While it may not seem that way, I am always looking to print positive news about the Vue Charlotte. It is simply because I am fed so little is the only reason I print so little. But I am pleased to say that I have heard from enough sources that I am decently confident to state here that the Vue Sales team has either closed or is about to close on one of the high-end units (read high-end to mean the price is in the one-million dollar range) at the full contract price. I hope this “heard on the street” rumor is correct!
As I receive appraisal information, some which I am able to make public, other information not, I am able to start to see that there is not going to be one blanket number (30% discount to contract for example) for all the units. Some units are going to appraise close to contract, some far. You could see the large range of contract prices in the post yesterday. Units from 224K to over 1 million dollars. That is also to me the appeal of the building. It is going to attract a diversity of clientele and I have no doubt it is going to be THE PLACE TO LIVE in Uptown Charlotte if managed properly.
The other thing to notice from yesterday is that the same units price differently depending upon the floor. This is how it was supposed to be, and when I was given the price list in 2005/2006, this is completely how I understood the pricing to be. I was told there was no negotiating on price and it looks to me by most of the prices listed that there wasn’t much negotiation. Whether that was the case after Churchill was removed as the sales agent back in September 0f 2007 it isn’t clear. I would love to hear from buyers who bought after this date to hear their views and how their contract prices compared with these. I can only speculate, but if MCL is holding to the prices as firmly as they are now, it seems unlikely that they would have not been doing so after September 2007 as well.
I am not an expert, but it seems the Vue Sales team hopes that as sales occur at contract price, appraisers will begin to use them in their comps; more and more units will then appraise at contract price; and then more and more buyers will then be able to borrow enough money to close on their condos. I do not give this scenario a high probability of success, but I am not rooting against it. I hope it happens, I really do. And if this high-end unit does close at contract, the Vue Sales team and the Vue Charlotte project would get a huge boost. And the buyer, whoever it is, will have a priceless Vue.
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