Buyers of Downtown San Diego’s biggest condo building Vantage Pointe located in the East Village District are getting their money back. Buyers were informed via e-mail that they soon would receive cancellations of their contracts and that their deposits would be returned. Over 70 buyers were supposed to close escrow last weekend and another 125 were to close later this month.
For some buyers this news comes as a good one because they had been anxiously eying their closing dates and reconsidering their decisions in 2004 and 2005 to buy homes in the building. Many buyers had hoped for discounts and other assurances from the builder and in recent weeks the relationship between developers and buyers was getting increasingly ugly.
Some say that this relationship had more to do with their reticence to go through with their purchase than the declining Downtown San Diego real estate market.
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