Buyers participated in an auction to purchase ten condominiums in a downtown San Jose housing tower built by a troubled developer despite ongoing court processes seeking to delay foreclosure and auction.
The auction of ten condominiums at 188 West St. James Street in downtown San Jose faced delays due to court proceedings aimed at postponing the foreclosure sale.
The homeowners association scheduled the auction to sell units and ensure new owners would start paying HOA fees after the owner, Z&L Properties, fell behind on maintenance dues for the condos.
Z&L Properties is responsible for HOA fees on unsold completed condos, but new owners of sold units would take up the fee responsibility; a temporary restraining order was issued by the Santa Clara County Superior Court.
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