We had a waitlist come through for 100 pts, Sept use year. It took about a year. Went on the list late March 2013 and it came through mid March 2014. I kept watching resales all during that time and nothing that fit what we needed came up.
I had a one night wait list come through this week. So excited! It was for a 2 BR on July 6th. I was on the wait list since March 25th. Don't give up hope!