The Vue

[New Name]

wow, I am impressed. There is A LOT more retail that I expected there.

It only makes sense. Think about all the complementary retail that surrounds every other Harris Teeter in suburbia... why not here? Hair Cuttery? A boutique shop? Sure sounds like it would work to me.

[49er]

Totally agree. In Charlotte however, at least from a street level retail standpoint, what is logical is not what is often applied. There have been far to0 many missed opportunities with new buildings sporting blank walls. At least this is one block where they hopefully got it right.

[dubone]

I hope there is a nice little cafe or boutique deli or something. There needs to be more of those versus full restaurants anyway. Love that they squeezed in another retail space behind the fountain.

[southslider]

^Sure, sidewalks could be wider. But I'd rather see some recessed parking within that planting strip. Oddly, the picture shows newly striped spaces on the other side of 5th Street sitting empty. Are these time-restricted? I've rarely found an open space one block over when visiting friends at 5th & Poplar.

[SmellyCat]

It does look really cool when you are coming into town on the Brookshire at night.

I have to admit, as much as I hate the way the crown looks during the day it does look pretty darn cool at night the way it lights up. Really a nice addition to the night time skyline!

[28202]

What is up with The Vue? I thought they were starting to close and move people in and now all the listings have been pulled off the market. Anyone with some intel?

[kermit]

What is up with The Vue? I thought they were starting to close and move people in and now all the listings have been pulled off the market. Anyone with some intel?

I can't speak to the listings issue but I thought I saw three occupied units when I came home on Monday night.

[Urbanity]

They may be units that people are starting to occupy but I honestly thought that they were lighting certain apartments at night to make the building seem more alive so to speak,

[nonillogical]

i've seen moving trucks on two occasions recently parked on Pine. i guess that COULD be someone moving into 5th and Poplar as well, but it seems to me like people are moving in.

also, there has been a concierge on duty at the front desk for the last several weeks, who i can't imagine would be getting paid to sit there if there were no tenants.

Edited September 30, 2010 by nonillogical

[vueuser]

Just a change in Listing firm, there are already 2 back up and I'm sure more on the way.

What is up with The Vue? I thought they were starting to close and move people in and now all the listings have been pulled off the market. Anyone with some intel?

[sleightofhand]

So far I've heard of two units that have closed. Both were cash buyers. Both had appraisals come back below contracted price.

[Urbanity]

Read today's article in the Observer regarding sales issues with the VUE. The article itself didn't really seem like more than a rehash of stuff that was either already known or a confirmation of stuff many already speculated. The key thing seems to be about the appraisals of the units and their implications for mortgages.

What really got me though was the picture inside what I assume is a one-bedroom apartment. The living area seems a LOT smaller than anticipated. I imagine the kitchen is right behind the photographer and the bedroom is up the spiral making this a very small apartment.

http://www.charlotteobserver.com/2010/10/22/1778494/vue-may-get-tough-if-buyers-try.html

Has anyone been inside one of these specific type of units? If so, does the picture mislead or is it accurate?

[jandea]

I am glad to finally see some activity on this topic. I have been curious about the progress on closing units at the Vue. So far no closings appear on the Charlotte-Mecklenburg tax site or on realtor.com and I assume that is due to the delay in getting records updated. The Charlotte Observer article stated that there have been two closings. It will be interesting to see that confirmed.

In order to comment on the merits of any lawsuits that may be filed by the developer in this case, I think we would need to see the contract signed by potential buyers. I would have expected the contract to have made the buyer's obligation to close contingent on the ability to acquire financing. Secondly, I wonder whether the developer actually delivered the product promised in the contract. It may be that he cut corners to save money in some areas and that these cost saving measures are partially responsible for the low appraisals.

If I had contracted to buy a $500,000 apartment four years ago, I would expect the developer to deliver an apartment worth at least $500,000 at closing.

[Norm2]

wow, your post is REALLY easy to read! LOL! Yea i don't expect the Vue to get many closings....it suxks that they are considering suing people though.....

