Noe Valley Voice March 2001
RETURN TO HOME PAGE
FEEDBACK

Noe Buys / Noe Rents:
Real Estate Market Calms Down

By Sally Smith

According to data supplied to the Voice by Zephyr Real Estate, the cost to buy a single-family home in Noe Valley went down about $90,000 over the past three months. However, the average price of a home continued to hover around $800,000, double what it was three years ago. There also were some major purchases in January. One buyer paid close to $1.3 million for a three-bedroom house in the 500 block of Elizabeth Street. Another paid $825,000 for a two-bedroom condo in the 200 block of Chattanooga Street.

Still, Zephyr manager Randall Kostick predicts this spring's real estate climate will be "calmer and more civilized" than the previous two. "We've got a pretty level market, where there are still plenty of buyers, but a lot more sellers, so things have evened out and there are not quite as many multiple-offer situations," says Kostick.

As for apartments, David Grabstald, assistant marketing manager for Rent Tech Inc., reports that Noe Valley rents dipped slightly during the latter part of 2000 and first two months of 2001. "They've dropped a bit," he says. "However, Noe Valley is one of the city's most popular neighborhoods and demand is still high, so you're not going to see a dramatic decrease in rents reflected in the first-quarter figures [available after March 31]." Grabstald adds that if you're looking for a place to rent, now's the time to start pounding the pavement. "This is a good time to look for an apartment -- in Noe Valley and all over the city-- because prices are lower in February, March, and April, before the summer rush." -- Sally Smith

Noe Valley House Sales­January 2001*
Total Sales
(Closings During Month)
Low Price ($) High Price ($) Average Price ($) Average Days
on Market
Sale Price as % of List Price
Single-family homes 9 $589,000 $1,295,000 $817,111 22 120%
Condominiums 2 $750,000 $825,000 $787,500 8 109%
2 to 4 unit buildings 4 $650,000 $1,115,000 $871,250 32 106%

Noe Valley House Sales­December 2000*
Total Sales
(Closings During Month)
Low Price ($) High Price ($) Average Price ($) Average Days
on Market
Sale Price as % of List Price
Single-family homes 8 $500,000 $1,800,001 $850,625 60 113%
Condominiums 4 $575,000 $1,110,000 $901,250 17 107%
2 to 4 unit buildings 2 $850,000 $951,000 $900,500 20 118%

Noe Valley House Sales­November 2000*
Total Sales
(Closings During Month)
Low Price ($) High Price ($) Average Price ($) Average Days
on Market
Sale Price as % of List Price
Single-family homes 10 $650,000 $1,200,000 $909,000 13 119%
Condominiums 9 $345,000 $850,000 $615,250 43 107%
2 to 4 unit buildings 2 $750,000 $827,000 $788,500 21 113%

Noe Valley Rents**
Size of Apartment Average Rent,
July-September 2000
Average Rent,
October-December 2000
% increase or decrease
Studio $1194 $1273 +6.6%
1 bedroom $2056 $1913 -7.0%
2 bedrooms $2908 $2790 -4.1%
3+ bedrooms $3857 $4085 +5.9%

*Information provided to the Noe Valley Voice courtesy of Zephyr Real Estate (www.zephyr-re.com) and based on all Noe Valley home sales (closings) recorded during the month. "Noe Valley" in this survey is defined loosely as the area bordered by Grand View, 22nd, Guerrero, and 30th streets.

**Data based on rentals listed by Rent Tech Inc. (www.renttech.com) as of Dec. 31, 2000.