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.