Wow, I thought we would never get to 18, but sure enough we did! There were rumors for quite awhile that there was a sale lingering out there, and I’m not even sure if this is the one that was being talked about. But a sale is a sale, and this is for unit #508, another one of the 571 square foot units, which sold for $260,000. This is no bargain, which means that so far the folks that bought on these lower floors have not seen another unit sold at any significant discount to what they paid. This is good news for them if it can last. I’m not sure it can.
Susan Stabley at The Charlotte Business Journal has picked up the ball on real estate reporting, and she had an article worth reading about Rosewood Condominums, a very upscale complex on Providence Road half way to Uptown. This was a very promising development that was also subject to the economic downturn, and they finally went into bankruptcy and had to auction off a whole bunch of units (over 50 of 134 built). I haven’t had time to really dig in, but the new owners appear to be very optimistic about selling out over a few years and they are doing so at 30% discounts to what the original owners were selling for. A 30% discount is my back of the napkin estimate of what the VUE needs to do to sell their units in any kind of volume. In my opinion, we won’t see anything like this until the court case is finalized.
Rosewood went bankrupt in 2010 as can be found here: Rosewood Condo Developer Bankrupt.
Here’s the latest on the new pricing of Rosewood in the Charlotte Business Journal by reporter Susan Stabley: Discounts In Works for Unsold Units at Charlotte’s Rosewood Condos.
Another article that picks up on Susan’s reporting: Discounts in Works.
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