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Old 11-06-2010, 08:27 AM
 
2,826 posts, read 4,133,008 times
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One sale does not make the market. Also, according to MLS the listing and selling agent on this sale was the same agent AND this agent works for The Vue based on her e-mail address .

It is possible that someone decided to purchase a unit for $1M cash in The Vue (hard to believe - but still possible). Unfortunately, there have been cases of agents reporting bogus information in Carolina MLS. I would question who the buyer is and how they are connected to the developer/builder, etc. The sale seems very suspicious to me.
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Old 11-06-2010, 10:22 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,638,426 times
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Quote:
Originally Posted by vuebuyer10 View Post
Folks, on Friday the VUE Charlotte had a 1MM cash sale for a unit on the 33rd floor. By all accounts this unit sold for way over what the unit would have appraised at. I am looking for an appraiser that would be able to help me understand how this sale will or should factor in to future appraisals done in the building. Any help would be appreciated!
A cash sale in this market selling way over what the unit was appraised for???

This is fishy/shady at best....could be the Vue trying to stir up something that's not legitimate....don't know
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Old 11-06-2010, 10:41 AM
 
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Quote:
Originally Posted by pink caddy View Post
Since it was a "cash" sale, one that does not require a bank, or anyone for that matter, to get an appraisal, why do you feel the information you're looking for is important? I guess your're thinking that one last sale might skew the whole picture? I don't think that would do it (certainly can be wrong) but I can think of a number of reasons why somneone would make a purchase like that. Since that's not the question you asked I'll refrain from giving my opinion.
I'd be happy to pull the deed and cross reference the owner to see if there's a deed of trust or anything else interesting about the sale. Kind of hard to do that online now with the info that's been posted unless someone has the buyer's name.

Otherwise I can figure it out in a couple of days if anyone thinks that's of value.
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Old 11-06-2010, 10:55 AM
 
Location: South Charlotte
1,435 posts, read 5,220,507 times
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I was just looking through the register of deed records and found another one that was recorded on 11/4. Looks like unit 1402.
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Old 11-06-2010, 11:52 AM
 
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Yes, 1402 is a known entity as per the Vuebuyer blog. It was bought at contract price but may have had a few goodies thrown in, no one knows.

In the edition of Charlotte Business Journal dated October 22, Volume Number 25, Number 31, on Page 43, you will find the sale listed. The seller is listed as the Vue Carolina LLC. The buyer is there but I don’t think that is key so you can look that up if you are interested. The address is as follows: 215 N. Pine St. No 1402, Charlotte 28202, the Vue Charlotte, $340,000.

GCharlotte, all info is helpful, so any info would be appreciated.

I understand the "suspicion" of the sale. I don't have all the facts. But to my knowledge, this was a new buyer that didn't have a contract. Probably had lots of cash. Probably not from here. Probably had no appraisal done or would have realized the huge overpayment? What reasons would a cash buyer not at least get an appraisal? I have no idea maybe someone can explain that to me. The way this sale was hyped up, I would deem it unlikely, but not impossible, that there is any shadiness to it. Of course if there is some I would like to hear about it. I think it could very well be an unknowing buyer. However, if you have that kind of money to spend I would think you would also have to have some smarts. So right now, I am at a loss to explain it.
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Old 11-06-2010, 12:25 PM
 
7,104 posts, read 9,697,599 times
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Quote:
Originally Posted by Charlotteborn View Post
One sale does not make the market. Also, according to MLS the listing and selling agent on this sale was the same agent AND this agent works for The Vue based on her e-mail address .

It is possible that someone decided to purchase a unit for $1M cash in The Vue (hard to believe - but still possible). Unfortunately, there have been cases of agents reporting bogus information in Carolina MLS. I would question who the buyer is and how they are connected to the developer/builder, etc. The sale seems very suspicious to me.
Interesting, because of the three possible reasons I had in mind this AM that (suspicion of yours) was one of them.
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Old 11-06-2010, 12:35 PM
 
5,150 posts, read 6,638,593 times
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1402 is owned by a single male with a $100K mortgage on the property. The only other deed I can find online for 2010 is for #405 which sold for about $230 on 9/16. NOTE, this sales data DOES NOT include last week's transactions. I'll follow-up if I remember

Last edited by GCharlotte; 11-06-2010 at 01:18 PM.. Reason: got the math wrong! updated sales price
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Old 11-06-2010, 12:46 PM
 
58 posts, read 89,098 times
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GCharlotte thank you. FYI: Number 405 was a studio and the contract price should have been 229,900. But keep on digging and please try to remember to.
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Old 11-06-2010, 01:19 PM
 
5,150 posts, read 6,638,593 times
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Quote:
Originally Posted by vuebuyer10 View Post
GCharlotte thank you. FYI: Number 405 was a studio and the contract price should have been 229,900. But keep on digging and please try to remember to.
Whoops! That makes more sense. I converted the tax stamps and multiplied when I should have divided.
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Old 11-06-2010, 04:33 PM
 
7,104 posts, read 9,697,599 times
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A studio for 230 isn't exactly a chopped liver sandwich. That's still a lot of money in my book.
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