The Vue to sell as foreclosure next month

The Vue to sell as foreclosure next month

Print
Email
|

by NewsChannel 36 Staff

WCNC.com

Posted on May 21, 2012 at 3:07 PM

Updated Monday, May 21 at 4:25 PM

CHARLOTTE, N.C. -- Nearly vacant uptown condominium complex The Vue is set to sell at auction next month.

The complex, which has sold just 19 of 408 units, will sell at a foreclosure auction on June 12 at 10:15 a.m.

The high rise is located at Fifth and Pine streets.  It will be sold as one unit, except for the condos and parking spaces that are already sold.

Foreclosure documents began in April, and New York-based Northwood Investors paid roughly $100 million to take ownership of the complex.  The initial developer defaulted on a $195 million loan in February 20.

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.

The Charlotte Observer contributed to this story.

Print
Email
|