Charleston County Council Chairman Elliott Summey finished strong in 2014, flipping a property and making more than $500,000 in 24 hours.
Summey, who landed council's chairman post Tuesday, purchased a 7-acre parcel at 6880 Rivers Avenue in North Charleston on Dec. 29 for $950,000 from NBD LLC, then sold it on Dec. 30 for $1.5 million to The Quest Group LLC.
Summey, 37, purchased the property through the 6880 Rivers LLC, which he registered with the S.C. Secretary of State on May 7, 2014.
"I bought it and I flipped it," said Summey, who is a son of North Charleston Mayor Keith Summey. "I'm a real estate developer and that's what we do."
Summey is senior vice president of Weber USA. He also owns the Jackson Development Group, which is named for his son.
The new owner plans to build apartments on the property, Summey said.
NBD was registered with the state in 2004 by Neal I. Baker, a real estate developer who died in 2011. The Quest Group was registered on Oct. 10, 2014, by Donald R. Johnson II, a doctor and the founder of the Southeastern Spine Institute in Mount Pleasant.
The market value of the property is $1.5 million, according to Charleston County records.
Summey said he initially looked for a company to work with on developing the apartment community, but he wasn't able to find one. So he decided to quickly buy and then sell the property, which is near Trident Technical College.
The transaction was quick, he said, because he didn't want "to tie up $950,000 in loans" for any longer than was necessary.
Summey said that although he made $500,000 in a day, the transaction actually represents 13 months of work. He initially put the property under contract with the Jackson Development Group in late 2013, he said. Then he spent more on legal and environmental work, which included putting in monitoring wells because the property is next to an old gas station.
"Yes, I had a good payday," he said. "But I spent thousands of my own money. I did a lot of work and I made money on my hard work."
He's not a full-time politician, he said, and must work to earn money to support his family. And real estate is his profession. "The whole point of real estate is to buy low and sell high."
Reach Diane Knich at 843-937-5491 or on Twitter at @dianeknich.