Selling high end, saturated market
One of my RE strategies has been to flip my own personal residence, taking advantage of the IRS no cap gains up to $500K at the 2Y mark. Lots of analysis/caveats/personal sacrifice goes into this I realize, but let's not delve into that.
I'm at the 2Y mark currently on a great, high end home with lots of upside potential. Problem is the high end market in my immediate area is saturated. Prices are up about 30% in 2 years, so looks like lots of high end sellers are trying to get out. Currently there is about 1 year inventory for sale. (I'm in LA, and while there are tons of markets here that are in shortage, my immediate area - for high end only - is over saturated.)
I see my options as:
1. List at market value; possibly longer selling cycle
2. List below market (which I could do given the spread); target quick sale
3. Delay selling 'til the supply/demand is in better balance; also possible but delays my turning over that money.
Anyone have any advice, experience in this situation, or other ideas?