The Vue Charlotte Unveiling Event!

A comment that I couldn’t publish stated that I needed to have a more optimistic tone. There was an excellent suggestion in the comment on how to achieve such a mood, but I won’t print it here! However, I must say that I was genuinely pleased to receive an invite to the Vue Charlotte unveiling on September 16th! After all the speculation, hoopla, angst…we finally all get to meet at the Vue, see what we bought or are not buying, and share our situations face to face! For all I know, maybe there will be even some new residents living there by then! I hope all that are in town can make the event, and even if you are not going to close, you paid for the cocktails so you may as well come to the event anyway and enjoy them!

In all seriousness, this is a must-attend event where I hope we can walk away with more complete information with which to make our decisions and meet those that have already done so. By the time this event happens, many will be in the throes of obtaining financing, or looking for buyers to trade or exchange with; or quite possibly already have closed, and we’ll all be in a great position for sharing experiences and tips. We stand to gain so many benefits from this event, and I can think of no costs except the risk of a hangover! I think it is great that the Vue is holding this event, and is definitely a show of confidence. I commend the Vue team for holding this and hope to see everyone involved…the sales team, buyers, sellers, investors, financers, and of course, if he can make it, MCL’s Dan McLean, to greet the “silent majority” and by inference the vocal minority <g> to show off his great product! 

One plea I do have though is that in the meantime, please use this blog or the Vue Buyers forum to continue to share any information you have. Vuebuyer10@yahoo.com is the place to write if you want to share in mail (or ask questions) rather than these other 2 avenues if this feels more comfortable to you.

Tonight, during your cocktail hour, toast the Vue team and wish for a fruitful Vue unveiling on the 16th. See you all there!

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One Response to The Vue Charlotte Unveiling Event!

  1. Scott Wenk says:

    Regarding my last posting a few weeks back, I received a call from a friend the other night and he recommended I clarify a few things. Current FHA guidelines require that at least 51% of the units be owner-occupied. Based on the sales numbers from the developer, The VUE Charlotte is just over 50% sold. Two questions we must ask ourselves are: How many of the prospective purchasers are investors and have already decided to not close? And, how many prospective buyers simply can’t close? Based on data from other projects in Uptown Charlotte and other projects around the country somewhere around 50% of original “buyers” actually close. If one assumes that this will apply to The VUE, the project will be ~25% sold.
    In addition, FHA applies to mortgages up to $303,750 in Mecklenburg county, NC. (This guideline varies by location). So actually FHA may not really be an issue for most VUE buyers…at least not yet.

    Fannie and Freddie however will matter to all buyers in the building. Developers can show the lenders of a project “prospective closings.” If that number is over 51% the lender will lend on the project to both original and new buyers. If the building doesn’t close over 51%, the building is not warrantable and neither Fannie nor Freddie will back a loan. Therefore, No bank will lend in the building. This is what happened in Orlando. I not sure I can even refinance….Need to check on that. Now that the Orlando building has gone through the auction, I may be doing a “cash-in” refi (look that one up).
    In Charlotte, the website states that the building has 409 units. This means that in order for the project to be ‘warrantable,’ over 200 units have to actually close. And that’s not all. Of the 51% required for the project to be warrantable by Fannie and Freddie and allow lending, all of the 51% must be primary or secondary residences. If a buyer rents their unit – they are not included.

    How does this affect those of us that do close? Well, assuming that “50% sold” means ~205 units, and only ~50% of those actually close on their units, we have to hope that the developer sells another 100+ units really quickly. Oh yeah, without slashing prices. Food for thought. In my next blog I may address what happens to the HOA fees and amenities in a 50% sold building when the developer walks away.
    Final note, I’m not a real estate agent or mortgage specialist or even anything close. Just a VUE Orlando buyer. Take this information with a grain of salt and do your own research. Caveat Emptor. Scott Wenk

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