The Silent Majority Waiting to Move Into the Vue

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!

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One Response to The Silent Majority Waiting to Move Into the Vue

  1. RJC says:

    I wouldn’t consider myself part of the “silent majority” since I was quoted as an enthusiastic soon-to-be-closer in the Charlotte Observer last week. I expect to be one of the first to close since I am purchasing a unit on the 4th floor. With that said, I too am interested to see what today’s value is for the units. I purchased back in 2006 and I think there was a price increase in 2007. So I am in at a price that is lower than what is quoted as the selling price range today, but I suspect still not at the “market rate” for Uptown condos in today’s market.

    With that said, I will be waiting with baited breath for the appriasal results. If I/we have sufferred off-the-chart price deflation, then my close position will change. Of course we all would have to weigh walking from our deposits, or closing on a unit that is worth significantly less than what we contracted for, or (and my preference) work with The Vue to create a win-win scenario for the buyer and seller.

    I love the building, amenities, etc. I walk by weekly and have watched the building being constructed from my office Uptown. Hopefully things play out and Dan McLean is true to his word to work with each buyer individually. If so, I should be a Vue homeowner soon and will provide further details about the building as I sit by the pool in September.

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