As I look more and more into the ramifications of the recent court decision, it has become very clear to me that you will not see for long the status quo at the Vue Charlotte. There is no way for them to continue their policy of holding firm on prices and browbeating customers to close or else. No rational buyer would close on a unit based on the threat of a lawsuit given the recent publicity. With that threat gone, actual value now has to be brought into the transaction.
As I poll my contacts, one of the clear messages I am getting is that the Vue has very little goodwill left. As one person told me…”the Vue is getting everything they deserve.”
This anti-Vue sentiment was not always the case but has been gaining momentum over many months. The Vue has alienated customers, mortgage specialists, appraisers, real estate brokers, you name the constituency, the Vue has somehow managed to create some ill-will. While I have been complimentary of the sales team, as part of a new facelift, the new owners when they take over (and I say when, not if), will probably need to swap at least some if not all of them out. My advice to the sales team is that despite what the Vue has done to help you through this downturn your best bet is to find new employment as fast as possible. Anyone that has worked there is going to be more of a liability than an asset. [with the exception of the managment company, which should be retained.]
And what about the appraisers and Guaranteed Rate? The appraisers who valued units at the current inflated contract prices have demonstrated themselves to be incompetent or disingenuous all in the name of a paycheck. The appraisals may have been “legal” but they were absolutely ridiculous. I challenge any one of them to contact the blog and make their case. Better yet, why don’t they go ahead and buy a comparable unit at the same price they appraised at and then we’ll come visit them in a year and see how their investment is doing? [in case it is not obvious, I am mad at the appraisers!] We could ask the same of the sales team, who can’t and won’t buy units at their current prices because they know they are too high. [I am not mad at the sales team though, please understand that.]
The new ownership of the Vue needs to toss out Guaranteed Rate, despite what good work they may have done in terms of getting people loans, and bring back some legitimacy to the building. The new Grand Opening should be a reunion of the original brand name Preferred Lenders, along with the top name brokerages in Charlotte real estate. Prices should be at a reasonable premium over other luxury condos, mainly because of the Vue’s awesome set of amenities, but not the ridiculous premiums currently offered now.
All of this needs to happen sooner rather than later. As for the investors in the Vue, I wish I had an answer as to how you will recover what you paid. I think Powerball is now at $218,000,000. If you could win this, your problems would be solved. Tickets are $2.00 each. I recommend that you not ask MCL or any pre-sales buyer for what numbers to play. You’ll need to find folks who have better luck than we have had to help you!
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