The Vue

[atlrvr]

They're upfitting the space today, plus they have banners in the window advertising the Vue.....it looks like the sale's center could be open in about a month......this is the one project that I really want, but I hope they did their research, because if they have too many units over $500k, it'll never sell.

[ElricSeven]

They're upfitting the space today, plus they have banners in the window advertising the Vue.....it looks like the sale's center could be open in about a month......this is the one project that I really want, but I hope they did their research, because if they have too many units over $500k, it'll never sell.

<{POST_SNAPBACK}>

Hopefully their response is to price it with a fair profit insteach of having 1200 units of 20 square feet per unit.

If they've got a fair price per square foot, I'll seriously consider grabbing one. Their completion date after late 2007, right?

[sleightofhand]

Out of all the high-rises I'm most interested in this one.

I'm not sure they'll sell that many units at that large of a price.

You would think some of the lower floors could go for some really good deals.

[CharlotteDemonDeacon]

On a related note they had a huge crane up on their lot this past weekend. It was temporary, however, and appeared to have a cameraman up top simply taking pictures of the views for the sales office.

[atlrvr]

mid to late 2008......I'd like to buy one as a LONG TERM investment property, and eventually as my urban oasis/home away from home.....I just can't see leaving my little slice of grass though until the little one(s) are gone.

I think this will be THE address to have though once/if it is completed.

[peaceloveunderstanding]

what do you think the chances of it going up are?

[ElricSeven]

mid to late 2008......I'd like to buy one as a LONG TERM investment property, and eventually as my urban oasis/home away from home.....I just can't see leaving my little slice of grass though until the little one(s) are gone.

I think this will be THE address to have though once/if it is completed.

<{POST_SNAPBACK}>

Is it the location, architecture, amenities or the development company that makes you think that?

Just curious as to where the value is beyond, of course, good marketing by the developer.

[sleightofhand]

Someone remind me again how many units are going to be in The Vue?

Btw, the completion date is December 2008 without any delays.

That means you can go ahead and count on it being completed early 2009.

[sleightofhand]

^Disregard that question.

The Vue is going to have 411 units ranging from $190,000 to $4million plus.

The old artilcle on pg3 says they're going to attract all levels of income with studio units on up to 4,000 sq. foot penthouses with terraces.

Out of those 400 units I would think a very large number would have to be around 300k if they plan on selling a majority.

[atlrvr]

Is it the location, architecture, amenities or the development company that makes you think that?

Just curious as to where the value is beyond, of course, good marketing by the developer.

<{POST_SNAPBACK}>

I think it's all of the above except builder reputation which doesn't carry much weight here in Charlotte.

For one, the height/architecture is impressive.....especially when it is set off like it is. Secondly, the 4th Ward neighborhood still carries a premium.

I also believe the security features will be a strong selling point to this building, as it will offer the most limited access of any uptown project. This will likely attract "celebrities", and that in turns attracts people who want to feel like they live among celebrities.

Also, there will be a $4M penthouse, and I do believe it will sell (in fact I believe it may be bid upward). It's kind of like Trump Tower having a $17M penthouse.....it just must be good.

I give this building a 60%-70% of happening, though they have been moving full speed ahead, so I really only see lack of sales keeping it from going forward, and IMO, that will be determined by what kind of deposists are required. 10% by the time construction starts will keep a lot of people away, especially when you had "The Park" fiasco.

BTW, it will be 410 units, though this could change depending on how they weight the units.

[NCtarheel]

How big exactly are these 'studio' units....and is it ok to assume that these will be the units priced around 200k? I wonder....who would drop 200k on a studio apartment when they could pay less than that for a 3 bedroom, 2 bathroom somewhere out in the burbs (and have enough money left over to buy the car they'd undoubtedly have to have)? I'm just curious as to the market for these small, but not really cheap, studios?

[sleightofhand]

The article on pg3 says the studio units will start at 600sqft.

I agree that is small.

Ideally a person could buy a studio unit for 200k, live in it for two or three years, and sell it for 300k.

[atlrvr]

How big exactly are these 'studio' units....and is it ok to assume that these will be the units priced around 200k? I wonder....who would drop 200k on a studio apartment when they could pay less than that for a 3 bedroom, 2 bathroom somewhere out in the burbs (and have enough money left over to buy the car they'd undoubtedly have to have)? I'm just curious as to the market for these small, but not really cheap, studios?

<{POST_SNAPBACK}>

The market for small (~700 sq. ft.) units for under $225k is nearly unlimited. Not everybody has the desire to commute in from the suburbs, or to furnish some large, characterless house, or drive a couple of miles to pick up some groceies (Harris Teeter will be directly across the street from The Vue).

Don't worry though, I don't see sprawl slowing down anytime in the near future.

