News from Another Vue Charlotte Pre-Sales Buyer

Below is a comment that came in today that I am making an immediate post. I want to thank the contributor for sharing their experience. Everyone that shares is helping the rest of the group and I really appreciate it. I need all the help I can get!

The feedback I have been receiving has been at some times quite emotional. The emotion is understandable. My posts, of late, have also been probably TOO emotional according to some. I am going to correct that, especially now that we are facing some very difficult decisions going forward and emotion will not help make them more effective. In fact, emotion will have a detrimental effect.

If there is one message I would like MCL to take away from the comment below, it is this:

4. This project in it’s current form will not succeed. NO WAY.

How can it possibly? We all know too much. I am not saying that no one will close who has all the information that we have. But is it an exaggeration to say that many won’t? And while it may make sense for an individual to close based on their situation and their appraisal price, there is more to it than that. An individual is still affected if many of the pre-sales buyers don’t close. So my contention is that you can’t make this decision One-on-one as an individual. The group has to follow. If it doesn’t, your purchase, while it may have been a good price relative to others and affordable for you, all of a sudden becomes a terrible investment because the other 1 on 1 decisions ended in not closing.

This is going to be another eventful week. Thanks to all who are reaching out to me at Vuebuyer10@yahoo.com or posting in the comments.  I thought we would take the weekend off, but it seems lots of news keeps coming in. I hope that continues. Thanks again!

 Vuebuyer,
Thanks for continuing to supply information. I’d like to comment on my recent interactions regarding the Vue. I have/had a scheduled closing next week and had stalled as much as possible for obvious reasons. After finally getting a look at my unit I decided to invest another couple hundred dollars on an appraisal (just this week). I use my own mortgage broker as I’ve done several deals with him. In explaining my situation the broker said he would reach out to Charlotte based appraisers. While traveling this week he left me a voicemail warning me about proceeding as even he (from 300 miles away) was hearing that most investors are walking away from this project.
He did offer that one appraiser would be willing to talk to me before proceeding. In talking to this woman it became clear that Uptown Charlotte sales over the past 30-60 days were “brutal- her word” and comparisons wouldn’t be favorable. She further commented that Mr. McLean’s public comments about going from appraiser to appraiser wasn’t well received by her field. Cash sales wouldn’t be allowed by banks as price support so Buyer 1 is out. Current prices as we are all aware are between $200 and $240/sq foot. Even with Vue’s upgrades it doesn’t get near $400. It’s surprising that an individual who stands to make $400 for doing an appraisal kind of talked me out of even proceeding with an appraisal.
I’ve tried my own “one off” conversation with the Vue sales team and it is evident that they are not willing to work with us– regardless of appraisal price. They are holding crap cards yet surprisingly still bluffing.

SO…..I think it’s becoming more obvious from posts this week that:

1. Mr. McLean is in severe financial troubles from this and other projects.
2. His lenders and investors are screwed.
3. We that have deposits are screwed.
4. This project in it’s current form will not succeed. NO WAY.

Ultimately this building will be turned over to either the investors or a bank and liquidated at 50 cents on the dollar (See prior post on Vue Orlando). I like most of you are losing a significant deposit here and I’m trying to be fair. I’d love to see it somehow succeed and would be interested in pursuing my unit at a reasonable value— but this place is now cancerous. Even if I planned to move in and live there the rest of my life this building wouldn’t make sense. I’ve cancelled my closing indefinitely.

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4 Responses to News from Another Vue Charlotte Pre-Sales Buyer

  1. LA says:

    Hi all- does anyone know for certain if walking away and accepting the deposit loss will leave you with a clean break and no other legal issues? I have gotten to a place of exhaustion with this deal and I’m just ready to walk and never look back.

    • vuebuyer says:

      This is a huge question that we need feedback on from our readers. I will personally getting legal advice this week on this question. From what I can tell so far, the answer to the question is no, it will not leave you with a clean break. But again, you can’t rely on this answer. I’ll be making a post on this and requesting feedback from folks that have explored the matter. Or, maybe we can get some responses here in the comments. Thanks for asking this very important question.

      • LA says:

        I too am seeking legal counsel from a real estate attorney this week and I will be more than happy to share the details on my findings. This is great place for everyone to share their experiences and insights and it is the only way to help people navigate through this unfortunate and messy situation. Many thanks again to Vuebuyer10.

  2. Holly says:

    Vuebuyer,

    Fantastic information, you are a God-send and we are all indebted to you for your efforts here. My bet is you feel a bit guilty about sharing the “bad news”, but you have been extremely fair-minded throughout this process with seemingly no agenda whatsoever. THANK YOU for that, it is a rare approach indeed.

    One thing seems to cry out from your posts and the comments from the last 5 days, and that is, what would Dan McLean and MCL say about all this? Has anyone sought his/their comments on the overall situation? Perhaps Vuebuyer can meet with him, or perhaps we could assemble 3 buyers to do so?

    Maybe I’m wrong but it seems like it’s time for a direct conversation to see what their thinking is?

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