The appraisals were of particular interest because The ‘Ommissioners paid such an exorbitant price ($18,750/acre) for the Cannadys Mill Road tract, when all recent comparable land sales have been in a price range of $3,000-$5,000 an acre.
So, it had been a while, and thought it was time to follow up.
This email arrived today from Tom Currin, City Attorney for The ‘Ommissioners. Thought everyone would enjoy reading it.
From: Lori Dutra [mailto:email@example.com]
Sent: Wednesday, July 31, 2013 11:37 AM
To: Robin Reif
Subject: Inquiry by Ms. Blaine
You have asked us to review our file on the options/purchases of the Hester tract and the
Cannady Road tract by the City for appraisals done.
The City negotiated these options and purchases at arms length with each owner and no appraisal
was necessary to reach an agreed price. There are no appraisals to release.
Lori A. Dutra
CURRIN & DUTRA, LLP
You know there’s a lot of land for sale In Granville County for $18,750 an acre at “arm’s length” especially without an appraisal!
“Arm’s length” has nothing to do with determining market value. An appraisal is the way a government or anyone determines fair market value. So, how was fair market value determined?
Certainly appears to be poor public policy, worse legal advice. Looks like an “over/under” rather than “arm’s length” real estate deal – overpriced/under the table.
And that's why...
Something Stinks In Creedmoor!