The Morning Report
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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.
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.