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Old 09-22-2010, 07:37 AM
 
22 posts, read 52,205 times
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That listing is interesting... the "attached private garage" is curious since the listing says parking is "parking deck" and to my knowledge the Vue doesnt have private garages other than that the vue parking in general could be considered "private for all residents" since it isnt a public garage. Additionally when you look at the Vue website unit 2701 is an interior unit with pretty small window frontage, absolutely not the "luxurious corner residence". The unit is 1137 sq feet and would be one of the less desirable units in the building as corner units will be much more in demand. My guess is that they have the same MLS description written for a bunch of these different units
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Old 09-22-2010, 07:50 AM
 
Location: East Lansing, MI
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@CharlotteJW - When I was looking at the floorplans for the VUE way back before they broke ground, there were definitely units that had private garages. Yes, the garages were part of the parking deck structure, but there was a door that entered directly into your unit and, I believe, a door separating your garage from the "public" areas of the parking deck.

@Charlotteborn - I have no idea if that's the "list price". That is the advertised price on the MLS listing, yes.
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Old 09-23-2010, 01:46 PM
 
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As someone who has owned uptown since 1999 (I could throw rocks at the Vue from my balcony) I really scratched my head when they announced this project... my question was: Are there that many people who can afford to live uptown at this price? There were a few other large projects slated in uptown at the time and I think most of those were canned as we crept closer to 2007 and it became more clear that the market was getting shaky, especially in the higher price points.

I don't blame the buyers, everyone's opinion varied, salesmen are always optimistic, there were investors etc... even I didn't think things would get this bad, however, I can't imagine what the lenders and developer were thinking.... they had time to get out of the way.

Based on the sales data mentioned early... moving units in this building is going to be very hard. It sucks for me and other uptown owners because, if we want to sell, we have to lower prices even more than just compensating for a slow market. Why would someone want my place, when they can just wait for the fire sale at the Vue to start? That is what buyers are thinking right now... it is unfortunate, but true.
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Old 09-23-2010, 03:01 PM
 
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Yeah, the unfortunate thing is what a large amount of inventory does to a relatively small niche market. The developer says that he is going to slowly sell over several years and be patient, but that is not how this type of scenario has played out in other markets. I think that the refences to the Florida condo markets are a bit overdone (3 years of supply in Miami is a little hard to call a comp), but even healthier markets such as Chicago and Seattle have had pretty big discounts and auctions on many of the large condo projects.

A big issue using existing comps such as the Avenue is that once the Vue units hit the market the available supply market goes up materially, this will likely affect sale prices of all units in the uptown market. I can't say exactly where the market will shake out, and it depends a lot on how patient the developer can be.

The biggest near term data point will be whether the Vue units are eligible for Fannie/Freddie/FHA loans. If they arent then it gets really tough to push through sales. I would really like to hear from anyone involved in the Vue that has information on whether people are able to get appraisals and whether financing is available
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Old 09-23-2010, 03:33 PM
 
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My understanding is the lending process has just kicked off as the developer has produced the documents the banks needed to process loan apps. So over the next few weeks we'll see how the appraisals come in and how hard it is to actually get loans.
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Old 10-08-2010, 06:48 PM
 
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The Vue is heating up again. Did you see the post today from MCL basically implying anyone that doesn't close on their contract will risk being sued? Thoughts on this? Vuebuyer.wordpress.com.
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Old 10-08-2010, 07:58 PM
 
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Vuebuyer10 - Incredible. I wouldn't buy one of those units if it was the last place to live on earth! They must be really desperate to send out a letter like that. I seriously doubt many (if any) people will go through with buying one of those units - that project is doomed.
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Old 10-08-2010, 08:16 PM
 
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That was my feeling exactly. I think they are stuck between a rock and a hard place. There was a lot of talk in the blog about walking away from deposits. The blog tried to point out that there was more possible liability than that. The MCL post made it clear that there is. The problem is it also made clear that they are desperate. Which is understandable given the unprecedented economic collapse.
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Old 10-10-2010, 08:42 AM
 
Location: East Lansing, MI
8,793 posts, read 7,963,042 times
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Well, a purchase contract is exactly that, a contract. As such, you're responsible to follow through on your agreement, just as the seller is.

However, I would expect there to be some language in the contract about what happens if you fail to qualify for the mortgage. If no one can/will lend you the money, you can't very well move forward with the purchase, right?

vuebuyer, what does your contract say about the process if you can't qualify for a mortgage?
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Old 10-14-2010, 03:52 PM
 
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It is not contingent on financing. So you are so correct, the contract says you must close no matter what. The consequences are you lose your deposit or damages, whichever is greater, according to the contract.
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