We heard in the last post that every market is different and that Charlotte is not Orlando. I agree with that. In fact, I agree with most everything that was stated and was very thankful for the thoughtful response from MCL. What I am fixated on today are the two words “silent majority.” If indeed there is a silent majority that is moving forward as we speak, a lot of what we have posted here may go down in the record books as alarmist and wrong. I would personally feel terrible if that was the case.
I am awaiting the latest posting of a firm I found that reports on the Charlotte Real Estate Condo Market in Uptown, and will refer everyone to it once it appears. If anyone feels they have good sources for this information, please put it in a comment. Once we have this report, we’ll need to understand, as best we can, what a reasonable price per square foot for the Vue is in today’s market by doing our own comps. If you have a broker that has shared this with you please put those comps in a comment. I think it will be safe to say that Vue pricing will remain substantially higher (due to the amenities and quality of the building) relative to other condos. I understand that and the rationale behind it. But going back to the supply and demand equation, I think demand will depend upon any re-pricing that does or doesn’t occur once the closings begin. Appraisals will be the starting point for the repricing, and/or the final prices paid by the cash buyers. MCL is in no way obligated to re-price. We have all signed contracts. So my feeling on the ‘silent majority’ is this. I am willing to believe there is such an entity if at closing our contracted prices are allowed to be negotiated down some based on current economic realities. If this doesn’t happen, then I can’t say with confidence that the silent majority will be moving in. I could be totally wrong. This is just one person’s opinion. What is yours? Please share it in the comments!