Home Selling in Salinas>Question Details

Jessie, Home Buyer in Salinas, CA

How long should I hold on to my condo before selling?

Asked by Jessie, Salinas, CA Thu Dec 6, 2007

I have about a year with the converted condo it use to be a apartment.

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7
Patti Phillips’ answer
Jessica, I agree with Patti's assessment. You would most likely have a difficult time even breaking even right now if you were to sell. In our area (San Diego) the condo conversions have taken the hardest hit on their value. I don't know if the same holds true in Salinas, but in any case you would have a difficult time making any money after just a year. Hang tight!

Patti Phillips
800-680-9133
1 vote Thank Flag Link Thu Dec 6, 2007
Hi Jessica:

Well, first things first: Hold less than 2 years and you will have to pay capital gains on any profit.

However, it's pretty difficult to even break even after 1 year -- especially with a condo, in general -- and you may even take a loss with the costs associated with a sales transaction.

Of course, it depends on the location. I'm not a Salinas agent, so maybe one can chime in here, but this we know across the board: the real estate market is cyclical. When the market is moving and shaking at a speed that builders have a hard time accommodating, any property can be a safe bet for appreciation, even, and sometimes especially, condos. However, that bubbling market of yesterday is bursting, and depending on how it has affected your area, condos may take the hardest hit.

If you can hold out for 3 years minimum, you may see a better return on your investment.
1 vote Thank Flag Link Thu Dec 6, 2007
Patti Pereyra, Real Estate Pro in Chicago, IL
MVP'08
Contact
Since this was asked 2 years ago, did you sell your condo or are you still in it?
0 votes Thank Flag Link Thu Jan 14, 2010
Since every situation is completely different, I can give you a recommendation/time line customized to your specific needs. I have a qualified buyer I am showing condos to later today and would love to talk to you about your home. Look forward to hearing from you....831-809-6387 http://www.angelasavagerealtor.com
0 votes Thank Flag Link Thu Jan 14, 2010
I am a Realtor in Salinas and there are a lot of things that need to be considered, the most important of which is what is the value of the condo. today. If you would like to know the value, I would be happy do a market analysis for you. You can email me at tmartin@rwnetwork.com. Once you have that information you will be better able to determine whether selling you condo., right now, would benefit you.
0 votes Thank Flag Link Sun Dec 13, 2009
wait until 2030...as the person below would have you believe
0 votes Thank Flag Link Mon Mar 24, 2008
keep it, wait for the market to recover
maybe 2011 break even

anways

good luck
0 votes Thank Flag Link Mon Mar 24, 2008
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