Selling high end, saturated market

[Mirinda Lowe]

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?

[Mirinda Lowe]

Thanks for all the feedback so far.  Leasing it is not an option - don't want the bloom to go off the rose as it were.  I'm certain I won't get a bidding war (selling price would be in the $1.5M range), so if I price low I know I'll get that price or slightly lower.

My thought was I'd price it at market, see what happens 'til about Nov.  (Actually pricing it based on sold comps, which I'll do, will price it low in the market anyway, because everyone is so overpricing right now, the list prices don't reflect any reality.)  If no buyer, then I'll pull from the market and list again in Spring 2015. But I'm open to any ideas...in case I'm missing something that's obvious to someone else.