Surprise! Cannonsgate Lots Actually Selling – Short selling

According to the Carteret County Register of Deeds, some lots at the previously ill-fated Cannonsgate development, are selling.  In July, at least seven properties sold in the much maligned real-estate development. Note that the deeds were all transfered from banks. These same lots once went for upwards of $700,000 to over $1million are now going in the mere tens of thousands range.  Many are on “short sale“.

Frankly, with the bad economy still gripping the state, there is much better beach property to be had, closer to the beach and on Bogue Sound.  If KCC had a bottomless pit of money, she’d pass on the tiny lots at Cannonsgate.  No wonder the place failed.

The following lots sold July 2010 to these sellers:

*Carolina First Bank to Williams Family Properties, LLC, Lot 420, Cannonsgate, $25,500

*BB&T to Robert B. Moore, Lot 144, Cannonsgate, $31,500

*Carolina First Bank to Dayne Luck, Lot 400, Cannonsgate, $40,000

*BB&T to Susan Goines, Lot 417, Cannonsgate, $48,500

*Bank of America, N.A. to Carl Oldani, Lot 473, Cannonsgate, $88,000

*SunTrust Bank to William and Jennifer Reese, Lot 480, Cannonsgate $90,000

*NewDominion Bank to Michael and Mary Carroll, Lot 263, Cannonsgate, $125,000

Note:

KCC obtained this data from the public information available to all Carteret County residents, (including your blogger).  Katy’s Conservative Corner accepts no liability for errors or omissions we have  attempted to be as accurate as possible.  Price indicates the number of tax stamps purchased at deed filing which represents $2 for every $1000 of sales price in $500 increments.    When KCC and her husband bought their home in Carteret County, the information was “right on the money”, so we feel comfortable presenting it for you.

Meanwhile:

With lots often starting at .17 of an acre, and most averaging .25/acre there aren’t many house plans that could fit.    It’s like an “elephant in a tea cup” one concerned potential home owner wrote in an Emerald Isle online forum a couple of years ago.

“Over 50% of the Cannonsgate is in a flood plain”, wrote another, citing the Carteret County GIS.

Summer before last, KCC happened to be passing by the Cannonsgate development and someone had left the entrance to the gated community open.   Your blogger took the opportunity and gave herself a “tour” but there wasn’t much to see.  There was a large club h0use, a large sample home, and a marina with 75 boat slips with access to Bogue Sound on the Intracoastal Waterway.

The 525 lot, 287 acre property is located on NC Hwy 24 between Cape Carteret and Morehead City, while its official address is in Newport.

However, the place looked like a breeding ground for water moccasins with high grasses, low land, and many places for them to hide.  (KCC is terrified of water moccisians and copperheads, having run across the venomous snakes many times while growing up along our NC coast.)

Don Carrington of the John Locke Foundation wrote  popular series on Cannonsgate and on former NC Governor Michael Easley‘s sweetheart ties to it, in the Carolina Journal.  KCC encourages you to take a look back, at it.

If we find out more, we’ll keep you up-to-date.

2 Responses to “Surprise! Cannonsgate Lots Actually Selling – Short selling”

  • Sally:

    Sorry to the prior comment by Katy….but it should be corrected: The Cannonsgate Development has an intact HOA protecting the assets of the development. A sizable reserve was also left in place by the developer to ensure maintanence. Needless to say, The covenents of the property does NOT allow ‘travel trailers’- building restrictions are in place. Architectural guidelines must be followed and approved. The grounds and ameneties are completely finished and outstanding. Lots are indeed selling- (but not all) many are still held by the original owners. The development once finally done (at it will be) will be outstanding.

  • Katy:

    In a postscript to this note, I have actually been contacted by real estate agents trying to get me to buy into Cannonsgate, telling me how exclusive it is. I’ve seen it and I’ve seen how people worried about it when it was highly priced. I only wonder now if people are going to go in and dump travel trailers in the place. The lots are extra, extra small and the land is very low lying.

    Watch out for real estate agents trying to make a quick buck. If it sounds too good to be true, it usually is. Buyer beware.