CHARLOTTE, N.C. – Charlotte’s tallest residential condominium tower was sold to the highest bidder Tuesday morning, and that bidder happened to be the current holder of its debt.
An agent for NR Charlotte LLC placed the only bid on the 409-unit tower. The total amount of the bid was $102,750,000. NR Charlotte LLC is the current holder of the debt.
The agent did not want to comment after the auction, which was held on the first floor of the Mecklenburg County Courthouse.
Since its completion in 2010, the original owners of the Vue had trouble selling the units. At one point, about half were under contract, but many owners backed out of the terms after seeing the real estate market tumble. Only a small fraction of the units finally closed.
A few of the people who still are under contract showed up at Tuesday’s auction proceedings to see what would happen.
Thaddeus Kuzniar said he hopes the sale allows him to reach favorable terms and close on a unit he originally planned to purchase in 2007.
“Now it’s all in their hands,” said Kuzniar. “So they’ll restructure their debt, I guess. Hopefully they’ll start negotiating with folks that are under contract and come up with some reasonable purchase price based on the current market.”
Some real estate experts have said the building could be turned into rentals if the current owners decide to sell the remaining units as a whole.