The Vue

[atlrvr]

Well, the tunnel form has concrete floors/ceilings and concrete walls between adjacent units.

210 will likely have concrete floors and columns, with metals studs, between units like Avenue, and the Blvd Centro projects.

[A2]

I am going to go out on a limb here guys since the day has been very nice (outside of the Code Orange and Red Ozone I have been breathing in my lungs ) and state that this sucker is going to be built! PERIOD! I am going to speak this tower into existance, all naysayers be damned .

A2

[AuLukey]

I am going to go out on a limb here guys since the day has been very nice (outside of the Code Orange and Red Ozone I have been breathing in my lungs ) and state that this sucker is going to be built! PERIOD! I am going to speak this tower into existance, all naysayers be damned .

A2

I agree. Just like innocent until proven guilty, I say this is happening until I hear actual fact that it isn't. I don't like speculation much.

[Dale]

On the contrary, I think the pro-building attitude prevails on these boards to the point of blindness to realities sometimes. I would think perhaps they are so excited about a project and are such fans of development they have something personal in favor of the Vue. It's 50 stories and very sexy, they want it really bad and any hint it might not happen just sends them into the stratosphere.

I'm not sure the charge of blind boosterism is entirely fair. With respect, it would be just as easy to argue that the shoe is on the other foot, at least in this case.

Again, much of the skepticism comes from two things:

(1) VUE has been tightlipped about sales. But again, VUE Orlando was tightlipped about sales and it's up to 20 stories now.

(2) And we're seeing a spectaclar ad blitz. But again, VUE Orlando is now publishing its most spectacular ads to date, and it's up to 20 floors.

Therefore, if there is anything to be learned by their Orlando project, then these two points should not in themselves occasion skepticism.

[dubone]

I have a feeling the negativity buzz will continue until ground is broken. I don't think it is vendettas or blind anything, but simply an opinion from skeptics. There are significant factors at work in the economy that should lead to skepticism about large construction projects in real estate. Something that was done in Florida real estate previously is not always a good indicator of what will happen in Charlotte real estate this fall or winter.

That said, I've decided to just believe that they weren't blatantly lying that they had hit presales numbers, and that they will continue with permitting and break ground this fall. They've never waivered on their position that this is a 2008 completion, so nothing is off track. We are simply used to watching all the 2007 completion projects jump into reality.

But a 2007 completion and u/c status sure make TTT a better buy than Vue at the moment. But if it sells out soon, as they expect, then Vue can go back to its steady progress without a direct competitor.

[stateman99]

I agree with ElricSeven on this one. I think the most people on these boards get skeptical due to fact that they are excited about this and pretty much all the projects that get built. I have seen no real reason to be skeptical on this one, but I have finally learned to sit back and wait. I really think it will be built, but who knows. I do find that it seems on this site when news on an upcomming project isn't released continually, people tend to get pessimistic.

[eastsider]

This thread sounds very much like the Epicenter thread last May and June when the delays in the Convention Center implosion kept taking place. Everyone was saying it was dead before it started and Ghazi was in over his head. Now a year later everyone is saying that it is the way a project should be done. Wonder what people will be saying in this thread next June?

[dubone]

Hopefully, "that is the way a project should be done".

[meechsayshi]

Most people I've talked to think they hold the lists and info so secret in order to get people into the sales office to heavy "pitch" them BEFORE they find out the prices are far in excess of everything else in center city. And they are likely right. If you knew before going that you could buy a similar unit with similar square footage and similar location / floor in the building for $150,000 - $200,000 less at The Avenue, then a lot of folks might not ever take a look at The Vue. The problem with the assumptions of that is once you are in the sales office and find out the prices you won't mind because the finishes are SO much better and the lobby is more fancy. I don't think that happens, sticker shock is sticker shock no matter at what point it occurs. People WANT to price shop, for cars, furniture, property, everything to make sure they are getting a good bang for their buck, this sales tactic seems to be created to prevent buyers from doing just that.

Just reading through old posts and thought this was an interesting comment. The non-public pricing strategy must work at least some of the time -- worked on me. I would not have visited the sales center if I had seen the prices ahead of time. I wandered into The Vue sales center one Saturday before going to see Avenue. There was no heavy "pitch" but I just didn't want to live at Avenue after seeing The Vue. I'll admit to initial sticker shock ($500/sq ft in Charlotte???) but I'd rather sit around shocked in a really great condo than be unhappy in a cheap place. You can't put a price on really liking the place you live.

[turbocraig]

So as a buyer, are you getting construction/timetable updates from the folks at the Vue?

[meechsayshi]

So as a buyer, are you getting construction/timetable updates from the folks at the Vue?

When I ask, yes... but I don't ask very often. I check in every 3-4 months so that I can plan cash availability for the next deposit (dependent on timing of breaking ground/construction). Beyond that, I'm not worried about it... whenever it's ready, great. Life is better when it's flexible. As a side note, the timetable I was given 6 weeks ago isn't different from when I bought 10 months ago... I've been told 2009 completion from day 1.

[cinco]

When I ask, yes... but I don't ask very often. I check in every 3-4 months so that I can plan cash availability for the next deposit (dependent on timing of breaking ground/construction). Beyond that, I'm not worried about it... whenever it's ready, great. Life is better when it's flexible. As a side note, the timetable I was given 6 weeks ago isn't different from when I bought 10 months ago... I've been told 2009 completion from day 1.

wouldn't that mean there is a huge window in which they can break ground? from what i have gathered, tunnel-form construction moves pretty fast. also, if they told you 2009... isn't it possible they could break ground soon and have you moved in before then... or are they bound to a "no earlier" date?

