The auction of sold all of the 41 units within two hours, generating over $20MM. Sales prices were 33% over the opening asking prices, to an average of $415 per square foot, an average price of a condo of $501,342, and the average bid up $124,879. The highest price paid was $805,800 for a 1,560-square-foot condo and the lowest $428,400 for a 1,030-square foot unit.
More than 600 people attended.
The Element condominiums were a project of Irvine-based developer John Laing Homes, which closed on nine of the units before filing for bankruptcy.
“We think the results tend to indicate an emerging rebound of housing in Southern California,” said the court-appointed receiver, Taylor B. Grant.
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