[sleightofhand]

atlvr- I'm really surprised you only give it 60-70% chance of happening. I thought The Vue was a done deal. Also, what was it that happened with the Park?

[CharlotteDemonDeacon]

There are a lot of people who despise the inefficient use of land created by suburbs and value urban settings and lifestyles. Those are the people who will pay that 200k. I mean I frankly don't care if my house is 3 bedrooms if it means I have to drive through 45 minutes of traffic just to get to my hideous cookie cutter development. I would rather pay the extra, reap the benefits of a more urban lifestyle and be contributing to the health and vitality of our downtown.

...sidenote: how do u quote on here?

Edited July 14, 2005 by CharlotteDemonDeacon

[Seeker]

There are a lot of people who despise the inefficient use of land created by suburbs and value urban settings and lifestyles.  Those are the people who will pay that 200k.  I mean I frankly don't care if my house is 3 bedrooms if it means I have to drive through 45 minutes of traffic just to get to my hideous cookie cutter development.  I would rather pay the extra, reap the benefits of a more urban lifestyle and be contributing to the health and vitality of our downtown.

...sidenote: how do u quote on here?

<{POST_SNAPBACK}>

Hit reply under the topic isntead of hitting it at the bottom of the page. I'm assuming I understood your question.

[atlrvr]

atlvr- I'm really surprised you only give it 60-70% chance of happening. I thought The Vue was a done deal. Also, what was it that happened with the Park?

<{POST_SNAPBACK}>

The problem withThe Park is they couldn't get a lender to lend without LARGE down-payments up-front......10% before ground breaks is pretty high.

If The Vue can structure it to require no more than 5% down at ground-breaking then they should do fine, otherwise they are going to have a tough time attracting >200 pr-construction buyers with $25k-$60k cash on hand.

[cinco]

Is it the location, architecture, amenities or the development company that makes you think that?

Just curious as to where the value is beyond, of course, good marketing by the developer.

<{POST_SNAPBACK}>

i think the architecture is nice...but, i really feel it is the height and location of this project that makes it so appealing. it will re-define the scope of charlottes skyline and standout respectivly. so far, this has presented the best marketing plan for residential high-rise. the photo of downtown charlotte with the rendered VUE is very cool - even though it is crude at best. i think more of these projects should include renderings of their building with the skyline...it gives the project a sense of communal purpose (plus, everyone loves it).

that being said. E7, i think courtside is my favorite project. i do wish that it were taller...but the architecture is the bestest IMO.

housewarming party?

Edited July 14, 2005 by cinco

[CharlotteDemonDeacon]

Hit reply under the topic isntead of hitting it at the bottom of the page.  I'm assuming I understood your question.

<{POST_SNAPBACK}>

Yes, thank you

[carolina_fan]

QUOTE(sleightofhand @ Jul 14 2005, 03:49 PM)

atlvr- I'm really surprised you only give it 60-70% chance of happening. I thought The Vue was a done deal. Also, what was it that happened with the Park?

The problem withThe Park is they couldn't get a lender to lend without LARGE down-payments up-front......10% before ground breaks is pretty high.

If The Vue can structure it to require no more than 5% down at ground-breaking then they should do fine, otherwise they are going to have a tough time attracting >200 pr-construction buyers with $25k-$60k cash on hand.

<{POST_SNAPBACK}>

atlvr, you still think only 60-70% chance of happening?

Edited July 14, 2005 by bja

[atlrvr]

I think it's 95% if they can sell the units, but again 2 things concern me.

#1 What % of the units will be priced over $500k? More than 1/3 and they're in trouble.

#2 What is the amount/time period of payments to put a unit under contract? Again, if it is more than 5% by the time construction starts, they're in trouble.

[A2]

i think the architecture is nice...but, i really feel it is the height and location of this project that makes it so appealing.

Edited July 14, 2005 by A219724

[sleightofhand]

I think it's 95% if they can sell the units, but again 2 things concern me.

#1 What % of the units will be priced over $500k?  More than 1/3 and they're in trouble.

#2 What is the amount/time period of payments to put a unit under contract?  Again, if it is more than 5% by the time construction starts, they're in trouble.

<{POST_SNAPBACK}>

atlrvr- The information I got from the Vue was that 5% was due to reserve a unit and then an additional 5% is due when they break ground(around 10 months later) if your unit is under 400k.

How does this info effect your opinion.

[atlrvr]

It makes me think they are going to have a tough time putting units under reservation......I'm not sure there are 250 buyers out there who would want to live here that have $20k-$40k in free cash on hand within a year.

Of course people can take equity lines out on their current residence, but that's an expensive propostion at a 2+ year construction time frame.

Edited July 15, 2005 by atlrvr

[atlrvr]

Not to be a pessimist, but this is the same contract model that The Park used I believe, and they had a tough time converting reservations into contracts.

We'll see, and this city continues to surprise me with it's hidden money.