Bernal Heights architect Mason Kirby was playing with Zillow this morning, and after doing a manual tally of the listed properties, he had a surprising epiphany:
A VERY SCIENTIFIC observation– on Zillow, in Bernal Heights, there are 55 foreclosures and 42 homes for sale. This is like, Wow! — Wow that the number of foreclosures is greater than the number of homes offered for sale, but also wow, because it seems like the average price of homes that are for sale has been uninfluenced by the quantity of neighboring foreclosures.
On the map above, for example, the properties without price tags next to them are foreclosures.
Obviously, Bernal Heights is not like, say, Modesto. Still, this does seem like a paradox: Bernal home sale values are not being dragged down by the large number of foreclosed properties in the same area. But every one of those foreclosures is traumatic. (CUE: Occupy Bernal).