Buyers grab downtown San Jose condos in foreclosure auction with winning bids up to $32,300

Bidders, attorneys, a trustee representative and observers gather outside the Santa Clara County courthouse for the auction of condominiums in a downtown San Jose housing tower that’s located at 188 West St. James Street.SAN JOSE — Buyers flocked to an auction to purchase ten condominiums in a downtown San Jose housing tower built by a troubled developer, despite court proceedings to delay the foreclosure and auction.

The homeowners association for the two-tower residential complex had scheduled the auction after Z&L Properties became delinquent in paying HOA maintenance dues for the ten condos. The auction was held to sell the units to owners who would begin paying the HOA fees.

Just as the sales were about to get underway, Morgan Cahill-Marsland, a real estate attorney with law firm Nixon Peabody, presented the trustee’s representative conducting the auction with a copy of Judge Williams’ temporary restraining order. Cahill-Marsland is one of the Nixon Peabody attorneys representing Z&L in a lawsuit the developer filed to attempt to halt the auction, court records show.

Z&L has been attempting to sell the condos in the western tower in the double high-rise project and so far has sold scores of units. The residential complex totals 640 units. Each tower contains roughly 320 residences. The eastern tower remains unoccupied. The prices paid by the new owners were jaw-dropping by today’s standards in a Bay Area that features sky-high housing costs.

The auction, which began in the morning and went into the early afternoon on Wednesday, represented a fresh twist in the long-running saga of Z&L Properties in San Jose.

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