Susan Stabley in the Charlotte Business Journal this morning that foreclosure proceedings have begun against the Vue North Carolina LLC and Dan McLean of MCL. How the Vue stayed in the game this long amazed many of us. It feels like we are in the 18 inning when finally Northwood Investors has ended the game with a blast over the center field fence.
This blog began in April 2010, over 225 posts ago, with this article:
The units at the Vue Charlotte floors 1-25 will be ready in August. Are you going to follow through with your purchase? Much has changed since we placed our down payments in mid-2000. I am a purchaser who is facing the same dilemma you are: are the units worth what we paid back then? Given the change in the economy, let’s be realistic: there is no possible way. Despite current published prices that show we have “made money” it is unlikely that any are selling at these published prices or ever will in the near future. Will the Vue Charlotte work with the current purchasers and adjust the prices to a more realistic price level? So far from buyers I have heard from the answer is no. I personally asked if they would work with me to find an alternative buyer and they said there is too much inventory. Another question will be the banks. What will these units appraise at? And what happens when the banks most certainly appraise at a lower rate? The Vue is unlike any condo in Charlotte so there are probably no true comps but it certainly would command a premium over other Charlotte condos that are priced far less. So what are you going to do? Share your thoughts and concerns and hopefully enough people will come together so we can create a win-win situation at the Vue. We all want to see the Vue succeed but we don’t want to lose our shirts in the process!
As it turns out now almost 2 years later, very few of us bought. Less than 20 of us in a condo with 400 units. Those that did are by most accounts pleased with their units but certainly worried about what is to happen. I think over time, the value will return to what they paid.
As I re-read the article I think about why MCL really never compromised with buyers om price and shared in some of the losses so that more units would close. I am decently certain when all the facts do come out that they probably had no choice per the legal agreements with their lenders.
This filing is a painful end for MCL but a new beginning for the Vue Charlotte. Northwoods will be able to now do what MCL seemingly couldn’t: offer luxury units at fair prices either for rent or to own. Either way, it is going to be THE PLACE TO LIVE in uptown Charlotte.
Have feedback? Please write to Vuebuyer10@yahoo.com.