Some time has passed since the Vue Charlotte sued 4 buyers for specific performance, and since that initial 4 one more has been added. The blog would strongly prefer to stay away from technical legal matters, as well as individual claims and counterclaims specific to an individual buyer’s situation. But I do not see a problem with addressing the big picture in a simplified way so we can all understand where things are heading.
As the blog has stated ad infinitum, the Vue Charlotte built a building based upon signed contracts, and now they want those contracts honored. I think almost every buyer understands that position, and in many cases understands why the Vue has used legal means to try to have these contracts enforced. Thus the suits for “specific performance.”
In viewing the court files to see where these cases stood, most hadn’t made any progress. In 2 of the cases the buyers haven’t even been found to serve the suit. Another case extended the time to have their counterclaim filed (until March). Fortunately though, in one case, a counterclaim has been filed and we now have visibility into what at least one legal argument is going to be from the buyer’s side.
The argument is simply this. Specific performance is all fine when there is no other remedy in the contract. However, in the Vue contracts, there is a remedy: the Developer gets to keep the deposit. Because the developer has that remedy, there are no grounds to sue for specific performance.
I am summarizing what I gleaned by reading the case of unit 806 that can be found on Title11.org. Look under recent posts the “amended complaint and counterclaim” of the Vue vs XXX.
This counterclaim is something you could take to your lawyers and get an opinion on. The blog’s position is that the judge will decide, and that may not be anytime soon. I saw dates in the July/Aug/Sept timeframe, and those could shift.
In summary the legal issues are in limbo and we shouldn’t expect anything to come of them in the near future. This steers us back to focusing on the key success factor in the short-term, which is appraisals. I am getting a bit here and a bit there, but nothing to do a post on. If I find that more and more cases the appraisals are coming in at contract, we can most certainly up our estimates of potential sales. I need your help by asking that you share your information with Vuebuyer10@yahoo.com if and when you have any. Have a great weekend.
***One of my readers shared with me a cool site for those who live in Charlotte who are interested in looking up properties to see where they fell in the current tax revaluation. It may take a bit of doing but once you figure out how to search you can look to see how any property fared. (Condo revaluation alas have not been completed yet). The site is at Realmeckcom. Click on the Property Explorer.