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July 15, 2010

How’s the Market In: Miraloma Park

I received an email from a prospective Miraloma Park seller this week, asking me how his local market is doing. So I thought it would be a good time to drill down on the nabe.

Miraloma Park is certainly holding its own in 2010. A total of 21 homes have sold this year, at an average price of $797,762. In general, you’re looking at paying in the $600,000s for homes that need work, and generally in the high $700,000s-$1.2M or more for a nicely done 3BR home in a good Miraloma location. The market is currently in a bit of a summer doldrum, with only three homes in contract.

However, there are a dozen properties available, ranging in price from the mid $600,000s-$1,099,000. The hottie at the moment is 99 Marietta, a 4BR/2BA short sale home listed at $688,000 that will undoubtedly attract multiple offers. It’s located a short distance from the Mollie Stone’s retail area, which always jacks up the price.

The neighborhood will still continue to be popular with buyers who need more space in a well-maintained area that’s reasonably close to freeways and retail areas like West Portal and Stonestown.

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