This weekend I received a very nice note from the reader below who agreed (with a few selected edits which I made to help maintain anonymity) to share with you. It is yet another example of how even as late as 2008 there were folks still ready to purchase premium priced units at the Vue. How quickly things collapsed! Just under 3 years later, the general mindset now is buying at the Vue at the current prices is committing financial suicide!
Sales seem to be stuck at 14. I am not hearing much right now so I don’t know what is in the pipeline. It is nice to read below though that this Avenue owner liked what he saw at the Vue and thinks maybe he will live their one day. While for some of us that is no longer possible, I know for others they would love to if they could be provided some pricing flexibility.
The note below also states that he “understands the developer’s position.” I think everyone has made their position clear: the developer is not reducing prices; the pre-sales buyers are not closing. Someone’s position has to change. With every passing day the plot thickens and we will all just need to stay tuned to see what happens next.
Thanks again to this reader for sharing his story and if you have feedback or information for our readers, please write to firstname.lastname@example.org.
I am very glad to have found your blog. My wife and I came with two inches
of putting a deposit down on unit 2XXX (2BR) in ’08. We had
agreed on a negotiated price and Vue had mailed us a contract. The winds of
economic change were starting to blow by that time, but just as breezes.
We ended up buying a 2 BR corner unit at Avenue instead. We went with the
sure/ safe thing and at a much lower price and at that time the Avenue
developer was discounting his last few remaining units which were mostly the
most expensive ones. So we took one.
The Avenue apparently approached floor level and view side quite differently
than Vue does. We are on the West corner, 3Xth floor and have an incredible
city view. It is like we are right in the middle of uptown, 300+ feet up.
For the record, having an awesome city view is very important for us. For
our re-fi, our unit appraised at roughly the same price as the exact same
unit on the other side of the building that has no city view at all. I asked
the bank and appraiser and they both said they will not add value to a comp
because of its view. The bottom line is that city view carries no extra
value in an appraisal over non city view. Go figure. Some buyers care about
view, some do not.
As you know, the Vue charges a premium for the south corner over the east
one. It will be interesting to watch the appraisals and see how they come in
for the same units on different sides/corners of Vue. Keep your eye out for
Regarding floor height adjustments, I think Avenue was adding about
$1,000.00 or less per floor when they were selling the premium corner units.
Nowhere near what Vue is charging.
Recently we finally toured the Vue, we loved it. We looked at several units
including the one we nearly purchased.
We are extremely thankful that we did not make the deposit. I feel very
badly for people who did, but I can also understand the developer’s
position. It must be a nightmare, surely.
We are still very interested in the Vue and will be watching the
developments over the coming months and next couple of years. If conditions
develop that work for us, we could eventually end up there.
Thanks again for your work on this subject, I will be following your blog.