Housing sales still languish in limbo at a San Jose residential complex that’s one of the properties engulfed in a vast Bay Area real estate fraud case.
SAN JOSE — Housing sales still languish in limbo at a San Jose residential complex that’s one of the properties engulfed in a vast Bay Area real estate fraud case that arose after hundreds of investors were swindled.
The sluggish pace to complete The Almaden complex contrasts sharply with a similar housing development in Fremont that also was developed by Acharya and his firm. The SEC accused Acharya of fraud, claiming he bilked hundreds of unwitting investors, many of them people of South Asian heritage, out of more than $100 million. Silicon Sage’s properties were shoved into court-ordered receivership in the wake of the criminal accusations.
“The condominium project owned by Osgood LLC is complete, with 64 units having closed escrow, five in escrow, and 24 still being marketed for sale,” the court papers filed by the receiver’s attorney stated. The Fremont project is located at 42111 Osgood Road. As of the end of March, the San Jose project was 80% complete. The receiver gave no estimate for the project’s completion date.
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