I still think these homes will devalue from 510K. But I am not in SD and not very familiar with that area in Mira Mesa. I think $510K for a 1700 sq foot home is too high and the ARM reset/foreclosure wave of the future will cause the Mira Mesa prices to fall. I suppose if someone can get a 6% loan and are going to stay there for past 2013 or so – then maybe $510 is sort of fair. Just thinking about the home owners expenses in a falling market though, Ie the tax on $510K, etc…it seems like a bad time to pay that for a 1700 sq. foot home, with the little I know about real estate- I think you will do better in 2008 – but I don’t think we’ll reach bottom till at least 2010.
