The Mira Mesa Condo market is really struggling with the high number of foreclosures for sale. If you are looking for a condo and want to get something that is affordable then Mira Mesa should be a place to consider. The values for these condos will come back in a couple years but for now the values will continue to struggle as long as mortgage defaults stay at the current numbers. Mira Mesa condos have experienced a decline in value equal to about 25% of previous values the year before. This is significantly higher then other real estate communities in San Diego County.
What does this mean for you? If you own a condo in Mira Mesa and you can afford the payments then you need to stay in the condo and just ride it out until values come back. If you can't afford to make your mortgage payment, then you should consider a real estate short sale or loan modification. If you are looking to purchase a condo in San Diego you should consider Mira Mesa as one of your options. You will find that you are going to get a lot more bang for your buck!!!
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