Vue Condominium in Charlotte Buy or Walk Away?

The units at the Vue Charlotte floors 1-25 will be ready in August. Are you going to follow through with your purchase? Much has changed since we placed our downpayments in mid-2000. I am a purchaser who is facing the same dilemma you are: are the units worth what we paid back then? Given the change in the economy, let’s be realistic: there is no possible way. Despite current published prices that show we have “made money” it is unlikely that any are selling at these published prices or ever will in the near future. Will the Vue Charlotte work with the current purchasers and adjust the prices to a more realistic price level? So far from buyers I have heard from the answer is no. I personally asked if they would work with me to find an alternative buyer and they said there is too much inventory. Another question will be the banks. What will these units appraise at? And what happens when the banks most certainly appraise at a lower rate? The Vue is unlike any condo in Charlotte so there are probably no true comps but it certainly would command a premium over other Charlotte condos that are priced far far less. So what are you going to do? Share your thoughts and concerns and hopefully enough people will come together so we can create a win-win situation at the Vue. We all want to see the Vue succeed but we don’t want to lose our shirts in the process!

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One Response to Vue Condominium in Charlotte Buy or Walk Away?

  1. M. Rich says:

    FROM AN OWNER IN THE VUE ORLANDO AND VUE CHARLOTTE.

    Well, unfortunately, I am an owner of a condo in The Vue Orlando AND The Vue Charlotte. The latter which was entered into in 2005. I have a deposit for $106,000 at stake in Charlotte for a corner unit priced in the mid $700’s. I am telling you this so you can feel better about your position!

    Here is the risk and what happened with the Vue Orlando. Yes, almost 200 units were purchased in an auction this Spring. There is good news and bad news associated with this. The good news is that we have someone that is paying the exorbitant HOA fees for those units whereas before the HOA was not collecting on them and the amenities were in fear of declining rapidly. The bad news is that the new owner of all these units is NOW CONVERTING THEM TO RENTAL APARTMENTS. The plan is to release them as sales once the market turns around in a few years. What does that mean for the remaining unit owners in Orlando, like me? We will never be able to sell a condo in an apartment complex. There are so many short sales in that building it’s not even funny. The unit that I paid $450,000 on in 2004 (and closed on right before the market tanked in 2008) is now going for $279,000. I can either walk away and ruin my credit or stick it out. I am chosing to stick it out. The buyers of another condo complex in Orlando, called “55 W” had better luck. The developer reimbursed everyone’s deposit and converted the entire building to apartments. We could only be that lucky.

    The other risk everyone is facing in The Vue Charlotte is similar to what happened to another downtown Orlando project. When sales didn’t reach the sales levels desired by the developer, the developer cut back on the quality of his materials. A couple of years later, tiles starting lifting off, cracks appeared in the ceilings, etc. I have already noticed that the fixtures in my master bathroom have been downgraded since the original brochure.

    I am very interested in seeing what these units appraise for at the Vue Charlotte and how people will get financing, especially as rental property and non-conforming (ie. jumbo) money. This is a loan over $417,000 and credit is very tight for these loans as they are not insured by the govt.

    If anyone would like to discuss these views further, they are free to reach me on my mobile at 817-680-4974 .

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