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Check out the latest news on vuebuyer.wordpress.com blog. All the debt has been sold (at a significant discount). Will be interested to hear your feedback on what you think this means both for the current owners and for MCL. Will MCL be foreclosed on or will they work out a deal with the new debt owners?
"Real Estate Alert has speculated that the tower, which offers an Olympic-size swimming pool and tennis courts, is ripe to be turned into apartments. Investors have eagerly snapped up multifamily complexes and announced new apartment projects in the Charlotte area. Rents are forecast to rise as more people turn to renting."
I suppose this might mean the buyers contracts with MCL are void since MCL can no longer deliver the units. Of course, in practical terms, it probably also means they won't be getting back their deposits either. Tough lesson.
I feel sorry for the people that already bought in the Vue
I do too Ivster. I would hate to be in their shoes.
I do have to question the ahem 'smarts' of those that actually closed one of these units. By the time of the first closing the writing was on the wall.
Another way to bring purchase costs down is for the owner to foreclose on the property; the new owner would come in and buy the property at a fraction of what the original owner paid. Still though, a new owner would have to buy the Vue at less than $100 million just to bring the median mortgage down to $250k or less. The bottomline is that $100 million-plus residential projects probably won't ever happen again in this state.
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