Construction on The Vue Halts!! (Charlotte, NC)
The Vue Tower was one of the few remaining bright spots in uptown's faltering condo market.
By Kerry Hall Singe
ksinge@charlotteobserver.com Posted: Tuesday, Sep. 01, 2009
Construction on The Vue, a 51-story uptown condo tower that kept on building as others stalled, will be stopped as of today because the developer hasn't paid its bills, according to an e-mail sent Monday by the project's general contractor.
It's the latest sign of trouble in the center city condo market, where sales have plunged in recent years. The delay also illustrates the real estate market's lingering weakness as lenders scrutinize projects more closely than in the past.
The e-mail to subcontractors, signed by contractor R.J. Griffin & Co.'s senior project manager and obtained by The Observer, said Griffin had not been paid for work done in July and, while it has been working with the owner and lenders to resolve the matter, "to date we have been unable to reach a resolution."
As a result, the contractor directed subcontractors to stop all work on the $275million-plus project effective at 12:01 a.m. today, according to the e-mail.
Calls to R.J. Griffin's Charlotte office were not returned. The Vue's owner, Chicago-based MCL Cos., declined to talk with The Observer.
At the work site, at Fifth and Pine streets, workers streamed out of the tower at the shift's end Monday, carrying an assortment of items, such as ladders, buckets and drills, that workers often leave overnight. Workers with four subcontractors, and half a dozen Griffin employees, said they had been told that work might stop because of unpaid bills.
Employees also removed R.J. Griffin signs from fences and used cranes to hoist portable toilets and other heavy equipment to the ground from The Vue's upper floors.
Michael Smith, president of Charlotte Center City Partners, said MCL's president and CEO, Dan McLean, told him the project is not shutting down and that it is "working through issues with lenders right now." Smith said he spoke to McLean on Monday afternoon, after The Observer called to ask about The Vue.
The condo tower is an important project for Charlotte, Smith said, adding McLean is an "experienced developer" and "I have confidence he'll be able to work with his partners to bring a great product to our center city."
Two years ago, uptown Charlotte seemed about to burst with high-rise housing. Plans were announced for up to 20 projects.
Today, half a dozen high-rise residential projects have been completed inside the Interstate 277 loop. A 50-story tower planned for the EpiCentre has been halted by legal problems. The hulking, rusting skeleton of The Park, a proposed 21-story luxury condo tower that went into foreclosure before being finished, has become an unwelcome landmark.
As projects faltered, uptown promoters have pointed to work continuing on The Vue's glass façade as proof that the uptown condo market, while weakened, has promising bright spots. Between 55 percent and 60 percent of the tower's 409 units are under contract, the developer has said. The units are listed for $319,000 to $2million-plus. The company still plans to celebrate the building's topping out this month, Smith said.
The developer had said purchasers were expected to start moving in next summer. The building's amenities were to include a 3,000-square-foot workout area and a 1,000-bottle wine cellar. An outdoor deck would include a heated pool, tennis court and dog-walking area.
In the Charlotte region, home sales are starting to stabilize, but it's mostly lower-priced houses and condos that are selling. Developers, meanwhile, are struggling to refinance as loans come due. Lenders have become more strict in how much money they will lend.
At The Vue's uptown sales center Monday, sales associate Rob McCrorey said he was told to "stand pat" and that his team was continuing to sell units.
"We're in no worries as of yet," he said.
One subcontractor told the Observer he was due more than $100,000 for two months of work. He said he went to the site Friday to pick up his paycheck only to be told there wasn't any money. Workers said they did not want their names used because they didn't want to lose future work with the contractor.
Some subcontractors said they haven't noticed problems. Plumbing contractor Mitchell Mechanical, for example, has been paid regularly, company Vice President Jeff Jones said. As of late Monday afternoon, he said he was optimistic about the work being finished.
Based in Atlanta, R.J. Griffin has built nearly 26 million square feet of multifamily residential space in the Southeast since 1992, according to the company's Web site. It is also building a $138million, 50-story tower in Atlanta.
MCL specializes in developing, building and marketing residential and retail centers in urban markets and has projects from New York to Las Vegas.
A work stoppage at The Vue would not be MCL's first project to hit snags.
In June, the developer said an Atlanta condo project, the 21-story Skyline at Lindbergh, was being put on hold until financing could be secured. Staff writer Kirsten Valle and staff researcher Maria David contributed.
Source: Charlotte.com
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The first thing to understand about buying a house is that you don't have to have all the cash saved up in order to make your purchase.
By John Adams
The good news is that there are folks out there who will lend as much as 95 percent of the purchase price of your home, at very favorable interest rates. Furthermore, they are willing to spread out the payments over a long period of time so that you can afford the house you want. Just to cover the basics, let's elaborate on the points in the last paragraph: If you have a steady job and a reasonable credit history, there is a good chance that you can find a home lender who will lend you most of the purchase price of your new house. Home loans are also called "mortgages," which comes from a Latin phrase meaning "pledge unto death."
