Pinellas Realtor Organization sued over bogus sale

Pinellastown realtor Allen Tate said he was surprised to receive a cease and desist letter from the organization that represents his real estate agents, accusing him of misleading investors about the future value of a $15 million condo.

The real estate group is asking the Pinellascook County Board of Supervisors to order the real estate agency to stop selling real estate at a price the group says is misleading.

Tate said he has no intention of selling the condo, which is under construction on the grounds of a former school in the former Pinellachie Baptist Church.

“We’ve been told the condo is worth more than the real property on the site,” Tate said.

The condo is on land owned by the realtor association, which represents Tate and several of his agents.

It is currently being marketed to investors at a rate of $2.5 million per unit.

The agency is also accusing Tate of misleading the public by misrepresenting the value of the condo.

Tate said the condo was sold for $2,400,000, which Tate says is incorrect.

“It is a mistake to suggest that we are going to sell it for less than the value on the property,” Tate told Reuters.

The Pinellakie realtor group declined to comment on the cease and disallowance letter.

The Real Estate Board of Pinellassas, the agency that represents Tate, has declined to issue a statement.

Tates real estate agent, John Schoenfeld, said he is shocked to hear of the cease-and-desist letter.

“I don’t believe the agency has any right to do this,” he said.

Schoenfeld said the agency told him the condo will be sold at the current price.

“The agent was told that we will be getting a price cut to $1.5,000 per unit,” Schoenfield said.

“That’s a big mistake.”

Tate is asking for a court order that the realty agency stop selling the condominium at that price, saying that would make it a fair deal for him and his agents, who have been selling condos at $1 million per home for years.

“When they told us that it would be at $3,000 to $4,000 an acre, that was not a good deal for us,” Tate, the former realtor, said.

He added that the agency said the price cut would only apply to units in the same building and not all of them.

The group has not issued a statement since receiving the cease order.