Auction in Pomona, CA

[Sam M.]

I went to an auction today in Pomona, California. The address is 2034 Nichols St, Pomona, CA 91768. I was very surprised because it sold for $335K. I think it needs about $40K in rehab (it was really messed up). And I think the ARV is possibly $400K. So it definitely sold too close to retail. I think it would have made sense at a price no more than $250K. The reason it sold so high was that there were too many people their bidding but it didn't appear that anyone was there to live in the house - these were all investors of some sort. Just thought I would share. Any comments?

[Samuel Cafiero]

I am thinking 1 of 3 things: investor rehab for personal use , no set plan or rules on setting max bid, or the person got excited.