Option 2 will give you much more flexibility moving forward. If the requirements change and you have more properties to add to your "property" content type, Option 2 gives you plenty of space to roll out the new elements.
Option 1 is good if you have simple properties like textbox or boolean values and wouldn't have more than 1-2 in addition to what you have.
But what if you need to add a "features" checkbox list for things like whether the property has a garage, does it have gas or electric heat, what type of material is the siding or roof made of?
What if you had to add a radio button list for whether it is for sale by owner, a short sale, an auction, or for sale by a realtor?
I would go with Option 2 even with just the elements in your current examples because the one constant when it comes to CM tools is change.
If you had a few more elements to add, you have room with Option 2.
If you have many new elements to add, you would use the left column for in page scrolling navigation like this so you could group related elements into groups. But that would still maintain the all-items-stacked-vertically pattern you teach your user from the beginning.