Monday, July 26, 2010

Ongoing Thoughts about The VUE

As we are now in July, we are probably between 30 and 60 days of the first scheduled closings in
The VUE.
It has been a long road for this project to get to this point. The developer has changed, the sales team has changed several times, there has been a walk off by the general contractor and there have been zoning concerns on several fronts.
This project was borne back in 2005, just as the downtown condo market was entering into its high point. Fifth and Poplar was nearing selling out at a rate of $345—$375 a square foot, and plans for additional developments or actual cranes were to be found everywhere downtown.
Everything seemed to be lining up for The VUE. One of the most unique concept was the inclusion of bio scanners to use fingerprint identification instead of fobs! Those of us who use fobs on a regular basis can attest that a thumb print is a lot cooler, and you always have it with you. The finishes promised to be unsurpassed in the city, and the views were all good, even over the “Green Expanse”, that is Elmwood-Pinewood Cemetery to the rest of us.
The developer insists that there is somewhere around 60% of the units under contract. That would equate to around 240 units. Many of those units sold are tentatively cash sales. It will change the nature of the lower Fourth Ward.
Some owners have expressed concerns that property appraisals may be difficult to justify the sales price. This remains to be seen as no appraisals have taken place.
This will truly be an interesting transition from a large work in progress to an occupied condominium, the tallest in North Carolina.

No comments:

Post a Comment