The Vue is a go (Charlotte, King: short sale, real estate, foreclosures)

[Carolina Blue]

Originally Posted by lumbollo

The owner and developer of 210 Trade, the competitor to this tower which was announced and initially marketed around the same time, has announced that it has going bankrupt. This is the partially built tower on top of The Epicenter.

I think calling that project “partially built” is a gross overstatement. The only remnants of it are the foundation work immediately above the EpiCentre. Technically, it never got off the ground.

[Carolina Blue]

Another Uptown project is getting back on track.

Friday, October 16, 2009
With Park sale now closed, construction ready to start
Story: http://charlotte.bizjournals.com/charlotte/stories/2009/10/19/story7.html?b=1255924800^2269571

When the economy turns though, I think its going to be hard to sale people on any new construction projects. I know I personally wouldn't buy into one of these in the future unless they're already built out.

[vindaloo]

Originally Posted by Carolina Blue

Another Uptown project is getting back on track.

Friday, October 16, 2009
With Park sale now closed, construction ready to start
Story: http://charlotte.bizjournals.com/charlotte/stories/2009/10/19/story7.html?b=1255924800^2269571

When the economy turns though, I think its going to be hard to sale people on any new construction projects. I know I personally wouldn't buy into one of these in the future unless they're already built out.

Those poor individuals that put money down on the Park and lost it all. I would never do that. Many of us learned lessons. But, looks like the Park is getting back on track.

[brichard]

Originally Posted by vindaloo

Work will continue on the Vue immediately. I was afraid that this complex was going the way of the Park. It also seems as if the new owners of the Park condo building are anxious to start completing the project after the last few hurdles are jumped. Downtown is really starting to look great.

Okay, a couple years ago I was thinking of investing and buying one of those Uptown condos (and possibly moving back to Charlotte after many years away), but the prices kept skyrocketing and quickly got waaaay out of my price range. Is there any chance they've come back down to earth again? Charlotte needs places like this to help build up a lively urban core. But it's tough when the urban core gets too expensive before it's even fully developed.

[pink caddy]

Originally Posted by brichard

Okay, a couple years ago I was thinking of investing and buying one of those Uptown condos (and possibly moving back to Charlotte after many years away), but the prices kept skyrocketing and quickly got waaaay out of my price range. Is there any chance they've come back down to earth again?

Only the Gods of "The Law of Supply and Demand" can answer this question.

[brichard]

Originally Posted by pink caddy

Only the Gods of "The Law of Supply and Demand" can answer this question.

Yeah, I was just looking at their website and studios are starting at $319,900 (probably a lower floor unit without a view). That price isn't outrageous, but it still seems kind of steep for the middle of a recession, and for a development that's been struggling already. I don't know. I was hoping for a bargain.

[Metallisteve]

I'd bet you could find something in the 100's uptown today. But learn from this lesson...buy something already built, not planned or under construction.

[brichard]

Originally Posted by Metallisteve

I'd bet you could find something in the 100's uptown today. But learn from this lesson...buy something already built, not planned or under construction.

I know what you're saying, but I've been on both sides of that. I invested $20K a few years ago in a condo project in San Diego. Then the real estate market went bust, the project never got off the ground, and I lost my $20K. Thankfully, it was only $20K. But on the other hand, when a condo project is in it's development stage and not built, that's when the good bargains are to be found. Back in 1998, I came close to buying a townhouse in a project in the DC area that was still on the drawing board. The price was $260K. I ended up in a spat with the developer and got cold feet and didn't go through with it. By the time the project was completed, those townhouses were going for $400K (and way out of my price range at the time). Now they're worth over $800,000. Now I wish I had bought my $260K townhouse!

By the way, that $260K townhouse was four stories tall, had three bedrooms, and in one of the best suburbs of DC (Ballston), walking distance to the metro. For $319K at The Vue, all you get is a studio.

[USCRugbyNo1]

Originally Posted by lumbollo

I've heard this place is full of rentals and units for sale.

Isn't that the case with most of Uptown Condos except The Ratcliffe?

[USCRugbyNo1]

The Vue is going after a diff. type of client. A very upscale type client. I've been in a unit over there and the finishes are fabulous. The biggest question is, are they going to lower the prices to get more contracts?

There isn't a high rise building that is going to compare to The Vue.