The Vantage Point complex has 679 condos, and at the end of August the owners said that they had about 200 renters living there when they suspended sales.
You don’t always need window coverings in a high-rise, but it doesn’t look like anyone is living in the north tower, judging by these photos taken yesterday. They had segregated the complex into separate phases, hoping to earn Fannie/Freddie approval on smaller sections at a time. But the spokesman said they were “not getting the traction we’d hoped for”, so they shut down the sales and are returning deposits to the 40 buyers they did procure.
BOTTOM HALF OF NORTH SIDE:
TOP LEFT HALF OF NORTH SIDE:
EAST SIDE (looking west) The entire north tower looks vacant:
From the U-T article:
Tom Brown, a retired Marine who had planned on buying a one-bedroom unit on the sixth floor for $270,000, had been renting in Vantage Pointe since last December while he waited for his escrow to close. He says he’s disappointed that the condo purchase will not come to pass but praised the developer for promising to not only return his $2,700 deposit but also pay him $8,000 for the federal first-time buyer tax credit that he now will no longer be able to get because it has expired.
And I’m sure that $8K will go far…lol.
Man, didn’t even hit 1/3. I swear at some point, one of these major complexes should or will end up being bought by a city and converted into either a homeless shelter or “affordable housing.”
He says he’s disappointed that the condo purchase will not come to pass but praised the developer for promising to not only return his $2,700 deposit but also pay him $8,000 for the federal first-time buyer tax credit that he now will no longer be able to get because it has expired.
Wow, I’m really surprised (and impressed!) by this.
I don’t see why the developer feels any obligation to pay the $8000. IMHO it sets the WRONG precedence, NOT the right one. I worry that such moves will obligate other sellers to pay up an beyond their forcible obligations–everyone is a victim nowadays.
Lots of stupid condo developments were built all over the place. Here’s my new favorite:
This guy built condos in downtown Riverside and wanted up to $475k for one of them (a four bedroom house can be purchased in Riverside for one third that). None sold, so now he’s trying to rent them for up to $1,975 a month (still way too much).
Geotpf. Great story.
“But he said prospective buyers kept trying to beat down his prices, even after he shaved $30,000 off the initial list prices ranging from $240,000 for a one-bedroom, one-bath condominium to $475,000 for a two bedroom, 2 ½-bath townhouse. ”
He’s not going to give them away! What a depressing job it will be to work on that leasing staff.
The Vantage Point complex has 679 condos,
How the heck are they supposed to move these units when people with no respect are dropping the ‘e’? The ‘e’ stands for “extra fabulous.” That ‘e’ is worth big money!