Doing a 1031 exchange can be very stressful due to the time constraints you have to locate and close on a property. The times frames are basically 45 days to identify up to 3 properties and then to close on one of those with 180 days after closing escrow on the previous property. I have gone through this process several times and it can be really crazy during those 45 days in trying to locate the perfect exchange property. There are several homes throughout the Newport Beach area that are being marketed by the owners real estate agents as potential 1031 exchange properties. Of course, a real estate agent can say a property is a good investment but ultimately it's up to the buyer to determine this.
One of the properties noted is located in the Versailles complex in Newport Beach. These are nice residential condos that can offer view of the ocean. The property being advertised as a potential 1031 exchange property is a two bedroom, two bath condo with 936 square feet. It's located on the first level of the building and offers two full bedrooms with two separate baths. It's been nicely updated with granite counters and hardwood flooring and looks like it's ready to be rented out. Two bedroom rentals in this complex have rented out in the last 6 months with a range from $2,450 to $3,400 a month.
Another interesting property that is being marketed as a 1031 exchange property is 22 Coventry in Newport Beach. It's currently being listed for sale at $1,249,950 and also for lease at $5,000 a month. The home is located on the Harbor Ridge Crest gated community in Newport Beach and offers wonderful water views. The home was built in 1977 and features a total of two bedrooms, two baths with an approximated 2,091 square feet. Buyers love this area since it's one of the premier gated communities in Newport Beach that is located near the 73 freeway and a short distance to the beach. If you are currently doing a 1031 exchange and looking for the ideal property please give us a call at 949-444-1901. We specialize in all things Newport Beach and would love to assist you.