News in San Diego real estate...
The developer of downtown San Diego's largest condominium project is facing the possibility of losing dozens of its buyers if it doesn't meet a deadline to complete the nearly 700-unit high-rise by this weekend.
Finishing the mammoth project on time, though, is just one of the developer's worries in a slumping housing market that has significantly slowed sales of new condos downtown.
Pointe of View Developments has contracts with nearly 300 buyers at Vantage Pointe, but purchasers say they have been unable to get loans because of new lending guidelines that require condo developers to secure a high percentage of pre-sales.
For Pointe of View, the most immediate challenge is the more than 70 buyers who have the option to back out of their purchase agreements and get their 5 percent deposits refunded if the developer cannot secure an occupancy permit by Saturday.
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