I remember when I bought my unit, I was told that the price of the unit was not negotiable. I am one of the types that hates to bargain. I know some of you love it. I don’t have the stomach for it. So I bought my unit at the published price. To tell you the truth, I appreciated that the prices were not negotiable because then I didn’t have to worry that another person got a better deal than I did for the same unit. I may be naive and you stronger negotiators out there really were able to create some savings for yourselves. But in all I would like to think we all saw the published prices for our units at the time we bought and paid that price.
So what about now? What about as we go to close? I have said repeatedly and will do so again that the Vue is not under any obligation to negotiate the final price. We all signed contracts and are legally bound by them. But what if the fair market value of the units have come down by let’s say 15% and the Vue introduces the possibility of some pricing flexibility? Will the Vue adjust the units across the board, or will it all be a 1:1 negotiating free-for-all to get a better price? You know what my preference is…publish a new set of prices, so that I don’t have to worry that my neighbor is getting a much better deal than I am. Some of you poker players are probably cringing at the thought of not being able to bargain. In the end though, we all have to live together and we are all going to be able to see what the other paid, so why not reduce the surprise factor?
The appraisals are going to be key, and I know the buyers and the Vue are awaiting to see what those are. What we can do in the meantime is look at a comp to see how other units are priced compared to ours. While there is no true comparable building in Charlotte, there seems to be one that several brokers feels is close enough. We’ll look at the comps in that building in a post later this week.
Please share your comments on pricing and the Vue.