfront property from developer Randy Allen at the Cannonsgate at Bogue Sound community in Ocean, North Carolina. The deal was on the list price of the lot, but as broker Ronnie Watson said, “You wouldn’t have been able to buy the lot, I’ll tell you that,” he said. “In other words, he had first choice.”
Gov. Mike Easley got his pick of lots in a gated community on the Bogue Sound, paying a bargain price for the waterfront lot compared to sales of other property in the development, The Charlotte Observer reported.
A spokeswoman for Easley denied he received any special favors.
But his broker, the project’s developer and the man who helped finance the development are all friends and contributors whom the governor has appointed to high-profile state boards, the Observer reported in Sunday’s editions.
Easley paid $549,880 for the one-third-acre lot in Cannonsgate, a development of million-dollar homes in Ocean, about 16 miles west of Morehead City.
The price was 3 percent above the lot’s assessed tax value. But 49 adjacent waterfront lots in the same development sold for an average of 20 percent to 36 percent above tax value, the Observer reported. via the AP Wire
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Comment by LUCY on 25 September 2007:
DO NOT PURCHASE FROM RA NORTH OR SOUTHEASTERN WATERFRONT MARKETING, THEY ARE CROOKS WHO LIKE TO PULL THE WOOL OVER THEIR PROSPECTS EYES. WE WERE PROMISED THINGS THEY COULD NOT DELIVER!!!! WHAT NOW MR. GARY ALLEN AND MR. MACE WATTS!!!!!
Comment by LUCY on 25 September 2007:
Oh Yeah they have new communities coming up like Waterbridge in Myrtle Beach and some other development in Texas. Looks like they are having to travel away from their past……..
Comment by D Calso on 21 October 2007:
Lucy,
If you only knew Mace Watts. He is a very terrible person. I feel sorry for people who fall into their real estate trap.
Pingback by Israeli Prime Minister Under Suspicion For Real Estate Fraud Also — The Real Estate Bloggers on 3 January 2008:
[...] is nothing unusual, politicians taking a sweetheart deal on a piece of prime real estate, but the Prime Minister of Israel Ehud Olmert has probably crossed [...]
Comment by Jerry on 12 June 2008:
It sounds like lucy doesnt know how to Market her property.
Dont get mad at the Developer when they got you a great deal.
Get a life!!
Comment by Don on 15 May 2009:
The entire sales staff at Summerhouse are crooks. They have lied to me and my wife on numerous occasions about progress at Summerhouse. Nothing has been built in the line of amenities. One house was started last year and remains only half built. Hundreds of lots have been the victim of mortgage fraud by the developers investors. many, including myself, have stopped all HOA payments. The end is near for SEWM and Summehouse!
Comment by Chris Scharf on 21 August 2009:
Its a shame that when people purchase real estate, and there is a down turn in the market, they blame everyone but THEMSELVES! Summerhouse is nearly completed, most of the amenities are completed, the first house has been completed for quite a while and another home is under construction. It is sad that some people are not grown up enough to take responsibility for their actions. I personally have had to give 2 lots back to the bank due to the bad economy. I blame myself only. Summerhouse is and always will be a sought after, wonderful address for many families.