The luxury condominium tower The Vue is set to be sold at public auction at 10:15 a.m. June 12 on the first floor of the
uperior Courthouse. Mecklenburg County S
Court Martha Curran signed an order Monday clearing the way for the lender to foreclose on the 409-unit building at Fifth and Pine streets. Superior
The entire building and its contents will be sold at once, excluding the condos and parking spaces that have already been sold to individual buyers. Buyers have closed on less than two dozen units on the luxury highrise.
Neither the borrower nor a representative of the Vue attended the roughly 20-minute hearing.
The Vue's developer, MCL Cos. of Chicago, defaulted on its loan, and the current owner of the debt, New York-based Northwood Investments, accelerated the loan and started foreclosure proceedings in April, according to court filings.
The current debt holder, identified in court papers as NWSF LLC, lists its address as Northwood Investments in
. New York
Northwood Investments paid around $100 million for the project's $195 million construction loan, it has been reported.
The tower has struggled since it was finished in 2010. When sales started in the mid-2000s, the building was touted as one of uptown's most luxurious residences, offering the highest-quality amenities, an Olympic-sized swimming pool and tennis courts.
The Vue's condos started selling from just under $200,000 to more than $2 million. Buyers paid 10 percent of the contracted sales price as a deposit. Developer Dan McLean has said that more than half the building was pre-sold but agents struggled to close sales. Some buyers couldn’t get financing because appraisals came in under contracted sales prices. Others simply wanted out of their contracts.
Some people have successfully sued the Vue to return their deposits but are now less likely to get their money back, attorneys say.
Real estate professionals say the building could be ripe for a conversion to apartments. Other uptown condo projects have been changed into rentals after the real estate market fizzled.
housing market has struggled, more people have turned to renting versus buying a home, fueling interest in the apartment market. Charlotte