This week’s real estate industry publication reported that the debt of the Vue luxury condominium tower is controlled by two foreign insurance companies based in Japan and Germany, are trying to sell the project in uptown to the investors who are interested in changing the condos into apartments. As per real estate alert the insurance companies control $130 million out of $195 balance of its construction loan. According to the developer Dan McLean of Vue condominium high-rise, the tower would not be changed into apartments and will remain as a condo building, there will be no changes or sharing in the plan. As the developer has been defaulted on the loan, the buyer has to pay off fifty eight million dollars. The two hundred and seventy five million dollars Vue was the only luxury condo tower to survive the challenges of recession.
Though sales agents tried to sell condo units all efforts turned out to be unsuccessful attempt, they could never convert Vue condo tower to apartments. The 51-story Vue offers penthouses, two-bedroom units, one-bedroom units and studios. The tower features a wine cellar, dog-walking area, fitness center, tennis court and an Olympic-size pool. City centre charlotte is a hub for urban living, business, sports, nightlife, dining and culture.
The luxury condo tower project was the hot topic in 2005 which was finished in 2010, between this period project blossomed and fell out of favor among buyers. People did not come forward to buy a new home. McLean was never willing to lower the price. Out of four hundred and nine units of the building only 60 percent of the Vue was sold. Last year Vue had to suffer legal battle as buyers filed a case to recover deposits and to get out of the contracts. Vue’s condos started selling around $200,000.