The Vue

[pazzo83]

The Vue is a mess right now. I'm not saying the tower won't get built. I'm just not sure who is going to buy all of those remaining units at the prices the new regime is selling them at.

I actually was in the sales center today and this is what I was told:

Groundbreaking should be within the next two weeks. The sales guy fed me some line about the supply of those tower cranes and other materials being limited, so I don't know how to take that.

Studios are starting in the low $300s (and I'm assuming this is at the bottom floor), which is RIDICULOUS. I completely agree, there is NO way in this market they sell all those remaining units at these prices. You can get studio apartments in Downtown DC for less than $200K. Although the guy said there were still some 3 bedrooms available for like $660K or something, which I guess is slightly more reasonable (although not much).

I really hope they get some sense and set the prices at a level more in tune with the market. The building would really be a nice addition to 4th Ward, so we'll see.

[cltuptown]

The Vue is a mess right now. I'm not saying the tower won't get built. I'm just not sure who is going to buy all of those remaining units at the prices the new regime is selling them at.

I have to agree about The Vue being a mess! I heard from a friend that bought there that all their sales agents walked out after 2 years. One thing after another with the Vue. I'm interested to see what happens next with this project. BTW - haven't they been saying they'll break ground in "2 weeks" for the last few months?! Hmmm

[BobbyDav]

Out of curiosity, is it the price range or the size thats making people feel that this project is in so much trouble? Are there deeper administrative issues keeping it grounded, or is this negativity driven by the market?

[NCN8ive]

Out of curiosity, is it the price range or the size thats making people feel that this project is in so much trouble? Are there deeper administrative issues keeping it grounded, or is this negativity driven by the market?

As long as they've sold about 1/2 the units, does it really matter if they sell the rest before construction begins? I mean, I know they'd rather have a sell out, but is that really a barrier to starting construction?

I thought (maybe this was just something I dreamed) they had already sold most (2/3 range) of the units for this building.

Either build it or don't...but don't keep delaying and promising "two-more weeks"...

[orlandonative]

Long gone are the days of obtaining construction financing with only 50% sales. The climate of thing now requires at least 60%+ and up to as much as 80% which is very difficult. Keep in mind this is not 60-80% of units, we're talking hard costs so selling a penthouse for example, esentially produces the same contract value as 5 or 6 studios. On the flip side, studios and one bedrooms are the bread and butter of these projects hence the higher price points. Here enlies the problem.

As far as tower crane availablity.....thats a crock. There is plenty of work that can be done without the aid of a tower crane. They couldn't even set the damn thing for a month after they receive it onsite.

[atlrvr]

I have to agree about The Vue being a mess! I heard from a friend that bought there that all their sales agents walked out after 2 years. One thing after another with the Vue. I'm interested to see what happens next with this project. BTW - haven't they been saying they'll break ground in "2 weeks" for the last few months?! Hmmm

I don't think the sales agents "walked out".....there was more than a little bit of pushing by the new development partner......

[Charlotte_native]

As far as tower crane availablity.....thats a crock. There is plenty of work that can be done without the aid of a tower crane. They couldn't even set the damn thing for a month after they receive it onsite.

How many months has Novare been working on their site with the crane only being assembled there a couple of weeks ago. This project has used too many excuses to date...just say things are on hold, going the route of excuse after excuse just makes people not believe anything that is said any more.

Out of curiosity, is it the price range or the size thats making people feel that this project is in so much trouble? Are there deeper administrative issues keeping it grounded, or is this negativity driven by the market?

For this project specifically I don't think it is any of the above though they are negative factors. More problematic have been the delays while other projects are moving along just fine. Eventually buyer and potential buyer confidence takes a nose dive and all the momentum at the outset of the project is wasted away. Perception and confidence are now as much a problem here for sales -- add to that pricing that is at or above similarly located projects and you have a tough sell.

