In a blockbuster day for every pre-sales buyer that didn’t give in to the fear of a lawsuit, the Vue LOST their case Thursday in Mecklenburg County Court for specific performance against 2 pre-sales buyers. The Charlotte Observer has the full story here: Judge: Vue Can’t Force Condo Buyers to Close.
Every buyer who thought they were free and clear of the Vue’s lawyers was living in a fantasy world. The Vue sued 4 to test their case.
The blog has urged negotiation and compromise over lawsuits, but when you look at this from the Vue’s side, and that of their investors, they seem to face no good choices. These lawsuits are a last-ditch effort to try and get some closings.
The Vue was far more successful in closing even 16 than I personally ever thought they would be. I had been in communication with some of the buyers who closed at the Vue for months and months before they did so. If you asked me whether they would close or not, I would have bet no based on some of their mails, but it was not for me to decide or even to persuade. My goal was simply to inform; and I know the ones I have spoken to are at peace with their decision and I am happy for them.
I do regret that several of these closings were motivated in part by the fear of a lawsuit, and I can honestly say that their fear was certainly warranted.
The drama will now unfold in the coming days, weeks, and months, but at least for this blogger, this first round decision in favor of the buyers calls for an opening of a special bottle of Cabernet. Congratulations to the legal team and the buyers who really represented all of us in that courtroom and WON!
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