The Vue

[monsoon]

Well if you pay a little more attention to the media, you would see that your guess is not accurate

The March 21, 2009 issue of Q-Notes ....

I've never read the Q-notes for real estate news. LOL Maybe you were joking.

[palmetto75]

The March 21, 2009 issue of Q-Notes has an interview with sales manager Rob McCrorey on page 27. It states they are now at 65% sold. He also stated the tough economy has "definitely slowed down the pace of sales" but they are still getting sales.

Hate to be a stickler about this but it should read 65% of the units are "Under Contract". The good thing is the units going under contract now are from future owners that have most likely taken into account the economic situation. The bad news is any contracts more than a year old would be pretty iffy! I know several people (hindsight being 20/20) that would have gladly walked away from their deposits 18 mnths ago had they known what they were in for.

[Charlotte_native]

Hate to be a stickler about this but it should read 65% of the units are "Under Contract". The good thing is the units going under contract now are from future owners that have most likely taken into account the economic situation. The bad news is any contracts more than a year old would be pretty iffy! I know several people (hindsight being 20/20) that would have gladly walked away from their deposits 18 mnths ago had they known what they were in for.

In good times you can assume about 10% of contracts won't go through sometimes as high as 20% -- a lot of things change for people in this length of time. You are correct, though, that I would assume contracts taken in the past year would be from people who are well aware of what has been going on. It will be interesting to see how many contracts that are dated by 2 - 3 years move on to closing.

For better or for worse, though, lender and FNMA don't look at all these contracts to decide how many they believe will close, they look at them, talley them, and if it reaches their minimum number they'll close on peoples loans that qualify.

[Seabreeze]

I've never read the Q-notes for real estate news. LOL Maybe you were joking.

DEF was a joke... it was just funny b/c I was flipping through QNotes and saw that right after I read your post, was most ironic.

[monsoon]

DEF was a joke... it was just funny b/c I was flipping through QNotes and saw that right after I read your post, was most ironic.

Instead of wasting our time, you are welcome to discuss the topic at hand if you actually have anything relevant to say about it. I am used to getting constant crap from some people on this website even though I sure they may, every now and then, consider the time, effort and money it takes to make UP available free of charge for your pleasure.

Since you brought it up and if you are interested and nice about it, I might post the history of The Q-notes. However it's not for this topic.

[InitialD]

[dubone]

That is so strange that Edwin Towers looks like it is next door to the Coddington (Polk) building in this photo. I counted 33 floors yesterday, so this thing is going to make quite a presence from so many angles, as we all know.

[JerseyBoy]

Update 4-3-09

(taken from car)

[InitialD]

Nice photos! Isn't it getting close to its setbacks?

[krazeeboi]

From earlier today:

[Guest]

Nice photos! Isn't it getting close to its setbacks?

Yup maybe a month left til we get to the first set back, which is at floor 37. The next set back after that where the part that juts out terminates is at is at floor 43.

[Mobuchu]

^ And for those that are curious, they're currently on floor 33, working on pillars to 34. The glass is up to floor 22/23.

At 33 floors its still not the same height as Trademark, probably wont be until about floor 36 or so. Those lower floor heights really make a difference.

[Andyc545]

^ And for those that are curious, they're currently on floor 33, working on pillars to 34. The glass is up to floor 22/23.

At 33 floors its still not the same height as Trademark, probably wont be until about floor 36 or so. Those lower floor heights really make a difference.

Have they released any plans to open up the ground floor or the lower floor condo units before they finish the construction of this tower? I know they did this with Trump Chicago opening the hotel and restaurant before they even topped out. I ask because it seems like they are emphasizing the installation of windows lagging just a few floors after construction. This seems to be an alternative approach to some other builders here in Charlotte.

[Guest]

^ And for those that are curious, they're currently on floor 33, working on pillars to 34. The glass is up to floor 22/23.

At 33 floors its still not the same height as Trademark, probably wont be until about floor 36 or so. Those lower floor heights really make a difference.

As does the dip in elevation, Trademark is way higher in elevation, the vue sits pretty much at the bottom of a hill.

Have they released any plans to open up the ground floor or the lower floor condo units before they finish the construction of this tower? I know they did this with Trump Chicago opening the hotel and restaurant before they even topped out. I ask because it seems like they are emphasizing the installation of windows lagging just a few floors after construction. This seems to be an alternative approach to some other builders here in Charlotte.

I could see them opening up the retail before the thing is done, but not the lower level condos, keep in mind the parking deck is lagging behind the tower a bit, and in order to have condos open, they'd have to have the amenity deck open as well. I'm sure this will close in phases but not before the whole thing is topped out.

