What's going on at Axis San Jose (SJ downtown condos)? (sales, lender)

[Dontknowmyway2SanJose]

I have checked out the condos at Axis San Jose a few times and am really interested in purchasing an unit real soon but I can't seem to contact anybody there right now. Their website is down and they have took down all of their weekly listings on Craigslist as well.

I was just there about 3 weeks ago and was told that they have more than 35+ units left to sell so I doubt they have sold all of them already since their pricing isn't very aggressive in this market. Their sales office seemed to be closed everyday now and nobody is picking up the phone too so something odd is definitely going on.

I am assuming litigation or another company just bought out the current developer (KT Properties) but can anybody else chime in if they heard a rumor or two?

[sj downtown dweller]

The Lender just took over for KT. They can't sell until they get the TCO renewed, which means paying the Parkland fees, and getting registered with the DRE. Timming is still unclear, but be happy you could be one of the ecsrows being held in limbo until all this is cleared up.

Patience, they say it will all be cleared up within a month. and they will be back at it again.

[Dontknowmyway2SanJose]

Originally Posted by sj downtown dweller

The Lender just took over for KT. They can't sell until they get the TCO renewed, which means paying the Parkland fees, and getting registered with the DRE. Timming is still unclear, but be happy you could be one of the ecsrows being held in limbo until all this is cleared up.

Patience, they say it will all be cleared up within a month. and they will be back at it again.

Thanks for your response and I've read an article that a new investor has taken over the last 65 unsold units and then promptly paid off the Parkland fees in order to renew their license plus get the TCO.

Thus far, I have not heard anything from Axis' sales agent since mid-March when they mentioned that they will re-open in the first week of April (which has now passed).

[mysticaltyger]

Originally Posted by sj downtown dweller

The Lender just took over for KT. They can't sell until they get the TCO renewed, which means paying the Parkland fees, and getting registered with the DRE. Timming is still unclear, but be happy you could be one of the ecsrows being held in limbo until all this is cleared up.

Patience, they say it will all be cleared up within a month. and they will be back at it again.

What the heck does TCO mean?

[Dontknowmyway2SanJose]

Originally Posted by mysticaltyger

What the heck does TCO mean?

I believe it is the certificate of occupancy, all new developments need it so people can actually move in hence why some escrows at Axis have been in limbo since the takeover.

[mysticaltyger]

Originally Posted by Dontknowmyway2SanJose

I believe it is the certificate of occupancy, all new developments need it so people can actually move in hence why some escrows at Axis have been in limbo since the takeover.

Ok, thank you. It would help to go a little lighter on the uncommon acronyms.