Kerry Hall Singe and the Charlotte Observer seem to be on a real estate roll of sorts, pumping out news that I interpret to mean there is hope for Uptown real estate. A key driver of this hope seems to be the Democratic convention, which is going to draw scores of thousands of visitors in 2012. Aggressive real estate entrepreneurs and developers are frothing at the mouth so I can only assume we’ll see lots of real estate news in the coming months.
In today’s paper, the title of the article is: New Condo Developement Reinvents the Old Park Site. The project used to be called the Park, but was abandoned for the last 2 years according to the article as it went into bankruptcy. It was going to be one of the first luxury condos in Uptown Charlotte but got caught up in the economic collapse and went into foreclosure. Some details on the foreclosure can be found here. The new name of the project is SKYE Condominiums.
The article has a statement important to Vue buyers: “Real estate experts say a new uptown condo project could work — despite sagging sales citywide — if the units are priced right and the developer can afford to wait as the market improves.” Unfortunately the Vue is not ‘priced right’ which is one of the reasons it has only 16 residents in it. There is no pricing yet for SKYE.
As I read about the amenity deck and the quality envisioned for this project, I see more pressure being added for the Vue Charlotte to resolve its issues sooner rather than later. I am not a real estate developer, but I see the plusses of the Vue and the minuses. If I am building a luxury condo like SKYE Condominiums is, I am going to learn from what the Vue has built and have a competitive offering. In other words, the Vue can wait things out, but while it does their competitors will be building and competing with them from various angles. SKYE should be able to cream the Vue on price if it wants to because its costs will be less. SKYE is also turning part of the building into a hotel, which I think is something the Vue could perhaps look at. Rentals are surging in Uptown and this is another option for the Vue.
I am sure the Vue is looking at all its options and we are all anxious to see what the final result is. Today’s news is another reminder though that the Vue can’t sit still because it won’t be the only game in town for long.
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**The articles we had planned for this week are being pushed to next week, and we also hope to have the court case that the Vue Charlotte lost in hand by then as well. Thanks for reading the Vuebuyer blog.