In regards to the credit crunch, Vandell said he's less worried about Wall St. than he is Main St. He said a Fed and Central Bank intervention would create "an orderly retreat" from any illiquidity, softening the hits Wall St. will take. Though it will see more rigorous underwriting moving forward. Main St. is another matter, he said, as the "depth and the duration of the housing slump" depends upon the level of homebuilders slowing down supply.

Besides Vandell and the Town Hall Meeting, another highlight included president and CEO Bill Halford of the Bixby Land Co. and co-president Tom McCarthy of McCarthy Cook and Co. going toe-to-toe in a rapid-fire real estate version of the popular ESPN program "Pardon the Interruption." Breakout sessions included topics on: "Quantifying the Level of Distress in the Orange County Real Estate Market," "Can the Resurgent Orange County Office Market Live Up to Owner, Investor and Developer Expectations?" and "Getting Deals Done in the Debt & Equity Capital Markets."

Another highlight was the signature RealShare series "Inside the Real Estate Mind." Group publisher and editorial director Michael Desiato of Real Estate Media interviewed John Parker, chairman of Parker Properties.

Parker, who has been an industry leader in Orange County since the early 60s, and has seen the market at every possible turn, provided advice to those who haven't been through a complete cycle. "Be concerned, but don't be scared about the future," Parker said. "There's a 'fear of the down cycle.' I keep hearing that, but we have to accept the down cycle. Not fear it. We're an international economy and Orange County will be even more important (after this slowdown) than it was in the past."