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Old 03-09-2012, 01:21 PM
 
Location: NC
6,032 posts, read 7,540,456 times
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So the owners are pretty much getting raped in this one? Ouch....
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Old 04-18-2012, 07:21 PM
 
58 posts, read 89,155 times
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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?
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Old 04-25-2012, 08:10 AM
 
Location: Weddington
334 posts, read 681,118 times
Reputation: 220
Looks like end maybe near

The Vue condo highrise headed toward foreclosure | CharlotteObserver.com & The Charlotte Observer Newspaper
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Old 04-25-2012, 05:13 PM
 
Location: Up above the world so high!
45,270 posts, read 88,380,615 times
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"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."

Read more here: The Vue condo highrise headed toward foreclosure | CharlotteObserver.com & The Charlotte Observer Newspaper
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Old 04-26-2012, 02:41 AM
 
3,914 posts, read 3,945,730 times
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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.
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Old 04-26-2012, 08:33 AM
 
902 posts, read 1,398,187 times
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They would have to rent out the units at an expensive price. The Catalyst is like 98% full.
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Old 05-22-2012, 06:15 AM
 
Location: Weddington
334 posts, read 681,118 times
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The end is really near
Vue condo tower hits auction block | CharlotteObserver.com & The Charlotte Observer Newspaper

I feel sorry for the people that already bought in the Vue
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Old 05-22-2012, 09:30 PM
 
2,833 posts, read 4,141,891 times
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Quote:
Originally Posted by ivster View Post
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.
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Old 05-23-2012, 07:17 AM
 
Location: Charlotte NC
11,723 posts, read 9,353,324 times
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Quote:
Originally Posted by ivster View Post
The end is really near
Vue condo tower hits auction block | CharlotteObserver.com & The Charlotte Observer Newspaper

I feel sorry for the people that already bought in the Vue
It has to be frustrating to buy at the height of the bubble...
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Old 06-12-2012, 12:52 PM
 
6,270 posts, read 10,002,067 times
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Quote:
Originally Posted by urbancharlotte View Post
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.
Is it me, or was somebody reading my post?

The Vue luxury residential tower in uptown sold at auction Tuesday morning for $102,750,000 to the group that had bought its debt earlier this year, possibly marking the end of an era for residential highrises in the Charlotte area, real estate professionals say.
VUE Charlotte sells at auction for $102 million | CharlotteObserver.com & The Charlotte Observer Newspaper
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