Jump to content

Recommended Posts


  • Replies 2.6k
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

I had a conversation just a few weeks ago where I learned that that specific banner cost somewhere around $30k.

And on another note, how many more decades do we think the “VUE Now Leasing” sign will remain on the south facing side at the top?  They’ve really gotten their money’s worth out of those banners. 

See and I'm thinking "well, the kerning between the V and A is terrible, and the secondary/primary hierarchy is reversed"

Posted Images

okay i had my meeting with the vue folks this week. the people are extremely pleasant, knowledgeable, first class operation. the amenities are going to be fabulous (to say the least) -- all top of the line, esp the corner units. i went there looking to buy a unit. However, the prices caught me off guard. i was thinking the ~350 - 400 per sq foot. However the prices quoted to me were all > 500 - 600 per sq foot. Take for example the 2 BR, 2 Bath corner units (true city view) from the 26-36 floors (of which only 3 remain from what i was told -- my guess the developer is holding onto these units). These units are listed at 1527 sq feet. Any guesses on price? I was quoted 897,000 for this 2BR unit (587 per sq foot!!!) Then for the 1 BR, 1.5 Bath corner unit with city view (2 story loft units on floors 11-24) any guesses? 719 K (~518 per sq foot). I can't imagine investing in a 1 BR for > 700 K and expecting to make anything down the road? Of course the very polished :whistling: sales people say they are selling like hotcakes. Also for each floor elevation the price increases about 10K. this was disheartening as I was very much looking to buy! however i can't see paying these prices pre-construction. :( Maybe i'm crazy -- what does everyone think?

Edited by acog2005
Link to post
Share on other sites

okay i had my meeting with the vue folks this week.  the people are extremely pleasant, knowledgeable, first class operation.  the amenities are going to be fabulous (to say the least) -- all top of the line, esp the corner units.  i went there looking to buy a unit.  However, the prices caught me off guard.  i was thinking the ~350 - 400 per sq foot.  However the prices quoted to me were all > 500 - 600 per sq foot.  Take for example the 2 BR, 2 Bath corner units (true city view) from the 26-36 floors (of which only 3 remain from what i was told -- my guess the developer is holding onto these units).  These units are listed at 1527 sq feet.  Any guesses on price? I was quoted 897,000 for this 2BR unit (587 per sq foot!!!)  Then for the 1 BR, 1.5 Bath corner unit with city view (2 story loft units on floors 11-24) any guesses?  719 K (~518 per sq foot).  I can't imagine investing in a 1 BR for > 700 K and expecting to make anything down the road?  Of course the very polished  :whistling: sales people say they are selling like hotcakes.  Also for each floor elevation the price increases about 10K.  this was disheartening as I was very much looking to buy!  however i can't see paying these prices pre-construction.  :(  Maybe i'm crazy -- what does everyone think? 

<{POST_SNAPBACK}>

wow, that is pretty insane price. nearly one million for something 1500+ sqft. you would have to make some serious jack to afford a place like that. I guess it is true that the Vue is catering to the elite customer base.

I do take issues with the phrase "sales people say they are selling like hotcakes " because I have never known hotcakes to sell very well... ;o) I know, it's a figure of speech, but not a very good one... :D

Link to post
Share on other sites

I'm thinking they are coming close to pricing themselves out of market. There's no doubt that the Vue will be the top product on the market for some time to come. Asking for prices in that range are usually the result of insane demand and impossible to get location. Take a condo on central park, for example. They are so hard to find, that even the tiny ones go for unheard of prices. With the highrise condo market in Charlotte in it's infancy, I don't see paying close to 1 million for 1,500 sq feet a very wise investment. Were I looking for a downtown condo, that would not only be out of my price range, but also out of my expectations for the current market.

If I'm dropping 800k + on a condo, it's going to be a big unit, or very high in the sky.

Link to post
Share on other sites

Sometimes a seller just needs to have the audacity to ask for the unheard of.

It happens all the time in single family real estate. Prices might be moving up a few thousand a year. Then someone dares to ask 20K more for their house... and gets it... then everybody else follows suit. Nobody believed the demand was there until someone tested it.

The Vue people probably know they can sell 400K units. But it looks like they're willing to enter that nosebleed territory and demonstrate a market that the naysayers claim does not exist.

They better be right. Or else it'll be another partially-empty Arlington debacle. If a lot of empty units sit around after construction, people will sense the building is "stale on the market" and it becomes even harder to move those remaining units..

Edited by MZT
Link to post
Share on other sites

okay i had my meeting with the vue folks this week.  the people are extremely pleasant, knowledgeable, first class operation.  the amenities are going to be fabulous (to say the least) -- all top of the line, esp the corner units.  i went there looking to buy a unit.  However, the prices caught me off guard.  i was thinking the ~350 - 400 per sq foot.  However the prices quoted to me were all > 500 - 600 per sq foot.  Take for example the 2 BR, 2 Bath corner units (true city view) from the 26-36 floors (of which only 3 remain from what i was told -- my guess the developer is holding onto these units).  These units are listed at 1527 sq feet.  Any guesses on price? I was quoted 897,000 for this 2BR unit (587 per sq foot!!!)  Then for the 1 BR, 1.5 Bath corner unit with city view (2 story loft units on floors 11-24) any guesses?  719 K (~518 per sq foot).  I can't imagine investing in a 1 BR for > 700 K and expecting to make anything down the road?  Of course the very polished  :whistling: sales people say they are selling like hotcakes.  Also for each floor elevation the price increases about 10K.  this was disheartening as I was very much looking to buy!  however i can't see paying these prices pre-construction.  :(  Maybe i'm crazy -- what does everyone think? 