While lenders don't take your promise to pay quite that seriously, they DO expect to get repaid on time. Just to make sure you remember, lenders take an ownership interest in your house until the loan is paid in full. Home loans typically are offered in amounts of 80 percent, 90 percent and 95 percent of the price you are paying for the house. You are expected to pay the remaining amount in cash from your own savings. As you might imagine, the lower percentage loans are somewhat easier to qualify for. The reason the lender is willing to lend you up to 95 percent of the value of your house is that history has shown real estate to be such an excellent investment. Lenders expect that your home will be worth more in the future than it is today - so their investment in your home is considered very safe. That's also why the interest rate you can obtain on a home loan is one of the best around.
Consider that America's largest and strongest corporations borrow at what is called the "prime rate," and that today you can borrow a home loan - fixed at the same rate for many years - at substantially less than the prime rate. Lenders have found that home loans tend to be excellent investments, and you benefit every month when you make your loan payment. Finally, home loans are available to be repaid over terms of usually 15 or 30 years. The shorter term loan offers a slightly lowered interest rate, so if you can afford the higher monthly payments, you'll save in interest costs by choosing the 15 year loan. At today's interest rates, a 15 year loan costs about 27% more than a 30 year loan in terms of your monthly payment. But the amazing thing is that lenders are even willing to offer a fixed rate loan for that time period. It's better financing than you can get on just about any other investment.
Source: Move Inc. Realtor.com
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Dignified and Spacious
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Georgian (1698-1720)
Identifying features:
"More so than ever in the colonial period, buildings were now not only frameworks in which to live and work, they were also provocative projections of what Americans wanted to be." -- David P. Handlin, American Architecture, 1985
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When the Great Fire of London destroyed that city in 1666, architect Sir Christopher Wren was the man of the hour chosen to rebuild it. Soon the city of London was transformed from a city that was positively medieval to a prosperous urban center -- resplendent with Renaissance-style brick townhouses set in tidy continuous rows.
This new urban-style house was derived from the Italian architecture of the 1500s, especially that of Andrea Palladio (1508-80) who freely adapted Roman classical forms. With its rigid symmetry, balanced proportion, and classical detailing, the new Georgian mode of architecture (named after the several King Georges who ruled Britan throughout much of the 18th century) represented a final break from the thatched roof, peaked-gable style of medieval architecture.
Some 40 years later the Georgian Style finally migrated -- by way of architectural books and builder's guides -- to the Thirteen Colonies. Soon this classic style was embraced as the official "look at me" house of New England's rising prosperous mercantile class.
The Georgian house is a formal, dignified and spacious but simple, one-or two-story box. It's usually two rooms deep, with doors and windows in strict symmetry. While the Georgian style started out with lavish surface ornamentation (like its British cousins) it eventually developed a simpler façade.
The Revolutionary War brought a halt to construction projects and effectively ended the Georgian Style in America, although conservative builders continued to use it into the 1800s. The style was revived at the time of the 1876 Centennial, when architects were moved by patriotic fervor to look to the American past for models.
Source: Realtor.com
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Buying a home?
These eight tips can help make your house-hunting experience positive and rewarding.
By Marcie Geffner
1. Location counts. You've probably heard the old real estate joke about "location, location, location," but the point still bears repeating. Location is crucial. How far are you really willing to commute to your place of employment? How good are the local schools, shopping centers, public transportation, seniors services and other public amenities? Will your new home be next to a vacant lot or a commercial property? Even a picture-perfect dream home can be a mistake if it's in an undesirable location, and a poor-location home can be a particularly bad choice if you anticipate reselling the home within a few years.
2. Make a list. Do you (and your spouse, if you're married) really know what you need and want in your home? You'll save yourself many hours of shopping (and potentially arguing) if you make a list ahead of time. Zero in on the features you must have, would like to have, definitely don't want and would prefer not to have. Your goal is to find the right home for your family without falling in love with one that doesn't suit your needs. Tip: Start compiling your wish list by thinking about what you like and dislike about your current home.
3. Do your homework. Not long ago, consumers had very little access to information about recent home sales prices, market trends, homes on the market, neighborhood statistics and the home-buying process. Today, all this information and more is available on the Web. Go surfing. Get educated. Become empowered.
4. Get preapproved for a mortgage. Your top-dollar home price is a function of your household income, your creditworthiness, interest rates, the type of loan you select and how much ready cash you have for the down payment and closing costs, among other factors. Rather than guessing or estimating how much you can afford to spend, ask a lender or mortgage broker to give you a full assessment and a letter stating how much you're qualified to borrow. The true amount may be much more or much less than you think.
5. Use a checklist. Touring multiple homes is a confusing experience for most people. Rather than relying on memory, make notes about the homes you visit. Turn your priorities into a personalized home-shopping checklist and use it track the features of each home.