Edited April 6, 2009 by Guest

[AuLukey]

The view down Fifth St beginning to fill in.

In a way, the fact that the Avenue is set back from 5th St helps the Vue get a lot more exposure from Tryon.

[AuLukey]

From the Discovery Place parking deck earlier today:

[krazeeboi]

This project is starting to make a visual impact from several angles now.

[Norm2]

I am still surprised that the 4th ward association didnt have MAJOR objections to this being built since it is so tall.

[15895]

I am still surprised that the 4th ward association didnt have MAJOR objections to this being built since it is so tall.

Why would they care? More people?

Vue adds so much to the skyline at every angle and the buidling is very beautiful and I can't wait to see it completed and finished! I never really cared to much for the two 25 story towers at Citadin. But I'm very curious to how the skyline would look with them 2 towers thrown in.

Edited April 13, 2009 by AirNostrumMAD

[monsoon]

I am still surprised that the 4th ward association didnt have MAJOR objections to this being built since it is so tall.

I believe there were some concerns posted here some time ago. However they don't have any legal standing to oppose it, and given the complete insane hysteria surrounding condo sales, especially high rise ones, at the time this tower was proposed, they probably couldn't have stopped it if they tried. Their concerns were completely drowned out by the people also posting here wondering which lottery they should spend money on just to get in line to put a contract on one of these places. (all sad sacks now I assume, especially if they were a 210 Trade buyer)

I am still of the opinion the prices in this tower are unsustainable. The hysteria is gone now which has been replaced by the realization that this type of real estate represents a lifestyle that has quickly fallen out of favor. Sure it is a pretty building from a distance, but fundamentally, Charlotte simply does not need to build a 50 story condo tower as there are no land or population pressures here to justify it. I said this when there were 3 50 story towers proposed for downtown along with a 42 story tower, and all are gone now except for this one.

[49er]

Fourth Ward has some power player residents but I dont know how strong the nimby component is. My guess is that they all want to see downtown continue to grow and prosper. In the 21st century, most larger downtowns just cannot be well rounded without a high population density, a historic component or a big tourism factor. Regardless of the financial aspects, this tower adds a lot of people downtown that will only encourage more shops and services so its a big plus. It looks pretty cool on the skyline too

[jms54]

I am still surprised that the 4th ward association didnt have MAJOR objections to this being built since it is so tall.

This building was approved almost 4 years ago. There were objections to the building back then but the association eventually gave support to this project. Why is this even being discussed right now--it was a good topic 4 years ago.

What we do have is a very good addition to the Charlotte sky line and a place that is being built and being sold. While there are some posters who think that no one really wants to live in a high rise, the continued sales at the VUE would suggest otherwise. There is a very real attraction to live in a luxury condo, with a doorman, a swimming pool and tennis court, all the other amenities and being in walking distance of a very livable city. On top of that the view from this location is spectacular. As far as the price (which i have seen quoted as high as $2000/sft on this board) is in reality in the neighborhood of $500/sqft +/-. Still quite expensive, but sometimes you get what you pay for.

[WestCoastNC]

I concur. While uptown may not be landlocked (unless you want to count I-277) there is clearly a desirability to living in high rises with all of the amenities. I can understand why some deride the buildings, but for the uptown crowd these are well regarded like it or not.

Edited April 15, 2009 by WestCoastNC

[Windsurfer]

I concur. While uptown may not be landlocked (unless you want to count I-277) there is clearly a desirability to living in high rises with all of the amenities. I can understand why some deride the buildings, but for the uptown crowd these are well regarded like it or not.

I'm still digging living uptown (The Trademark) after more than a year. There's nothing like an 8 minute commute in the opposite direction of traffic, and then walking to a resturant or movie later on. Plus, during the weekends, I can lock it up and go sailing without worrying about tending the yard.

Let's not forget that one of the biggest markets for these units is for people who live in small outlying towns who want to come into the city for weekends and/or events. I have neighbors who have homes in places like Spruce Pines, NC, Johnson City, Tn, and Clinton, NC.

[monsoon]

.....

Let's not forget that one of the biggest markets for these units is for people who live in small outlying towns who want to come into the city for weekends and/or events. I have neighbors who have homes in places like Spruce Pines, NC, Johnson City, Tn, and Clinton, NC.

My question would be..."where are these buyers?"... There are two partially finished condos downtown and at least a dozen other projects that have been canceled. They can't sell what has been built, rents are dropping, and there seems to be no end in sight. I can't imaging that anyone would want to purchase a $400K condo in the Vue for the sole purpose of coming to downtown Charlotte on the weekends. If they can't sell ocean front condos at this price, I simply can't imagine there would be better demand for this sort of thing in CLT.