Looking for a duplex in Mountain View or Sunnyvale area for 1031 exchage. I have a rental house in Palo Alto. Does anyone know any seller of duplex ?

Asked by David, 95070 Tue Dec 7, 2010

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Lorraine Campos’ answer
Lorraine Cam…, Home Buyer, Palo Alto, CA
Thu Mar 14, 2013
Andrea, I am seeking a 2 bedroom apartment or home.
I live with my older son who will be attending foothill college.
Could you help. Do you know of any agent that can help me?

Lorrainne
0 votes
Andrea Wince…, Agent, Milpitas, CA
Wed Dec 8, 2010
Hello David, I have a relationship with a title company that can handle your 1031 exchange. It is a company that has been in business for many years. Also, identified over 10 duplexes in Mountain View and Sunnyvale that are under $1m. If you would like me to email you the list, please email me through my Trulia profile and I will be happy to send it over. Kind regards.
1 vote
John King, Home Buyer, Palo Alto, CA
Tue Nov 5, 2013
Yes. I have a client who would consider selling his duplex near downtown Mountain View. Please contact me at 650-483-2710.
0 votes
Marcy Moyer, Agent, San Ramon, CA
Wed Dec 8, 2010
The short answer is yes, as the other realtors have explained below. I just want to add that if you do a 1031 exchange in order to defer taxes that not all 1031 Exchange Companies are the same. A few years ago some companies had people's money and went bankrupt, causing a big scandal and major losses for the investors involved who were in the middle of exchanges. It is probably safest to use an exchange arm of a title company. First American has a large exchange department and I believe Old Republic has one as well.

Marcy Moyer
DRE 01191194
Web Reference:  http://www.marcymoyer.com
0 votes
Grace Hanamo…, Agent, Cupertino, CA
Tue Dec 7, 2010
Hello David and thanks for your post.

There are at least 4 very good duplexes in Sunnyvale--the best one priced at $1.2 million but with a $30,000 annual cash income and solid stable tenants--ranging in price from the aforementioned $1.2 million to the mid $800,000s, and at least 5 good duplexes in Mountain View ranging from $1.2 million with Los Altos Schools to around the high $700,000.

If you'd like more information on any of these homes or to schedule a time to see these properties, please let me know. If you are using a Realtor, I'm certain that he or she can easily look at these same properties for you!

As Terri noted below, if you're finding resistance purchasing a home due to the fact that you're a contingent buyer (meaning you have to sell the Palo Alto property first), you can sell your home and use a third party exchange facilitator to assist you in completing your 1031 exchange. The exchange facilitator will hold the money in escrow and will allow you to sell the home within the specified time window before having to identify and close on the second property at the same time. Being able to close on the first home is important to giving the seller the assurance that you can and will buy their property.

Good luck!

Sincerely,
Grace Morioka, SRES
Area Pro Realty
Tel (408) 426-1616
Email: GraceAreaProRealty@att.net
Rebates to Buyers up to 1.5% of Purchase Price; Listing as low as 1.25%
0 votes
, ,
Tue Dec 7, 2010
Check out http://www.listing-search.com. We have a free property search with some listings and bank owned properties before they hit the market. I hope it helps.
0 votes
John Souerbry, Agent, Fairfield, CA
Tue Dec 7, 2010
There are approximately 15 duplexes for sale in Mountain View and Sunnyvale today, but as you know, inventory changes daily. Prices range from $430k to $1.2M. If you need help with your Palo Alto sale or want more information on properties available that fit your exchange criteria, let me know.
0 votes
Terri Vellios, Agent, Campbell, CA
Tue Dec 7, 2010
You don't have to do a direct exchange to facilitate a 1031. You can use an intermediary company. There are rules if you are not familiar with 1031 and the intermediary facilitator can assist you with the time line. Is your house for sale yet?
Web Reference:  http://terrivellios.com
0 votes
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