<p>I was there for about the first three hours -- long enough to see what happened with the Irvine properties. There were five of them:</p>
<p>1. 27 Oroville - 3br/3ba, 2333 sqft., sold for $860,000 on the first try, fell out of escrow within about 10-15 minutes, then sold for $810,000 on the second try.</p>
<p>2. 61 Kazan St. #60 - 2br/1.25ba, 864 sqft, sold for $260,000. The listing agent for this property happened to be sitting next to me. He said the place was in pretty bad shape. Evidently the most recent asking price was $265,000 and the bank would have gladly accepted an offer of $255,000. Whoever bought it today ended up paying $273,000 with the 5% REDC buyer's premium.</p>
<p>3. 14926 Doheny - 4br/2ba, 1156 sqft, sold for $470,000.</p>
<p>4. 2373 Scholarship - 2br,2ba, 1037 sqft, sold for $440,000 on the first try and $430,000 on the second try.</p>
<p>5 14 Carlton - 4br,2.5ba, 2085 sqft, I got distracted talking to the fellow next to me and missed the high bid on this one.</p>
<p>I left not long after the Irvine properties sold but it's possible that any of them could have fallen out of escrow and been auctioned again later in the day so the prices above may not be final.</p>
<p>Overall, the nicer properties in Orange County seemed to get bid up pretty aggressively unlike properties in the Inland Empire which, in many cases, were selling for 50% less than their "previously valued to" prices. Whether these bids met the banks' secret reserve prices, I don't know.</p>
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