[ScottCLT]

I wonder whether the developer actually delivered the product promised in the contract. It may be that he cut corners to save money in some areas and that these cost saving measures are partially responsible for the low appraisals.

Good point. I know that the "infinity tubs" were axed from what I have heard. I am sure other corners were cut also. I wonder if these discrepancies would be a way out for buyers under contract, because they aren't receiving the same thing that they signed the contract for. I am sure there was probably some clause in there about changes to the selections, but just a thought.

[SmellyCat]

Good point. I know that the "infinity tubs" were axed from what I have heard. I am sure other corners were cut also. I wonder if these discrepancies would be a way out for buyers under contract, because they aren't receiving the same thing that they signed the contract for. I am sure there was probably some clause in there about changes to the selections, but just a thought.

Many of the high end appliance brands originally promised were downgraded also.

[mad_park]

http://www.charlotteobserver.com/2010/12/03/1884303/couple-sues-to-get-out-of-vue.html

A suit has been filed by a buyer wanting their deposit back. They mention "material changes to the unit" - this seems to validate above posts about downgraded materials & brands used in the actual construction. Anyone know why they are demanding a jury trial? Just posturing to make it seem like it will cost the sellers more to contest the suit?

[atlrvr]

A jury is more sympathetic to people losing $100k+ deposit than they are to a "greedy" developer. In other words, they are hoping the jury has a looser definition of materiality than a judge would.

They I understand it, now that a lawsuit is filed, it will be near impossible for anyone to get a loan as Freddie and Fannie won't guarantee a loan in a project that is being sued.

[Urbanity]

I personally wish that would rethink the whole project (I know it's not financially feasible at this point) and turn it into a mixed hotel/condo location. Make it a hotel up to the 20th or 30th floor and condos the to the top.

[SmellyCat]

A jury is more sympathetic to people losing $100k+ deposit than they are to a "greedy" developer. In other words, they are hoping the jury has a looser definition of materiality than a judge would.

I hear you my good friend altrvr, but perhaps a jury may also not be sympathetic with the "rich folk" who can afford to plunk down a large deposit to live in the Vue. In other words, the plaintiffs may be viewed just as "greedy" as the perceived money grubbing developer.

I personally would be surprised if these peeps got anything, even their deposit back. These buyers should have had eyes wide open, especially with this pie-in-the-sky project. I was as optimistic about the market as anyone in 2006, but even I had serious doubts about a Charlotte condo project with the prices that were being quoted, such as this one and Trump's One Charlotte. Caveat emptor.

[atlrvr]

The interesting thing in all of this, is the Observer reported these people signed a contract in late 2008, well after the warning signs were there.

I hate routing against any development (except I was always pessimistic towards 210 Trade) but I'm having a tough time seeing a viable resolution here. Either the developer is going to have to go back to BofA and ask them to forgive a sizable chunk of the debt so that they have the ability to drastically lower prices, or they will likely lose the property in foreclosure.

My free advice to the developer is to meet buyers part-way on price reductions, and see how many people will put up some additional cash to close, and hope and pray you can find enough to build some sales momentum. As it is now, I can't forsee more than a couple of more cash buyers willing to close.

[hambone931]

The Vue is now suing buyers who failed to close.

http://www.charlotte...rs-for-not.html

[mallguy]

The Vue is now suing buyers who failed to close.

http://www.charlotte...rs-for-not.html

Wouldn't that type of lawsuit really damage the desirability of a building, in a buyer's eyes? Yikes.

[Dilworthy]

So, roughly speaking how many units are occupied currently? The place looks dead. I would be creeped out but otoh no problem with any of the amenities being overcrowded.

[dubone]

I've heard 8 cash buyers have closed. No loans.

This is eventually going to end badly for BofA. I don't quite get why it is not in their best interest to close on loans with buyers. It seems like far less risk that everyone will foreclose, whereas with no closings possible, the developer may have to.