The Vue condo highrise headed toward foreclosure [The Charlotte Observer, N.C.]
By Kerry Singe, The Charlotte Observer, N.C. | |
McClatchy-Tribune Information Services |
The project's developer,
The 409-unit condominium tower at Fifth and Pine streets was announced during the real estate boom and was one of the few uptown high-rise projects to be finished despite the recession. Yet, the Vue's developer struggled to sell units and close sales on contracts signed in better economic times.
Real Estate Alert has speculated that the tower, which offers an Olympic-size swimming pool and tennis courts, is ripe to be turned into apartments. Investors have eagerly snapped up multifamily complexes and announced new apartment projects in the
The Vue has said it had about half the units under contract but it has closed sales on less than two dozen condos. Some buyers have sued to get out of their contracts. Others say they have had trouble getting financing because appraisals for the condos are coming in below contracted sales prices.
Also this week, a couple sued the Vue asking for their
The couple says they informed the developer within the allowed two-year timeframe that they wanted out of the deal, according to documents filed in federal court.
In November, a federal judge decided in a separate but similar case that a couple should get their
Kerry Singe: (704) 358-5085
___
(c)2012 The Charlotte Observer (Charlotte, N.C.)
Visit The Charlotte Observer (Charlotte, N.C.) at www.charlotteobserver.com
Distributed by MCT Information Services
Wordcount: | 481 |
A.M. Best Affirms Ratings of ASSA Compania de Seguros, S.A.
MassMutual Retirement Services’ Worksite Guidance Program to Reach 100,000+
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News