How to Convert Duplex to Condos and Sell Separately?

[Zachary Myers]

Hi All! 

This post is a special shout out to anybody that has experience dealing with development in Orange County beach cities.  I am trying to wholesale an off market property in Newport Beach (Corona Del Mar specifically).  The major issue is that the property currently sits as a duplex but the comps in the area show a huge equity spread in selling condos individually.  The play would be to tear down the duplex and redevelop the property as two condos and sell them one at a time.  Does anyone have any insight or experience into the process of actually doing this?  The costs, timeline, etc.?  I have no experience doing anything like this so I don't really know how to explain it to any potential buyer but clearly it is done in the area.  I spoke with a city planner today and his explanation a little fast and a bit overwhelming.  Any advice?  Thank  you.

Zachary Myers