<{POST_SNAPBACK}>

The Vue sales team might be able to get it, but if I were you I would just be patient. Ask atlrvr, oversupply will sooner or later draw down the price and you'll find what you need. Profit margins this high will drive a very large number of announcements. See, e.g., Jacksonville which has 4 times as many residences under construction as currently occupied. Or, you could just check out the Avenue which seems to have much more reasonable prices.

Link to post
Share on other sites

I think I posed this question earler. Will the price/sq ft go up for the outside units because they are so much nicer than the interior units which only have one wall on the outside. I guess we know the answer now.

As I said earlier, as long as they hold the monopoly in the 22 story and above market, then they can ask whatever price they want, and people will plunk down the money. Seems that is a true prediction too. I predict they will have a Vue #II as adding more floors to has a quickly diminishing economy of scale. (buildings above 50 floors start to add complexities that quickly reduce profits). Maybe there will be a Vue #III. It would do nice things for the skyline.

If Ghazi actually builds the Epicenter to 53 stories, what are the chances that some of the units will go as condos instead of apts?

Link to post
Share on other sites

Monopoly is a key word here. I'm sure part of the thinking behind some of these towers is "get it built now". Because with some slight changes to the economic picture, other developers may back off and be unwilling to take big risks.

A tower just takes so much more coordination and oversight than sprouting a new subdivision outside the 485 ring. Your competition can't come on line as quickly.

Edited by MZT
Link to post
Share on other sites

Yes....there definetly seems to be an extreme premium for the corner units. The interior skyline units around th 20th floor are selling in the $390-$410/sq. ft. range, not exactly cheap, but 25% less than a corner unit.

I don't doubt they will sell all of these. Will it sell out in less than a week like the Avenue will? Probably not. What it may do is is deflate the value of the current price champion The Ratcliffe, where resells are at $375-$450 psf.....As long as The Vue can remain the hottest place in Charlotte, their values will hold, though I do agree there is little upward room currently in the market for them to appreciate (though I do see that they will some).

Their advantage in my opinion is that they are getting over $500 psf in a $300 psf market, and I'm not sure that there are many developers in the country with the balls to try to one up them. Like I said, if they can stay on top, they'll be fine.

Link to post
Share on other sites

^ As to why this will be succesful, it's based on the same mentality that makes gated suburban neighborhoods successful. It's not that they units are 60% nicer than other projects, but they offer the residents the comfort of knowing that everyone who lives there makes at least six figures, so they must be ok.

Link to post
Share on other sites

Wow. 719K for one of those corner lofts... 900K for a 1527sf corner 2bd with a city view. For that price you could buy the 1830sf corner unit at Trademark on the 27th floor and put in $300K of upgrades, furniture, and decorations. You could make one of your walls a fish tank. You could hire dancers for your terrace if you ran out of things to spend money on. You just could not say you live at the Vue. I think the Vue will be the best in the city, but maybe not the best value at that price. I just want to see this thing close. Presales are great, but how many move in when the building is done at those prices? It will be interesting to see how many condos are on the market when 230 S. Tryon and Courtside close.

By the way, I have a terrific city view every day from my office. Our morning conference is in a room that overlooks the heart of downtown - its about 500sf. My boss's office is probably 250sf and overlooks most of wachovia. Its awesome. If anyone wants to come by and hang out in the conference room this weekend, I am charging $500.

Just venting b/c I can't believe these prices. I am not wanting to sound negative. I am in the market for a condo and will probably buy at one of these towers. I am rooting hard for all of their success and hope to see more announcements.

Link to post
Share on other sites

When the Vue is built, it will be the tallest condo tower in the Carolinas with the next tallest being in Myrtle Beach (Currently the tallest). So they will have a monopoly on the air space and can charge these prices and maybe even more.

The question really is how many more will we see if these prices hold.

Link to post
Share on other sites

When the Vue is built, it will be the tallest condo tower in the Carolinas with the next tallest being in Myrtle Beach (Currently the tallest).  So they will have a monopoly on the air space and can charge these prices and maybe even more. 

The question really is how many more will we see if these prices hold.

<{POST_SNAPBACK}>

What is the tallest condo tower in Myrtle Beach? Avenue on Church street will be complete before the Vue is and it will be 36 stories.

Link to post
Share on other sites

Myrtle Beach has a 28 story condo. I did not know if the Avenue would be built before the Vue or not. One of these two buildings will unseat Myrtle Beach for having the highest condo tower in the Carolinas. I guess until Myrtle Beach builds something taller. They recently removed the restrictions that stopped the higher towers from being built.

Link to post
Share on other sites

Wow.  719K for one of those corner lofts... 900K for a 1527sf corner 2bd with a city view. 

<{POST_SNAPBACK}>

Wow, at almost $600/sf, these appear to be bubble prices to me. At these lofty levels, where is the catalyst for the upside going to come from...does anyone believe these will be trading at $800/sf in a few years...especially when rates will likely be higher and loads of new units will come online?

Consider that units along Central Park in NYC trade at "only" $1000/sf. This may add some perspective to the pricing.

Honestly, I think the non-speculative people buying here (probably mostly doctors, lawyers, bankers) consider losing a hundred grand or so a rounding error on their net worth statements, so the ability to have marble floor bathrooms easily outweighs a potential market downturn.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.