[uptownliving]

The new Footing/Foundation Building Permit for the Vue was just issued on Tuesday...so they have the green light from the County to go ahead with construction now. They have also applied for a new Structural building permit which is not yet approved. I would have to join the camp that we will see real construction begin soon.

[atlrvr]

I just spoke to a buyer at The Vue, and he told me there was a ground-breaking party scheduled for next week, though I didn't ask him when he was notified.

[cltuptown]

I just spoke to a buyer at The Vue, and he told me there was a ground-breaking party scheduled for next week, though I didn't ask him when he was notified.

The "Going Vertical" Party is September 19th at their sales center. I know the girls at the VUE quite well, they all left last week and turned down offers from the new sales & marketing company that is now selling the project. Anyone going to that party??

[UrbanFuture]

Going vertical party? Ha, how about "We're actually going to build something on this site" party. Jeez, what a delay nightmare. These developers must have some serious F.U. cash to sit this long.

[Charlotte_native]

Interesting thing in The Observer today: two half page ads on the back of the Business section. Top half an ad for The Vue, bottom half, though graphically different (shot of the pool deck rather than the whole building) an ad for 300 South Tryon that looks color-wise and otherwise almost like the Vue ad.

Like the thread last year comparing and asking which would be first: The Vue or 210 Trade, now the race seems to be between these two luxury buildings. I doubt it was intentional, but that page really appears to pit them against each other IMO. If The Vue does really get started this month they will essentially be built on pace with each other!

[UrbanFuture]

Not to mention, for those prices, 300 is closer to the center of the action with respect to the big money jobs. (and the future park)

[Charlotte_native]

Not to mention, for those prices, 300 is closer to the center of the action with respect to the big money jobs. (and the future park)

And the ads have Vue starting in the low 300's and 300 S. Tryon starting in the low $200's.

[nclocation]

The "Going Vertical" Party is September 19th at their sales center. I know the girls at the VUE quite well, they all left last week and turned down offers from the new sales & marketing company that is now selling the project. Anyone going to that party??

Is the Party at the Sales Center on Trade & Tryon or actually in the dirt at the site on Pine & 5th? Do you know what is planned?

I am looking for an empty lot in downtown for a TV commercial on the same day!!! Empty lots in downtown Charlotte are getting very hard to find.

[RiverwoodCLT]

Guess what?

[NCN8ive]

Guess what?

I think those have been there...but I might be wrong...

[RiverwoodCLT]

There were workers on site, I think they just got there. They were on the corner and I did not take pictures of them.

[New Name]

There were workers on site, I think they just got there. They were on the corner and I did not take pictures of them.

The equipment was there, working near the fire station. But it could be their new task will be to start turning over earth...

[RiverwoodCLT]

The workers were at the Vue sign, it looked like they were going over the site plans.

Edited September 18, 2007 by RiverwoodCLT

[nclocation]

The workers were at the Vue sign, it looked like thet were going over the site plans.

Thanks evrybody. Great info & pics. I am not going there.

[uptownJim]

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Edited September 20, 2007 by uptownJim

[Idaho]

those backhoes (and associated heavy machinery) AND - I COULD BE WRONG ABOUT THIS - are associated with an outside company that is doing utility work as a sub-con for Char-Meck utilities. How do I know? I walked down there this week to do some H-T grocery shopping, and happened to have my camera with me. I went and spoke to the guys (after sending about 15 text msgs to my buddies/realtor friends !! ) regarding the stage-1 progress.... unfortunately, the folks on-site working told me that they were simply doing sewage line work, which was mostly unrelated to the VUE project. In fact, they didn't know a single lick about when this might come to fruition, if ever !

uj

Are we convinced the equipment is real? I suspect they are plywood decoys.

[atlrvr]

I would assume that the only reason to do sewer lines upgrades is if they are about to have a lot of additional use added.....Garrison did this before beginning construction, Enclave went through this....I don't really know anything, but typically CMUD doesn't do routine upgrading, and this work is likely done at the developer's expense.

[uptownJim]

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Edited September 20, 2007 by uptownJim