Sean Leson, Home Seller in Irvine, CA

Should I sell at this time or rent my 2BR/2.5 BA condo (for 2-5 years before selling) at the Plaza Irvine?

Asked by Sean Leson, Irvine, CA Tue Jul 24, 2007

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Gio, Renter, Beverly Hills, CA
Wed Dec 22, 2010
i'd love to rent in the plaza. i rented 8070 for a long time before moving to la for work. just opened an office in CM and want to rent at the plaza again..
0 votes
Ray Chen & C…, Agent, City of Industry, CA
Sat Jul 12, 2008
if you do not want to loose money get an agent and find out the exact sold trend of similar properties in your area (you can also look at the data here at trulia or look at sales history at dqnews.com.

if the price is going up and that properties are in demand then you have no problem just list it and sell it.

if the price went down, then you have to figure out what to do. If you lost a lot of money on it then you may short sale it. If you but it at a pretty low price and the price has not go down a lot maybe you can hold it just rent it out and sell it after the market comes back up.
0 votes
Tara, , Newport, RI
Sat Jun 21, 2008
Hi Sean,

My fiance and I are looking to rent a 2 bdr from the Plaza. Have you sold it or rented it yet?
0 votes
Sandra Carli…, Agent, Newport Beach, CA
Wed Feb 13, 2008
Hi Sean,

I just answered this question for someone over at Watermarke. I'm sure you've seen all the inventory available there. If you don't have to sell, don't. But if you do, or are moving up, the sooner the better and be willing to price it below the last SOLD comps so that you are the next to sell and don't get stuck in the "chasing the market" cycle. Right now, whoever sells first wins...

I have a Specialist Associate team that works The Plaza, Watermarke & Metropolitan so if you need guidance on getting the highest price, let me know and we can meet. My number is (949) 278-4807.
Web Reference:  http://www.OCBeachBlog.com
0 votes
Richard M. J…, , Sherman Oaks, CA
Sun Oct 21, 2007
Hi Sean, this would depend on what your goals are in life. This would also depend on when you bought the home and how much equity you have in it. A trusted financial advisor will help you answer your questions. You should also seek and advice for a Realtor to give you an idea of what your home will most likely sell for.
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Tamara, , 92656
Sat Oct 20, 2007
You should rent out your condo for now, and wait a couple of years for the real estate market to recover. Irvine is a growing city, just like Aliso Viejo to the south is. The market is slow these days, but we should see a recovery in or sometime after 2009. I specialize in south Orange County real estate - feel free to email me at Sundowner2007@yahoo.com
0 votes
Steve Pollack, , Orange County, CA
Wed Jul 25, 2007
Sean:

The Plaza Irvine is a great building, I would stage the unit and get a good renter in there, maybe an business professional or an empty nester. I have been working high rise projects around Orange County for a number of years. As you know the market is a little depressed with a number of new projects that have come on board but I still think in the long run the unit will build equity and there is demand for new easy up keep. There are a number of new professional firms in Irvine and Newport but you must think creatively to cut through the clutter. I would check on http://www.octowers.com to see what the prices are, I can get you a free lease listing. Contact us if you want to discuss more steve@smsold.com
Good luck, I know there are people looking for this type of unit.
Web Reference:  http://www.smsold.com
0 votes
Todd and Nan…, Agent, Anaheim Hills, CA
Tue Jul 24, 2007
Hi Sean,

As a CPA and REALTOR, for the reasons the others stated below, I can tell you it's extremely important to consult your tax advisor first. If you don't have one, you are welcome to send me an email or give me a call at 714 276-7006. No charge - happy to help. I have advised clients both directions - it depends on your situation and goals.

My best, Nancy
Web Reference:  http://ww.TheOCExperts.com
0 votes
Aaron Mendez, , Orange County, CA
Tue Jul 24, 2007
Here is what I always tell my clients. if you have some equity in the property and you can better use that money at this current time (for re-investment purposes of course) then I say go for it. Without knowing your whole situation it's hard to give specific advise....BUT....You basically have 2 options. You can sell now and know that you might not be getting TOP dollar for your condo....but then turn around and get a smokin' deal on something that you buy now.....OR....you can wait it out....sell your condo for "top dollar" later, but then realize that you will also be paying top dollar for anything that you purchase. It's all relative. The good news is....for most people making a "move up" purchase in this market (meaning they are selling a condo to purchase a house) will gain value because in all prices dropped 10% (for instance) then that drop would be less on a $300,000 condo than on a $600,000 home! Get it? The homes that are selling right now are the ones that are the most accurately priced and offering the best product. If you are prepared to do that....then I say (in my humble opinion)...do it and purchase something else! Call or email me if you'd rather chat about it.
aaron@theaaronmendezteam.com
949-5792734
0 votes
J Lo, Home Buyer, California Glory, Brentwood, CA
Tue Jul 24, 2007
Hi Sean:
Regardless of the market in Irvine (which is usually fantastic) your question cannot be answered without the particulars. How long have you lived there? In order to be exempt from capital gains taxes you must have lived in a home 2 of 5 years.

If you rent then sell - and have over $250 in equity - and haven't lived the minimum number of years in the home - you won't be exempt from the capital gains tax.

You should really consult with a CPA who can give you the skinny on your particular situation. Then of course consult with an agent & see if your area is hot for condo sales. I would say in Irvine that you would have a great turnout - this is the market for first time home buyers with good credit.
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