Edited June 23, 2006 by cinco

[meechsayshi]

wouldn't that mean there is a huge window in which they can break ground? from what i have gathered, tunnel-form construction moves pretty fast. also, if they told you 2009... isn't it possible they could break ground soon and have you moved in before then... or are they bound to a "no earlier" date?

Dunno... I suppose... I'm relatively indifferent to the timing and never give it any thought. If timing had been important to me, I might have made a different choice that had more definitive timeframes. At the time I was thinking I'd move back to Charlotte in 2007 or 2008 and rent for a while, now I'm thinking about living in Europe for a year or two beforehand instead... so don't rush it.

[dubone]

I think the originally announced date was 2008. So even your 2009 date represents a delay.

[A2]

I think the originally announced date was 2008. So even your 2009 date represents a delay.

I agree, I have never heard 2009 as being the completion date. I sure hope that the shovel goes in the ground by the end of this year like has been publicaly stated.

Overall I am an optimist on the VUE, but I can't wait till 2009. If I were moving to Eourpe to stay for a couple of years , then fine ,delay away. But I am in CLT and want this built asap. A2 is not a very patient man.

A2

Edited June 25, 2006 by A2

[SmellyCat]

This may have been posted, but I heard that the Vue has an option to buy any unit that an owner attempts to sell within 18 months after closing, at the BUYER'S ORIGINAL COST. And there are no early hardship outs (like medical emergency, job relocation, etc.) So as an owner, you can essentially be royally screwed if you want to sell fairly soon after closing. Is this true?

If so, assuming completion date is mid 2009 (which is looking likely), you may be married to this place until 2011.

[swh1972]

I believe it is part of the center city tranportation plan to remove the street parking on 5th between Church and Tryon and replace it with wider sidewalks. As much as I like street parking and think it is good for everyone, it would probably be better to have the wider sidewalks.

Walked by today and noticed that all of the parking meters on 5th Street between Tryon and Church were locked and covered up with NO PARKING signs.

[atlrvr]

I like the premise if it was a less expensive place...unfortunately a few committed people will likely get shafted due to hardships...if that's the case, I hope The Vue at least pays all closing costs associated with them repurchasing the unit.

At The Vue, I can't imagine too many people can flip for profit regardless.

[sleightofhand]

This may have been posted, but I heard that the Vue has an option to buy any unit that an owner attempts to sell within 18 months after closing, at the BUYER'S ORIGINAL COST. And there are no early hardship outs (like medical emergency, job relocation, etc.) So as an owner, you can essentially be royally screwed if you want to sell fairly soon after closing. Is this true?

If so, assuming completion date is mid 2009 (which is looking likely), you may be married to this place until 2011.

One of the craziest things I've read about the Vue yet. This would be FALSE!

[SmellyCat]

One of the craziest things I've read about the Vue yet. This would be FALSE!

So you're saying that there are no restrictions to flipping a unit after closing? You can sell it immediately at any price to any buyer?

[sleightofhand]

So you're saying that there are no restrictions to flipping a unit after closing? You can sell it immediately at any price to any buyer?

No, I'm saying what you proposed was crazy.

From what I'm told you have to own your unit one year after you close before you can sell.

There's no rule about the Vue being able to buy your unit at original cost.

The rule they have in place is beneficial to the owners. By not allowing flipping they will be able to keep the value of the building up.

[Charlotte_native]

From what I'm told you have to own your unit one year after you close before you can sell.

What happens if you do sell or put the unit on the market within a year?

[SmellyCat]

No, I'm saying what you proposed was crazy.

From what I'm told you have to own your unit one year after you close before you can sell.

There's no rule about the Vue being able to buy your unit at original cost.

The rule they have in place is beneficial to the owners. By not allowing flipping they will be able to keep the value of the building up.

I would argue that not allowing people to flip does not necessarily keep the value of a building up. Sure, it may initially prevent flooding the market with units, but it also hinders after-market liquidity. And if the market has declined by 2009 when the Vue is done, and/or borrowing rates have risen to 8%, many flippers will simply walk away from their 10% deposit rather than be stuck with a unit that has fallen in value by 10% or more since they went to contract. This will happen regardless of whether there is a 1-year restriction in place or not, so it could still leave plenty of units for the developer to re-sell into the market while you are forced to hold onto yours.

I would suggest that those buyers might want to check the very fine print of their sales contracts, because if I have learned anything over the years it's that what a real estate agent orally tells you and what's written in the contract - well, those are often two totally different things.

Edited June 27, 2006 by SmellyCat

[monsoon]

Given the prices the Vue is attempting to aspire to, I don't think they will have to worry about many flippers. As we stated before in this thread, buying one of these units is going to be rolling the dice big time from a short term financial perspective. It's not like people are knocking down the doors to buy these units. I get the feeling this is nothing more but another sales tactic to give the perception this place is in high demand.

[ElricSeven]

No, I'm saying what you proposed was crazy.

From what I'm told you have to own your unit one year after you close before you can sell.

There's no rule about the Vue being able to buy your unit at original cost.

The rule they have in place is beneficial to the owners. By not allowing flipping they will be able to keep the value of the building up.

That's funny because purchase contracts are extinguished by closing. There must be some special gymnastics they plan on going through to keep that provision alive. I have no idea how they could pull that off. Of course I'm a patent attorney and not a RE attorney. I'm guessing that the provision is also for the Vue's own protection, so that they've got a year to unload the remaining units before all the flippers hit the market with their units.