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Not sure of the right time to sell on Balboa Pennisula, Newport Beach--now or wait until next spring

Have 1905 completely remodeled and newly furnished cottage with 2 bedroom duplex behind it. 
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August 17 2012 - Newport Beach
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"Sounds like a sweet property, buy, sell or keep".  The Balboa Peninsula is an "awesome" place to show off this time of year.  You have all the cards stacked in your corner.  If you are truly motivated to sell, take the plunge, and take advantage of what the holidays may bring. You won't get a more festive showing then during the Christmas Season.  You can always do more construction or spend more dollars making it sweeter, however the buyer may want to put a bit of his own touch...it won't break the deal, I'm sure.  I'm always walking my dog Hana on Balboa for my chocolate covered banana fix, would be delighted to see your cottage during the holidays.
Happy Holidays!!!
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December 17 2012
After a remodel like that, you should have a "Maximum Value Home Sale Audit" performed, before you list the property. this is not an appraisal, or a basic CMA report (which are very inaccurate). It's a complete audit of your home from top to bottom, revealing the elements that affect a full price, fast sale. [Promotion removed by Zillow moderator. Please see our Good Neighbor Policy for more information.] Best of luck, enjoy the remodel,
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November 21 2012
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Thank you for your comments.   It is actually a duplex not a triplex--I may not have been clear on that.  The front part is the cottage with 2 bedrooms aand over the garage behind the cottage is a 2 bedroom apartment.  All remodeled.   The way it is set up the apartment and cottage can also be a single family residence if someone wanted it that way.  The roof has also been redone and can support a deck with a view of the ocean.  We have not put the deck in since our plan is to sell this property and reinvest in another property that has potential but may need remodeling work.  Because of our work schedules, we will have to wait until after December. 
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November 21 2012
This year the market is uber hot.

Typically this time of year is not great to SELL but great to BUY since most people selling now NEED to sell and sometimes you get great deals.

A lot of agents like the 'pop' of a new listing on the market - like the pop of champagne - to get a lot of offers, but if I were you I would list it 12/1/2012 or 1/1/2013 at the latest, and expose it on the market, especially since you state your property is technically a 'triplex', not a typical SFR. Triplex's on Balboa Penisula or anywhere in your area typically take longer to sell since your typical SFR buyer does not want tenants. You are looking for a investor or owner/investor, and the marketing time will be longer to find one.

Good luck !

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November 20 2012
Hi Maryann. Your timing depends on your needs. You haven't mentioned your plans beyond possibly selling - whether to buy somewhere else, or move somewhere else.

If you're thinking of buying, this next 2 months will be a great time to buy - in Orange County, anyway, while toward next summer would be the best time to sell, assuming prices continue to go up, which seems likely.

So, if you're in a position to buy, prior to selling, that's a great position to be in. On the other hand, if you need the equity from this house, to use in your purchase that changes things a bit.

All this strategizing requires sitting down with an expert to develop a game plan that makes sense. For over 36 years I've done this with countless clients, with great mutual success.
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November 20 2012
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Thank you Jason for taking the time to reply to me.   What you said makes a lot of sense.  Now with the holidays upon us, I think we will wait a bit longer.  I cannot put anything else on my plate right now (no pun intended with Thanksgiving in a few days!)  Thanks again!  Maryann
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November 20 2012
Most agents would say to wait until the spring to put your place on the market.  That's the average agents answer because that's what they were taught to tell clients.  Truth be told, if you work with a real estate expert advisor, one who is an expert in your market, you can list your house anytime and if marketed correctly, still get top dollar, especially in markets like Newport Beach and Irvine, the top two cities in Orange County that people moving to the area look in first.  Especially in the current economic market, there is a lack of inventory, so there are more buyers than sellers, so putting your house on the market, you will more than likely get multiple offers on your home.  With interest rates still low, buyers are looking for homes to buy.  This is one of those rare times where I am telling my clients we are in a buyer and a seller market.  I laugh when I hear clients tell me that other agents advised them to wait until spring to list their property.  IF it's listed correctly and marketed properly, you can get top dollar for your house anytime of the year, we live in southern california, not in the cold weather cities.  Hope that helps..
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November 20 2012
Dear User,
Spring and Summer are generally good times for Real Estate Sales and the market appears to be improving for sellers.
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November 11 2012
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Thank you for taking the time to answer me.   You gave me many points to consider.   We may just hold onto it until the Spring of next year unless an opportunity presents itself that we can't turn down.   There a auctions going on nearby so I will see what happens with them.   Thank you again!  Maryann
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September 05 2012
I would definitely consult with an agent who specializes in selling homes on the peninsula because there are many things to consider.  First and foremost... supply and demand at this specific point in time.   In the Phoenix market, there are more buyers than inventory which is often creating a multiple bid situation with the sales price going higher than the asking price!   Secondly, who will be your most-likely buyer?  Due to such an amazing location, it would seem you have a high chance of selling to a second-home buyer or investor.   What 'season' do your realtors experience a high influx of these buyers?   Let me know if you need a referral for a good agent in your area.  I LOVE Balboa and visit as often as possible!   Angela
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September 05 2012

My first question is why do you want to sell? If you want to get best and highest and time frame is not an issue for you I would recommend we do a simple search to determine the competition (or lack there of) you have in your area. Unfortunately we can not determine the future but we can easily determine where your house presently stands in today's market. Contact me if you would like me to run the comps in your area and I will get those to you ASAP. 
Hope that helps :)



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August 27 2012
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Thank you for your advice.  I will have to think about this more and maybe weigh it against what other opportunities are out there.  I have a contractor that does wonderful work so I am not afraid to go into something else that has value but needs work to get it there.  The house now is quite lovely and the renovations have added even more charm to the cottage.  We were even able to restore all the wood floors that are over 100 years old and are so uniquely beautiful. We redid the 2 bedroom apartment over the garage which can bring in monthly income.  So as you can see I am torn.
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August 20 2012
If you don't need the money then wait until next year to sell it. Prices keep going, specially in crowded cities as Newport, where there almost no empty lots for new construction.

Also consider the property taxes, insurance, utility bills, and maintenance. If you believe the appreciation the property may have for the next year is much higher than the expenses above then I would wait.

But if you're trying to sell your property to buy another one, I would recommend to sell and buy now. All things being equal, and considering a higher purchasing price in 2013, you will be paying less in property taxes for the new property if you buy in 2012 rather than in 2013.
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August 20 2012
 
Related Questions
Not sure of the right time to sell on Balboa Pennisula, Newport Beach--now or wait until next spring
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Latest answer by Antoinette Kaplan
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