IRVINE, CA—A small window of opportunity to buy another property in a 1031 exchange is helping to drive up prices in all property types, the Saywitz Co.'s president Barry Saywitz tells GlobeSt.com. We spoke exclusively with Saywitz about this conundrum and how investors should approach 1031 exchanges to avoid sticker shock.
GlobeSt.com: How can investors combat this problem of such a tight window to invest in a 1031 exchange property?
Saywitz: Due to the fact that there is a limited amount of inventory and the timeframe to identify a replacement property in a 1031 exchange is 45 days from the close of escrow of the sale property, investors will need to begin looking for replacement properties in advance of their closing. Additionally, the need to engage the services of experienced real estate brokers who are active in the market to identify properties for them will be greater since they may not be readily available or in abundance.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
