Although MCL said it would never happen, it has. Northwoods has decided the best option for the Vue Charlotte in today’s economy is to rent the units as luxury apartments.
Kerry Singe reports this in today’s Charlotte Observer in an article entitled Mostly-empty Vue uptown condos turning into luxury apartments.
What does this mean for the current owners? Based on reports I have received, I think they will be presented offers near current market prices to be bought out. My guess is some will elect to do so and some won’t.
For those that stay, I think they will find the same clientele they would have found had all the contracts closed. Prices according to the article will run between $1250 and $5000 per month. My guess and hope is the building will fill up quickly. By many reports, there is much pent-up demand to move into the Vue.
We are in the final stages here of the Vue Charlotte blog. Let’s get our mind around this news, enjoy the 4th of July, and do a final recap.
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