Make Peace Vue Charlotte Buyers: Tis the Season

Recently we have received some comments and mail calling for the pre-sales buyers to band together and fight the Vue on the legal front. One of the primary missions of the blog was to avoid such a scenario. The mission of the blog was to inform the Vue pre-sales buyers of what is going on; to make transparent our thoughts to the Vue Charlotte so that they know where many stand; and to somehow do the best we can to help the Vue be a success.

While I am the first to admit I am mad as @#$# that the Vue has turned to lawsuits, my instincts are still on the make peace side rather than the make war side. I try to put myself in the position of the Developer and ask what would I do, and I don’t have good answers all of the time. I can’t explain some of the things that have been done. For example, if we get a complete debrief at the end of this, I would love to hear why the web site hasn’t been updated since August, and why when I visited the site last night it had a link to the “latest newsletter” on the home screen and it was dated March 2010.

I know the Developer has to be in an extremely desperate situation. He essentially bet, even when many other developers stopped their project plans, that the market would turn and that the Vue would be in a prime position to sell big due to less competition. This huge gamble, with his own as well as investor money of some 200 million dollars, has so far resulted in a handful of closings and the Hail Mary option of suing buyers. Yes, I hate being me. I hate that I made this investment and in the situation I am in. But I can’t even imagine what it must be like to be him.

We may find out through these lawsuits that he had information that we didn’t that will show that he should never have begun this project. But for now I have to assume, like I have for most of the blog’s lifetime,that this is simply a unprecendented economic catastrophe that is only obvious in hindsight and there is no one person to blame. My problem with the Vue Charlotte, though, is that the Developer is trying to have us shoulder the entire loss. This is another thing I don’t understand. I wish I did. Perhaps it is his lenders that are demanding he do so. I simply don’t know. But the decision has literally stopped sales cold.

I think the last post from one of the buyers on a creative solution to this problem is one of the best I have heard so far. But if something along those lines is not going to happen, then we may have to consider all our legal options as we move forward, especially if the Vue Charlotte continues along a legal path.

At the moment, I sense there is not the will or the need to go en-masse against the Developer. Yes, we can make comments that all we need is X number of buyers with Y amounts of money and we can then move forward. But I can promise you those X number of buyers willing to invest do not exist (today). That is not to say they may turn out to exist someday if things get ugly.

In my view, the first thing that needs to happen is that the 4 lawsuits for specific performance need to resolve themselves. And another opinion which is solely my own is that despite the  lawsuit that MCL shared with us earlier in the year, I am in no way convinced that it will hold here. It may, but the only way we will know if it will is when the court cases are decided.

The blog will be a disappointing medium when it comes to sharing legal info, because for example any of these buyers that have been sued and are working with a lawyer will be forbidden to share anything until the cases are over. The free flow of information stops when attorney-client privilege starts.

A couple of times now folks have posted lawyer contact information in a comment. I appreciate you sharing this info but please, if you have a lawyer you recommend, send an email and I will include the lawyer on a list of others when people mail in for legal referrals. I speak with every firm that gets recommended and they are under ethical constraints and either can’t or don’t want their firms pasted on the blog. That is not to say that they don’t welcome your business and their willingness to help.

There are folks actively looking at their legal options, as am I. However, if you ask me today, my advice is to work individually or maybe even with a small group of people you know with the lawyer of your choice if you want to be pro-active. And if you want to be reactive, sit and wait. If you want to close on your unit, as I have said, I can’t cheer for it now that the lawsuits have started; but on the other hand, I am not going to rail against it as this is an individual decision. There are many of us, and I include myself in them, that want to work with and live in the Vue Charlotte. But the project needs to stabilize itself; and for that to even begin to happen, the prices need to reflect the current market. And make no mistake, the problem with that is for this Developer, the loss that would be sustained to re-price the building would be huge. That is why the creative solution mentioned previously would be one hope of recovering. I don’t think these lawsuits will do it.

I don’t want to totally disappoint those that are calling for legal action. My answer to those folks is that rest assured there are buyers who are “pro-active” and looking into what the art of the possible is. None of them are acting because they want to. All are acting because now that the Vue has sued buyers, they feel they have to. I will continue to plead that the Vue work towards an amicable solution rather than a brute force legal one. And until that happens, the blog will be all ears on the legal options our pre-sales buyers have. But for now, as I have stated previously, the blog will be here to inform, not to mobilize.

Please send your feedback to Vuebuyer10@yahoo.com.

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One Response to Make Peace Vue Charlotte Buyers: Tis the Season

  1. Vue Buyer says:

    The lawsuit by the developer is casting further unfavorable light on appraisals. Appraisers and banks are taking the lawsuit by the developer into account and that is impacting negatively on the potential to get funding.

    Not a wise move if the goal is to facilitate closings

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