New York, New York!

We all know by now that a sizeable group either can’t or won’t close on their Vue Charlotte condo. And we also know that certain buyers will go to reasonable lengths to legally reclaim their deposits. I was sent an article a few days back about a case where the developer had to return a $510,000 deposit, and I have not spoken to an attorney about it. But I thought it was worth sharing with our readers, as I know some are looking for any glimmer of hope that they can somehow come out of this transaction financially whole. It’s in the NY Times and is Entitled: Condo Ruling May Let Many Cancel Deals

I am hoping to hear some cheerier news from other readers this week, and since today were thinking of the Empire State and the Big Apple, perhaps you will be heard humming these lyrics sung to the tune of New York New York made famous by Frank Sinatra:

Start Spreading the News

We’re Closing Today,

I want to be a part of it…the Vue, the Vue

These vagabond shoes, are longing to stray

Right to the top of it, the Vue, the Vue!

I want to wake up, in a building, that never sleeps

And find I’m king of the hill, top of the heap

My little house blues

Are melting away

I’ll make a brand new start of it

In Old, Up Town!

If I can make it there I can make it anywhere

It’s up to you, the Vue, the Vue!

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4 Responses to New York, New York!

  1. Sherry Price says:

    What a good way to start the day with your personalized, Vue version of the old standby New York, New York! Typically, every morning we crank up the computer while having our coffee up in the home office, and check your blog before we start the AOL nonsense that passes for news. I’m practicing, in secret, before I add my own, pretty much tuneless, vocal to your song. It’ll probably happen after a glass of wine or two at happy hour!

    While I’m writing, I want to say “thank you” for your mostly cheerful, always humor filled, and fair, daily update on the Vue happenings (or not). We share just about every one of your opinions and feelings and have been on the same roller coaster you have been riding for all these months. As I write, we do have a closing date, which can’t possibly happen because of The Vue’s delay in getting their HUD approvals. So we just hang out and try not to stress. Actually, we’re keeping our spirits up by decorating our unit, in our minds anyway, and planning what else we’re going to need once we are Vue owners, imagining how it will be when we actually live there. Yes, we are going to close unless the appraisal monster decides to see how bad a boy he can be and force us to do something stupid, not in our best interests.
    Beachdogs

  2. Arthur C. says:

    Beachdogs,

    I agree with your evaluation of this blogger, his pages are informative, fun, and balanced!

    I must say, though, I cannot possibly understand how you or any of us who have put money down could possibly think that closing is a good idea. It is like buying a property without knowing the price. Or better yet, its like buying a property knowing, essentially for a fact, that you are overpaying– you just don’t know by how much.

    I’m running from the Vue (guess which vote was mine in he poll!) Unless you are wealthy and don’t care about prices, I would suggest the same. Go buy it later at 50 cents on the dollar, once you are sure the building and whole economic venture will not collapse.

  3. LA says:

    I have to say that this blog is extremely informative and well rounded as far as the pro and con debate go. I do wish I heard more from those who are planning to close as I am in the same boat as many… trying to figure out which way to go on this venture. I have been approved for a loan to close on the unit but due to this project taking longer than anticipated, my life went in another direction and I will no longer be relocating to Charlotte. Personally, I would much rather walk away if there was a way out that didn’t include losing my deposit. I would be extremely interested in any feedback as far as this NY Times article goes and whether folks are hopeful that this law may help them.
    I do still think the building and lifestyle are desirable and my unit looks to be beautiful. So if I close, I will make the most of it and try to focus on the positive. But what I wouldn’t give to walk away clean from it all and leave those who can live there full time enjoy it to the fullest!

  4. Brock says:

    LA,
    The Vue documents address the law in The Times article (also appeared in the WSJ)- so there’s no out there. I’m convinced that the Vue is playing poker right now- they are acting and playing a role that appraisals and values are there and that they can’t negotiate price due to the agreement they have with there lender. Also- appraisers must be escorted by the sales team- full pitch mode! The goal is to “block close” as many of us as possible so comps are stacked with Vue coming in at $400/sq foot even though all other Uptown condos aren’t even turning over at $240/sq foot. In 2007 along with The Vue I bought a unit in Trademark at $360k- current sell value is $240k. Painful to walk away from deposits, but think of laying out an additional 10-20% only to then see prices plummet when the Dominos start falling. Nobody’s fault- but that’s where we’re at.

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