Vue

Vue Condo Project In Receivership

Douglas Wilson, owner of the Douglas Wilson Companies (DWC) has been appointed as the receiver for The Vue, a luxury 15-story condo tower in San Pedro, California. DWC has assumed complete operational responsibility for the 318-unit project, including all homeowner and leasing program issues. The developer Carlyle/Galaxy San Pedro opened Vue as condo project in March 2009 but the building now has a rental program because of the distressed real estate economy. Units rent in the $1,500-$3,000 range. DWC is currently discussing with the lender and developer whether or not to restart the sales program for the property. Units for sale had, at one pint, a starting price of $315,000.

"This is the largest waterfront development in Old Town San Pedro, so we expect this asset to be a strong performer once the market has stabilized," said Douglas Wilson, CEO of Douglas Wilson Companies (DWC) in a press release. "With views of the harbor and upscale amenities like concierge service and a helicopter pad, the Vue sets a new standard for San Pedro."

Units in the building have floor-to-ceiling glass walls and private balconies. Interiors feature stainless steel appliances, hardwood cabinets, quartz countertops and more. Building amenities include a resort-style pool with a deck and private cabanas; a fitness center and yoga/Pilates studio; and a rooftop terrace with stainless steel barbecue grills.

Tags: california real estate, condos, condos in trouble, san pedro, Vue

Major Charlotte Construction Project Stalled

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Another condo project has stalled out. This one is in Charlotte, North Carolina. The VUE Charlotte is a 51-story uptown condo tower that recently stopped construction because the developer hasn't been paying the bills. The Charlotte Observer has an email to subcontractors from contractor R.J. Griffin & Co.'s senior project manager that says that Griffin had not been paid for work done in July and asks subcontractors to stop work. The $275-million-plus project is just one of many high-rise projects which sprouted up in uptown Charlotte over the past couple of years. Of around 20 projects announced only half a dozen have been completed others, have either been scrapped or halted mid-construction.

The developer says that between 55 and 60 percent of the tower's 409 units are under contract. Purchasers were expected to move in next summer. The building has a fitness area, wine cellar and an outdoor deck with a pool tennis court and dog-walking area. Units have been listed for between $319,000 and to over $2 million. The company must be pretty confident that the situation will be worked out. It is still planning a topping out party in September.

UPDATE: Debts have been paid and construction is set to resume on the project.

Source

Tags: charlotte, condo, condo project, CondoProject, vue