This is a good question.
I believe the answer must be taken on a case by case basis, as I don't know your financial situation, long term goals, etc. Are you planning on leasing at the beach or buying, and if buying, do you have the down payment without selling your Laurel Cyn home? All of these questions must be considered. Now is a great time to buy, so would encourage you to take advantage of that if you are able. We are coming into the spring and summer seasons, which are prime selling time, so may be wise to take advantage of that timing as well. There are plenty of buyers who have been waiting and looking, ready to pull the trigger once they find the one. The right properties at the right price are selling currently with interest rates at all time lows, federal tax credits available, etc.
If you can afford to purchase another property and can get a good lease amount that will cover your mortgage it may be wise to lease while the market continues to go back up. I have done quite a few of high end home leases recently, so have seen this strategy in action. But if you can't purchase another home without selling, especially if you are moving into a more expensive house, and have equity in your home, now may be a great time to sell and then use your negotiating power on the other end. For example, If say you sell a $600,000 at 10% under where the market may or may not be in a couple years, but purchase a $1M home 10% under that rate now, you actually made $40K in the deal. Also, the available financing and interest rate you have and could get on a new property must be taken into consideration.
Sorry to not give a straightforward easy answer, but everyone's situation is different, and there are pros and cons to both strategies I believe. Let me know if you would like to provide more information and discuss your particular situation further Chris.