Has the Vue Charlotte Found a Lender Who Can Move Units?

It has been an embarrassingly long time since my last post, and still I appreciate the folks that day after day visit the blog looking for information. I too am seeking the same, but there is not much to be had. I am certain there is much behind the scenes activity, and just when you think all is quiet seems to be the time when suddenly there is big news, so we’ll just have to be patient. In the meantime, I’ll continue fielding the rumors and wait for them to be evidenced by facts.

A reader yesterday asked whether the Democratic National Convention might make a difference for Uptown and the Vue Charlotte. I wondered the same thing. That is the type of catalyst that the Vue needs. And maybe they can get some help from the city or county. How embarrassing would it be to have a 400 unit building mostly empty when the convention comes to town? I think the powers that be in Uptown will work together with the owners of the Vue on a solution to solve that problem; but that’s just a wild guess.

I have heard from a couple of readers about a new, charismatic lender that has come on the scene who the Vue is steering people to for loans. So far, by all accounts, the lender is excited and optimistic about the Vue and sees a huge opportunity that other banks just haven’t seized on. The company name is GuaranteedRate.com. I will gladly open this blog for the new lender to introduce himself and tell his story if he is wanting to do so. But for now I’ll share some sobering news as I find myself in one of those doom and gloom moods!

Despite what the new lender may think, the other Preferred Lenders were seasoned pros and began with every bit as much enthusiasm as he has. They spent many dozens if not hundreds of hours on the Vue Charlotte project. Maybe the institutions they worked for moved a bit slower or more conservatively than his firm, but in the end it is not the Preferred Lenders that were the problem. The problem was the units did not appraise, and are over-priced in today’s market.

I got an extensive report on this lender and from what I can tell, the flaw in his otherwise by several accounts compelling sales pitch is that the appraisers have gotten the Vue values all wrong. To paraphrase and hoping not to mislead since this is second-hand info: some of the appraisals were drive-by, lazy, inaccurate, missing the value that is really there.

Even taking into account the salesmanship that one should expect and take with a grain of salt in these dealings, the fact remains that we only have 8 sales in the Register of Deeds public database, and it is February. Yes, access to money has been a problem for some, but it is highly unlikely that the appraisals on these units will rise anytime soon. Yes, there have been some very high-priced units that have sold, and that is quite impressive. The explanation I am given is that these higher up units are truly one-of-a-kind and were also bought by people who have more discretionary income than the majority of us. They have time for values to recover and have found themselves a great place to live. I get that and I am very happy for them. I wish we were all in that situation but most of us aren’t. I expect a few more people over the coming weeks and months to come on board and move in, but these “few” are not going to save the Vue Charlotte. There has to be lots and lots, and there is no sign to me, even with a dynamic lender, that this is even reasonably probable.

Have feedback or information? Please write Vuebuyer10@yahoo.com!

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One Response to Has the Vue Charlotte Found a Lender Who Can Move Units?

  1. LA says:

    Thanks for the latest posting. My 2 cents still remains that any bank / lender willing to loan the amounts of these contracts based on “new” appraisals is setting people up for upside down loans and only reverting back to what caused the mortgage and banking crisis in the first place. This new lender sounds like he bought into the smoke and mirrors of the luxury, but isn’t being realistic about the economy. When large, reputable and respected banks fall off the preferred list, red flags should go up and remain up. 8 closings in 5 months and just as many law suits … that’s nothing short of a disaster.

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