The Vue Charlotte is now denying that their mortgage is in default and that they are moving to rentals. Looks like there are some facts to sort out and that the drama of the Vue will just not die.
The Charlotte Business Journal is now also in the game, reporting in an article entitled ‘Vue Lender Marketing Loan’ that a company, HFF, began marketing the loan last week and there is interest by investors both in Charlotte and Miami.
Based upon what I have read in the press so far, and sources that have contacted me, I believe the Vue could be truthful in its statements that its intent is to not move to rentals, hoping that whomever buys these loans is able to sell the units as condos at certain (lower) prices. Those prices would obviously have to be significantly lower than they are now given that we haven’t seen a sale at the Vue in quite some time. This would almost certainly require a good number of folks who have deposits at the Vue agreeing to jump back in and close, something the courts determined awhile back they are not required to do but may elect to do if able to buy closer to market prices. The price points would then have to be attractive enough to draw in many new buyers as well.
Is this possible? I simply don’t know. Is what I am saying above correct? I can’t say that either. It is just my best guess based upon what I know so far.
The Vue’s denial can be found here in the article entitled: Vue Developer Says Condo Won’t Turn Into Rentals.
Have feedback? Please write to Vuebuyer10@yahoo.com.