Sale number 9 is now in Real Estate Lookup, which is unit 3604 for 1.1M. In the Register of Deeds, we now have 10 sales posted, and we should have that 10th sale plus one more showing up in Real Estate Lookup shortly.
I don’t think anything that happens at the Vue is predictable, and I am sure if we took bets on what units would close, few would have guessed that the TOP of the building would have done so much better to start things off than the lower floors.
Not being an expert on Real Estate, I can only surmise that it is the higher, more expensive floors where larger down payments are at risk that is leading these to sell first. Second, there are fewer comps…what Condos in Charlotte have floors this high looking down at a city and amenity deck so expansive? And finally, these are folks that don’t necessarily need financing, and probably were more sophisticated in knowing what they could afford and what risks they were taking when they originally bought.
The flip side to this is that if these units were appraised, I believe they would reflect values far below to prices being paid. The only way we can ever know this is if several of the buyers share their appraisal information, but I am thinking that is unlikely. So I am left to speculation.
The other thing that could be going on, again maybe unlikely but we can’t rule it out, is that there are non-disclosure type arrangements being made by some of these buyers, so while the price is showing full contract, added value is being thrown in (storage, parking spaces, price protection, could be anything…).
Presumably buyers with this kind of money are sophisticated and smart. Thus the white space, the ambiguity, the incredulity I am experiencing as I try to understand what exactly is going on with these high-price sales. But as I make this statement, I do so with full awareness that these folks are probably a lot smarter than I am, and it is fully possible that 5 or 10 years from now we will look back and say “why didn’t we buy when the market was so depressed! Look at how much money we could have made!”
Rumors are that more sales are coming. We’ll have to see if they continue on the high-end or move to lower floors and price points. Several readers have reminded me not to confuse these high floor, high dollar sales with the lower floors. Just because buyers are paying 500/ft on the top floors doesn’t necessarily make the lower floors worth 400/ft. My understanding is that the general rate for sales being made in Uptown Charlotte for luxury condos is 250/ft.
Lots of questions. Lots of unknowns. Lots of mystery. This is what keeps us mesmerized by Charlotte’s most luxurious and prominent piece of real estate, the Vue Charlotte.
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