Let’s face it. This economy changed the lives of millions of people, including some Vue Buyers. But exactly how many? At the moment we do not know. But certainly for some the news that the Vue will soon be ready and they can move into their dream condo will be a reality. Wouldn’t it be nice to be one of those people? A beautiful pool; an exercise area; high quality construction…if the construction and quality is anything like it was sold to be, it’s going to be beautiful. So what do these lucky buyers have to watch out for? First, the true value of the condos. No one knows this, including the developer. With 30 days to close in August, the first 25 floors are going to face an interesting decision. Presumably there will be an appraisal done, and then the decision as to what to pay and negotiate will begin. Wouldn’t it be nice if the Vue gave this lucky group a little more time to sort this decision out? This is probably not likely. What if you buy your dream condo but your neighbor doesn’t? What then? My point is that even the “haves” are not free of a possibly risky decision in August. As a buyer, I am personally rooting for a positive scenario to play out: the units appraise at what we paid and turn out to be legitimate; that most buyers can follow-through and close on their units: that the new sales continue an upward trajectory to give us confidence that we made the right investment. While as you may have guessed I have zero confidence that currently published prices are anywhere near realistic, it is certainly possible that the units will appraise close to prices paid in the mid-2000’s. We’ll soon know. And for the buyers who close, I am sure they are going to move into a beautiful building. I hope it turns out well for them. And if I go ahead and buy, I hope it turns out well for me too!
P.S. It seems that someone has uncovered a mailing list of most of the purchasers of the view and referred them to this blog. I welcome comments and feedback as the more communication and knowledge sharing that goes on the better our investment will turn out. If you find the pessimism or skepticism so far communicated in this blog is not well-founded, please share the good news! We are simply searching for the truth and to make a sound investment decision in the months ahead!