AG Cooper wins $2.28 million coastal real estate settlement - News-Times: News

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AG Cooper wins $2.28 million coastal real estate settlement

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Posted: Tuesday, September 3, 2013 1:04 pm

RALEIGH — Consumers who bought overvalued lots at two coastal real estate developments in Carteret and Onslow counties will get to recoup some of their money, Attorney General Roy Cooper said Tuesday.

The developers and marketers behind Cannonsgate at Bogue Sound and Summerhouse at Everett Bay are also barred from misleading any future buyers about the value or investment potential of lots offered for sale in North Carolina.

“While many real estate opportunities are legitimate and live up to their promises, some take advantage of buyers,” Cooper said. “Beware of sales pitches that lead you to believe you’re getting a special deal and will be able to make a quick profit.”

See more in Wednesday's print and online editions.

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  • francis posted at 10:43 am on Mon, Sep 9, 2013.

    francis Posts: 2907

    " Why is the Attorney General in this, it is a civil matter to be handled by those affected."

    Could it be that it is his job ? While being well off allowed these folks to get a great buy, it is not a crime to be well off. Easley involved, you bet. Who would not want to live next to the Governor? Think of the parties and the prestigious address. Alas, when it all fell apart, the administration, at the time, gave him a pass. Just shows gullibility and greed, fostered by plenty of hype is common to all levels of our socioeconomic society. Just because you are wealthy, does not make you smart. Actually the state is littered with failed, deal of our lifetime opportunities. This stretches, as they say, from the mountains to the sea. Few are the weeks that go by, that we do not get a brochure in the mail, of the latest and greatest land opportunity on the face of the earth, that only a select few can acquire. Of course we have to act quickly. I guess the hype fueled engine of greed is subdued a bit but still alive and well.

  • CARTERETISCORRUPT posted at 3:47 pm on Sat, Sep 7, 2013.


    It seems to me Ex Governor Easley figured heavily into Cannonsgate. Why is the Attorney General in this, it is a civil matter to be handled by those affected. Surely if they can afford lots this expensive, they can afford to litigate in their own interests. This smells of the rich using taxdollar paid Cooper to do their work for them, and free. How many of us here think Cooper would give a rats behind about any of us, especially in a real estate deal gone bad? That's right.

  • dc posted at 7:44 am on Fri, Sep 6, 2013.

    dc Posts: 3089

    Many complaints came from a group from Va. didn't they? Usually, settlements bring the plaintiffs pennies on the dollar with legal fees eating most of it.

  • Old Patriot posted at 9:53 pm on Thu, Sep 5, 2013.

    Old Patriot Posts: 224

    How much taxpayer money was spent to get this settlement for a few of Cooper's Raleigh buddies. Shouldn't they have filed their own lawsuit?

  • francis posted at 10:02 am on Wed, Sep 4, 2013.

    francis Posts: 2907

    The low prices at the Pointe are what they are worth. As far as developers lying and misrepresenting , when has that not gone on? One of the first things you are, or used to be, taught in Real Estate School is buyer beware. Always verify any claims before you put your money down. If it is not written and signed, it did not happen.

  • Observer posted at 7:11 pm on Tue, Sep 3, 2013.

    Observer Posts: 82

    For some reason the poor people who bought at Mariners pointe in Morehead City have been left out of it.. It was a horrifically bad investment there... Lots that sold for 140,000 now only bring prices in the low 30's..Lots that sold for 400k aren't even worth 100k. The developers lied about water depth, air brushed out the trailer park next door and basically tricked naive people into buying property for much more than it could ever possibly be valued.. Consequently many have lost their shirts and some their whole net worth.

    These projects will all come back and are coming back but they come back at the true value of the worth of the property...

  • francis posted at 5:11 pm on Tue, Sep 3, 2013.

    francis Posts: 2907

    If it sounds to be too good. It is. Greed is in the human nature. This extends from gold , silver and the flavor of the month, investing in Belize. Hyping is not a crime, stupidity is just a part of life. Hey, I have a guy in Nigeria that wants to send me $27,000,000, to keep for him, all I have to do is send him $7,000 for taxes and fees. What a deal and lots of folks fall for it. Every day. Can not fix stupid !!!

  • NashCountyNative posted at 4:47 pm on Tue, Sep 3, 2013.

    NashCountyNative Posts: 8

    And what about the people who paid inflated values countywide due to inflated comps?

  • Flowerlady posted at 1:34 pm on Tue, Sep 3, 2013.

    Flowerlady Posts: 26

    Caveat Emptor !


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