Where Have all the Listings Gone?

As the plot thickens, the latest twist in the VUE Charlotte story is in the curious disappearance of inventory listings on the Internet. Where they used to be listed under a company called Integrity First LLC, they are no longer there. It appears that the Vue has taken over the sales for themselves, and they show now only 2 listings. It is too early for me to know what this means. If you do, please share with our readers.

Reflecting on yesterday’s post, it truly saddens me that I had discovered those news articles but felt it would have been irresponsible not to pass them on. My intent when starting the blog was not to make things personal or attack anyone’s integrity. Despite the articulate comment that came in yesterday by CharloteeJW that can be found below the post, I don’t believe in it’s all just business and the best you can expect is for everyone to behave in their own self-interest.  I remember the times when we were all a VUE family and we would get together at parties, converse, learn more things from each other and the developer, and all couldn’t wait to be neighbors.

It seems though, that MCL is reverting to what one article refers to as their “stiff-necked” approach.  It feels to me like they are taking the legal route and trying to coerce the transactions through, pretending like there are no issues whatsoever, and it is simply about adhering to a contract many years old. To be fair, they have communicated that they are willing to work 1:1, but as I will get to, I find this to fall short of what is needed today.

When the public work stoppage occurred, how did you find out? Probably the same way I did…in a newspaper headline.  That was poor communications. We are in the midst of another bout of poor communications now. The process to close now very much feels like we are being led to the slaughterhouse (certified letters, no news of any closings or sales prices, no mention of new sales coming in, listings being pulled from the internet, a dated web site, a developer on the financial ropes, and an HOA that is going to be financed who knows how, a seeming MCL track record of projects being foreclosed on in this bad economy, and on it goes).

In my Vue, we are currently in the midst of a tragedy for many pre-sales buyers who have lots of money to lose and a Developer who has lots of units to sell.  There seem to be a mix, and I have no idea of the proportions, of several gung-ho buyers, some very despondent sellers who just want their desposits back, and then a bunch in between.  

The advice in the well articulated comment yesterday was this is all a simple business transaction…the builder is out for his interest, the pre-sales buyers are out for theirs. I wish it were not so. I wish that each had empathy with the other, and that each would partner with the other to make the transaction work. “One by one” is becoming less acceptable to me and is becoming less acceptable to many readers I am hearing from. I have mail in my  inbox asking for us to organize as a group. I am going to be reflecting upon those requests over the next several days.

If you recall, in an earlier post, I suggested the developer meet with us as a group to answer our questions. I don’t need to reflect on that for even a second; I think that should happen immediately. It is hard for me to go and close on my unit with so many unknowns. Let me state that in a little stronger way: in my view, I would be insane to do so without some more transparency. I need to know how many pre-sales buyers are closing. I need to know what happens if a high percentage don’t. I need to know where units are appraising, and what the Developer is doing for those folks whose appraisals come in lower. I need to know whether there are any new sales coming in, and what that pipeline looks like. I need to know, given the finances of the Developer, what the financial state of the HOA will be. I need to know that after I buy, the rest of the units aren’t going to be auctioned off en-masse at a large discount to my contract price. I need to find out if buyers can’t or won’t close, if there is any possible solution that can allow pre-sales buyers to recover some or all of their downpayment.

I think we need to continue the 1:1 approach while at the same time expanding upon it. We either need to have a meeting with the Developer (my first choice), or we need a written communication from the Developer, perhaps in a blog post here or on the Facebook group or wherever the Developer seems most appropriate, that addresses the concerns of the pre-sales Vue Charlotte buyers. Until this happens, I have no choice but to sit here and speculate in these blog posts, and quite frankly, even in trying to be fair,  start leaning them heavily towards assuming the worst.

Since I had some decent luck with New York New York, I have chosen a sadder song to reflect the current state of many of our readers, especially given the disconcerting news we read about yesterday. The song below can be sung to the tune of Where Have all the Flowers Gone.

Where have all the listings gone? Long time passing.

Where have all the listings gone? Long time ago.

Where have all the listings gone?

The VUE Has pulled them every one.

When will they ever learn? When will they ever learn.

 

Where have all the pre-sales gone? Long time passing.

Where have all the pre-sales gone? Long time ago.

Where have all the pre-sales gone?

Buyers have walked off every one.

When will they ever learn? When will they ever learn.

 

Where have all the closings gone? Long time passing.

Where have all the closings gone?  Long time ago.

Where have all the closings gone?

The VUE can sue them every one.

When will they ever learn? When will they ever learn.

 

Where have all the payments gone? Long time passing.

Where have all the payments gone? Long time ago.

Where have all the payments gone?

The VUE has kept them every one.

When will they ever learn? When will they ever learn.

 

Where have all the condos gone? Long time passing.

Where have all the condos gone? Long time ago.

Where have all the condos gone?

Off to auction every one.

When will they ever learn? When will they ever learn.

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2 Responses to Where Have all the Listings Gone?

  1. Bailey says:

    This past Thursday, 9/30, Rob, in the sales office, said that to-date there has been only one closing.

    Bailey

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