Notes from a foreclosure auction

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I buzzed out to the Fairplex in Pomona on Saturday for the DoveBid/CataList Homes auction of 75 foreclosed homes. It was my first foreclosure auction and it was an interesting scene. It is the making of a market.

Many of the houses up for auction had sat on the market for months. Now we know what they’re worth.

We shot some video that I hope you will see next week on the LATimes website. I know many of you are curious about selling prices, so I took careful notes on the first 10 houses.

1) 12233 Mountain Ash Court, Rancho Cucamonga. Last listed for $693K, opening bid was $346K. Sold for $565K.

2) 25341 Bani Ave., Lomita.[[note: corrected from Bain Ave.]] Last listed for $529K, opening bid was $349K. Sold for $505K.

3) 43958 Moonlighting Drive, Hemet. Last listed for $199K, opening bid was $99K. Did not sell.

4) 1865 Kingsford Drive, Corona. Last listed at $393K, opening bid was $196K. Sold for $240K. I ran the numbers on this one last week; it sold for $490,000 in 2005, so the decline from peak pricing on this house is 51%. That’s a lot.

5) 8856 Gentle Wind Drive, Corona. Last listed at $608K, opening bid was $304K. Sold for $425K.

6) 4350 Duskywing Road, Hemet (pictured). Last listed at $339K, opening bid was $169K. Sold for $220K. (I also ran the numbers on this one last week; it sold for $382,000 in 2005, so the decline from peak pricing on this house is 42%.

Click below to see more sales results from the auction.

7) 9646 53rd St., Riverside. Last listed at $329K, opening bid was $175K. Highest bid was $205K, which failed to meet the reserve; the house did not sell.

8) 31225 Felecita Road, Temecula. Last listed at $598K, opening bid was $299K. Sold for $370K.

9) 624 Mariposa Drive, Rialto. Last listed at $209K, opening bid was $100K. Sold for $100K.

10) 3 Magnolia Drive, Ladera Ranch. Last listed at $915K. Opening bid was $429K. Sold for $705K.

Two very important notes: Buyers agree to pay an extra 5% as a ‘buyer’s premium’ to the auction companies. Also, the high bidder does not necessarily get the house. The owners of the homes -- the banks -- reserve the right to reject the winning auction bid as too low.

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com