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Did anyone check the vuebuyer.wordpress blog today and sanity check the post about the Florida foreclosure of the Oasis Condominum and whether it is applicable to the Vue Charlotte situation? I see the 2 as similar but wondered what the gurus here thought.
The 1MM contract in the Real Estate Lookup shows the buyer was Sheldon Realty I, a N.Y. Corporation. Is this significant that it was not a person but rather than LLC that bought? Also, I believe GCharlotte had an assignment and was going to do a little digging for us so putting in a friendly reminder for that to get done.
The 1MM contract in the Real Estate Lookup shows the buyer was Sheldon Realty I, a N.Y. Corporation. Is this significant that it was not a person but rather than LLC that bought? Also, I believe GCharlotte had an assignment and was going to do a little digging for us so putting in a friendly reminder for that to get done.
Sorry I didn't get downtown last week but the deed is online now. I find it interesting that it is a Special Warranty Deed and the address of the LLC is the address of the unit.
If it was an investment property then one would expect the tax bill to go somewhere else. If this isn't a misprint then it looks like someone is moving in and that person owns the LLC possibly.
Did anyone check the vuebuyer.wordpress blog today and sanity check the post about the Florida foreclosure of the Oasis Condominum and whether it is applicable to the Vue Charlotte situation? I see the 2 as similar but wondered what the gurus here thought.
It's only applicable if the lender/equity partners are the same party(ies) and they choose to foreclose on the developer here. This developer has stated several times in the press that his lenders have given him until at least until the end of 2012 to sell out the property. If his word is good, then it will be at least 2 years until this happens here and only if the lenders decide a foreclosure makes good business sense. If it was a federal bankruptcy then it would be very applicable here, but it isn't.
From a pure business/legal perspective, the events are not related at all.
Forgetting that a 50 story residential tower in a city such as Charlotte is ridiculous, from a practical point of view, the real estate collapse in Florida that took place several years before it started in Charlotte should have been fair warning not to proceed with this project. However when they stuck the shovels in the ground, which until that point I believe it would have been possible to back out without penality, people here were still drinking the flavor of koolaid known as "Charlotte is recession proof". I do believe what is being seen in S. Fla, is a sign of Charlotte's future and what is yet to come. So it won't be pretty for you guys if this is what you want to know, but based solely on what is in the press, it's going to be a tough slog if you try to wait it out.
I think you're missing a more important one (about 3 days prior) in the Wall Street Jour. concerning the Federal discloure laws with buildings over (70?) apts.that are required and can be used for pruposes of getting dep. bk.
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accruing penalty would scare me more than not having the ability to close.
