Saturday marked five years since the March 2004 weekend when many of the 289 contracted, potential buyers in Vantage Pointe placed their initial deposits on units in the under-construction downtown condo building.

Over the weekend, I read a series of posts in the online forum for potential buyers in the Vantage Pointe condo building downtown that centered on the five-year anniversary and some of the buyers’ questions about whether they’ll go through with their purchase.

Here’s Brad Willis, the founder of the forum:

Back in early 2004, I thought that there was a decent chance that this group

would still be here, but I couldn’t imagine that the project would still be under construction and that things would be as messy and unsettled as they are. I remember that my father was very much in favor of the purchase, but unfortunately he died only a few weeks later.

Oh well, happy 5th anniversary. Even though Pointe of View is undoubtedly unhappy that things are apparently not turning out as expected, at least they have a good-sized group of potential buyers who have hung in there in excess of 5 years, demonstrating considerable patience and intestinal fortitude in the process.

I chatted this morning with Donna Lutz, the sales manager for Vantage Pointe. She said walkthroughs for buyers who’ve made deposits are slated to start next week. And the building is “still on target” for some of the buyers to close escrow in May.

The building has some hurdles to get past before then, including the financing issues I wrote about recently. May is also the point at which, if the developers have failed to finish the building and make it ready for move-in, some of the current buyers could walk away from their contracts, with a refunded deposit.

“It’s coming down to the wire,” Lutz said.


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