6. Wear comfortable clothing and sturdy shoes. House-hunting can be tiring, especially if you're relocating to a distant community and want to see a dozen homes in one day. There's no sense in torturing your feet unnecessarily.
7. Be prepared to make an offer. House-hunting can also be frustrating, especially if you know in your heart you're not really emotionally or financially ready to buy a home. If you're not ready, don't put yourself through the exercise. If you are ready, go through a blank purchase contract ahead of time so you'll know what decisions you'll face when you make an offer.
8. Relax. Granted, buying a home is a major life-altering event. But it's not worth making yourself insanely crazy or super-duper stressed. Save time at the end of your house-hunting expedition to unwind, calm your thoughts and emotions and keep the whole experience in perspective.
Source: Realtor.com
Copyright Move Inc.
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Real estate ads are usually full of acronyms and terms that are unfamiliar to first-time buyers. Here's a cheat sheet to let you in on the lingo.
4B/2B -- four bedrooms and two bathrooms. "Bedroom" usually means a sleeping area with a window and a closet, but the definition varies in different places. A "full bathroom" is a room with a toilet, a sink and a bathtub. A "three-quarter bathroom" has a toilet, a sink and a shower. A "half bathroom" or powder room has only a toilet and a sink.
assum. fin. -- assumable financing closing costs -- the entire package of miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. These costs include the brokerage commission, mortgage-related fees, escrow or attorney's settlement charges, transfer taxes, recording fees, title insurance and so on. Closing costs are generally paid through escrow.
CMA -- comparative market analysis or competitive market analysis. A CMA is a report that shows prices of homes that are comparable to a subject home and that were recently sold, are currently on the market or were on the market, but not sold within the listing period.
contingency -- a provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One example is a buyer's contractual right to obtain a professional home inspection before purchasing the home.
dk -- deck
expansion pot'l -- expansion potential mean that there's extra space on the lot or the possibility of adding a room or even an upper level, subject to local zoning restrictions. fab pentrm -- fabulous pentroom, a room on top (but under the roof) that has great views
FDR -- formal dining room fixture -- anything of value that is permanently attached to or a part of real property. (Real estate is legally called "real property," while movables are called "personal property.") Examples of fixtures include installed wall-to-wall carpeting, light fixtures, window coverings, landscaping and so on. Fixtures are a frequent subject of buyer and seller disputes. When in doubt, get it in writing. frplc, fplc,
FP -- fireplace gar -- garage (garden is usually abbrevated as "gard.")
grmet kit -- gourmet kitchen
HDW, HWF, Hdwd -- hardwood floors
hi ceils -- high ceilings
in-law potential -- potential for a separate apartment, subject to local zoning restrictions
large E-2 plan -- this is one of several floorplans available in a specific building
listing -- an agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owner's home. The word "listing" is also used to refer to the for-sale home itself. A home being sold by the owner without a real estate agent isn't a "listing."
lo dues -- low homeowner's association dues. But find out how "low" the dues are compared to other dues in the area.
lock box -- locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent
lsd pkg. -- leased parking area. May come with additional cost.
MLS -- Multiple Listing Service. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Membership isn't open to the general public, although selected MLS data may be sold to real estate listings Web sites. MLSs are local or regional. There is no MLS covering the whole country.
nr bst schls -- near the best schools
pot'l -- potential
pvt -- private
pwdr rm -- half bathroom or powder room
REALTOR® -- a real estate broker or sales associate who is a member of the National Association of REALTORS®. Not all real estate agents are REALTORS®.
title insurance -- an insurance policy that protects a lender's or owner's interest in real property from assorted types of unexpected or fraudulent claims of ownership. It's customary for the buyer to pay for the lender's title insurance policy.
upr -- upper floor
vw, vu, vws, vus -- view(s)
Source: Realtor.com Copyright © by Move, Inc
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Serving your Lake Norman and Charlotte Metro real estate needs. Our team of professionals strive to make your real estate dreams a reality.
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Lake Norman just 18 minutes from downtown Charlotte has great waterfront and golf course communities; for instance Verdict Ridge, The Penninsula, The Point, River Run, NorthStone, Birkdale, Highland Creek, Lake Norman is a beautiful lake with more than 520 miles of shoreline.
The 30-mile radius that composes Lake Norman is filled with everything you'll need for work and play. Lake Norman borders four counties which provide you with four school systems and private school options, recreational activities such as boating, skiing, fishing and golfing and a great variety of dining and shopping.
Lake Norman's beautiful shoreline has easy access to major interstates and the resource of talented business professionals make the region one of the fastest-growing and sought after places for companies and their employees to reside.
Surrounding Lake Norman are numerous unique towns - Cornelius, Davidson, Huntersville, Mooresville and Denver. These unique towns offer the small town living, along with the tranquil lifestyle of lake living, while having the amenities of Charlotte.
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