The news continues to not bode well for the VUE Charlotte. In yesterday’s paper, there was news that the Skye Condominiums, luxury condos at the Epicentre, would resume construction to be completed next fall. This would add more competition in the luxury condo market, taking away the VUE’s main advantage of being among the few luxury condo options in Uptown Charlotte. And in today’s paper, news came that housing prices in Charlotte continue to fall and are at their lowest levcl in 4 years.
The blog has been following the Berkovich legal case and has come to learn the VUE Charlotte has lost its initial ruling on specific performance in that case, which now leaves 2 different judges with the opinion to dismiss the VUE’s specific performance allegations. No doubt the lenders are coming to realize that it is becoming less likely that the legal system is going to rule in the VUE’s favor, and that they should be spending their energy on moving forward with the painful but necessary task of taking over the structure and re-pricing the units to sell. The question that several have asked me is when will this all happen? My answer has always been “I don’t know.” I think that is still the right answer, but I am feeling like it has to be sooner now rather than later. We’ll all need to wait and see.
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