The blog has been pummelled with questions basically asking…”what does this all mean?” I have put out several queries on this subject and there are no definitive answers. No one can tell me: here is what is about to happen based on reliable sources.
Having said that, there seems to be a likely scenario, based on what has taken place at similar projects around the country. Again, I have zero evidence this will happen, so this must be interpreted as a best guess.
If MCL had the means to buy the note at the huge discount that it was sold for, would they not have done so? Whatever the reason, means or otherwise, they didn’t buy it.
So unless we hear otherwise, and again, I am speculating, MCL for all intents and purposes is gone. A foreclosure proceeding will take place and the title will move to the new owners.
Assuming this is the case, what will these new owners do? Will they spend time trying to sell the units or will they virtually instantly rent out hundreds of them to the high demand that is out there? Again, a best guess based on other projects that underwent a similar fate is that the Vue will become a rental community.
The blog is open to other views! In fact, I hope there is a rosier one! This is only a guess, but I think an educated one. The only wildcard is that MCL has so much experience in this business that if anyone can forge for themselves a different fate than similar projects have faced in other cities, it is them. No one would have guessed they’d have even been in the game this long. So that is the one bit of hope I can give to the current owners at the Vue and to the pre-sales buyers.
Have feedback? Please write to Vuebuyer10@yahoo.com.