There has been very little real news in regards to the VUE Charlotte of late, which is why you find very few postings on the blog. But I am glad to see the local media is still keeping an eye on things; recently, Susan Stabley at the Charlotte Business Journal, and now Bobby Sisk at WCNC. Bobby has written an article entitled: The Vue Condos see Small Growth…
In the article we hear from our good friend Dave, who has been a huge promoter of the Vue and the lifestyle it affords and has been very helpful to us blog readers, and who takes the long view that like the stock market, prices will have their ups and downs, but ultimately over the course of his living there the investment will be worth it. To this day I envy the lifestyle he is living!
It looks like Bobby was unable to interview A.J., although he mentions him in the article. If the VUE could have a sales event where they get to meet some of the folks living there, and A.J. in particular, I bet they would get a nice turnout!
Anne Miller is mentioned, the determined and driven leader of the VUE sales team, and apparently they are working to close an 18th sale soon. I do not envy the challenge that team faces in moving units at the VUE. We still haven’t seen any results from the price reductions but I think it is too early to judge them to be ineffective. Over the next few months we’ll have a better perspective.
The VUE has to put their best face forward on the sales efforts there, but to say that the Vue is still “50% under contract” was a stretch for me. I am sure there are a handful of people that may still be working with them to try and close on a unit, but I think the more truthful answer is that most of the depositors have walked away never to return unless the courts reverse their recent decision and force them to close. We may not hear the results of the VUE’s appeal until the fall or winter.
The VUE has maintained consistently that they have staying power and that they are in it for the long term. They certainly appear to have just that, but I think it will end when the appeal is decided. If they lose that, I don’t know how much longer they will remain. I would like to have heard the answer to that question.
The only missing element to the article from a buyer perspective that I would have liked to have read was what the current thinking is from the Uptown Real Estate Brokerage community. The VUE at times has had a somewhat strained relationship with the brokers in uptown, and I don’t know where that relationship stands at the present moment. Are brokers now showing the VUE Charlotte given the recent price reductions? Do they think it is a viable alternative now worth showing clients anxious to move Uptown? Or is the pricing and the risk still too high and are they continuing to avoid it? The answers to these questions will give us a good clue as to what potential sales are for the next few quarters. The VUE Charlotte cannot sell these units in any volume without real estate brokers taking their clients there.
I follow Bobby’s columns over the weekend on job searching tips, and I may need to actually pay more attention to them since there doesn’t seem to be enough work here at the Vuebuyer blog!
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