What is the Current Situation at the Vue Orlando?

The reader whose note I posted earlier this week posed the following to me in a recent email:

Mike,

I’m surprised their hasn’t been more discussion in Charlotte about the Vue Orlando project. Given the striking similarities (architecture/floorplans/amenities,etc) between the projects, and the fact that the Orlando project appears ahead of Charlotte in its situational evolution I’d think the outcome there would be extremely relevant to folks trying to make a decision in NC. I think the bulk sale in early 2010 went for between $100-$125/sf. The investor group presumably then restarted sales at what was probably pricing of a little less than twice that amount. Where are they now ? Did they finally sellout ? How many closings per month ? Have resales been possible during this period ? Have prices rebounded any from the original re-pricing of the bulk investor’s units ? Here is a link that might help get you started: http://condometropolis.com/the_vue_condos.php. A quick glance suggests some wide pricing disparity in asking prices. Some of this may have to do with residences being furnished but keep in mind that high asking prices don’t mean much if nobody is biting. It would be better to find a broker that can give you the closing history (before and after the bulk sale) on the building; that and some analysis would make for a terrific post on your blog. On the other hand, low asking prices pretty much guarantee that sales are occurring at those numbers and/or below.

As many of you loyal readers know, we did focus on the Vue Orlando early on in the blog and were able to learn much from the President of Condo Developers, LLC, Cristian Michaels, who bought a large number of the Vue Orlando units at auction and who has graciously contributed several posts to the blog. The reader’s questions above prompted me to reach out to Cristian again, to see if he could help me with these questions and share any new insights. I am pleased to say that Cristian did respond and we’ll be sharing his thoughts in tomorrow’s post!

Have feedback? Please write to Vuebuyer10@yahoo.com.

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