Yesterday marked what pre-sales buyers had feared would happen when this blog began 2 years ago: that the condos would be auctioned off to the highest bidder just like they were at The Vue Orlando. There was of course a lot of kicking and screaming from MCL at the time saying that this market was different, but it turned out Charlotte was no different from most markets around the country. The Real Estate bubble was not just a Florida phenomenon.
At this point in the process, the fact that the condos were auctioned off for 103M yesterday must come as a relief to all parties: the pre-sales buyers, the folks that did go ahead and purchase a unit, and MCL. The big mystery now is will these units be offered for sale at discounted prices or will they be sold as apartments. The big money seems to be betting on apartments, but we’ll see.
For the pre-sales buyers, there are still questions begging to be answered. First and foremost, why couldn’t MCL negotiate and offer fair market prices for the units, or at least meet somewhere in the middle? Clearly there must have been reasons, and it would bring some closure to all of us to know why. There is no question they did send olive branches here and there to certain buyers, but for the most part there was never any comprehensive effort to reach out and to communicate to buyers that they wanted to work with us as a group. MCL maintained throughout they would only work only one-on-one.
The problem with this? That started the rumor mill. “They offered me this…what do you think?” “They sued me for that, isn’t this outrageous?” “They are going bankrupt next week, don’t buy.” ” These are made up quotes but in the spirit of what this blog has been fielding over the course of its short life. We have tried here to publish the facts but because we got very little direct communication were left to speculate more than we would have liked to. In the end, I think though we got things basically right. And the reason this was so is because we got so much expert help from readers who were kind enough to share their expertise and what they knew.
Here are some links that will get you all caught up on the Vue Charlotte auction proceedings yesterday.
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