Noe Valley Voice May 2001
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Real Estate: Dot-Commies Give Way to 'Regular People'

Despite the $1,250,000 sale of a three-bedroom, two-and-a-half-bath house in the 400 block of Jersey Street in March, Noe's Valley once-crazed housing market is returning to normal. Today's home buyers "are just regular people who are not experiencing windfall profits from their stock portfolios or from their employment"-- as was the case a year ago, said Randall Kostick of Zephyr Real Estate.

Luxury sales have slowed in the post-dot-com era as fewer buyers can afford to purchase homes costing $850,000 or more. But "a fair number of people can afford homes in the $500,000 to $800,000 range, and those people are still buying," Kostick said. Bottom line this spring: Flawless properties still are getting multiple offers and overbids; homes with blemishes--such as no parking or located on a busy street--don't command top dollar as they would have a year ago.

It's also gotten somewhat easier to find an apartment in Noe Valley, though the neighborhood remains one of the most expensive in the city. Apartment hunters have more properties to peruse compared to last year, and the competition isn't as stiff either. Landlords asked nearly $200 a month less for a two-bedroom rental during the first quarter of this year than they did the previous quarter--and more than $500 less for larger rentals. "Last year at this time, there were literally hundreds and hundreds of people moving into San Francisco for new jobs--and there just isn't that market anymore," explained Walter Ellingwood, executive vice president of Rent Tech, Inc.

--Corrie M. Anders

Noe Valley House Sales: March 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 $503,000 $1,250,000 $857,000 23 109%
Condominiums 6 $250,000 $850,000 $613,333 19 102%
2 to 4 unit buildings 6 $510,000 $1,206,000 $934,333 55 103%
5+ unit buildings 1 $1,740,000 $1,740,000 $1,740,000 28 116%

Noe Valley House Sales: February 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 7 $475,000 $1,325,000 $903,285 27 106%
Condominiums 4 $504,645 $1,250,000 $803,661 29 108%
2 to 4 unit buildings 4 $567,500 $2,150,000 $1,116,875 57 103%

Noe Valley Rents**
Size of Apartment Average Rent,
October-December 2000
Average Rent,
January-March 2001
% increase or decrease
Studio $1273 $1313 +3.1%
1 bedroom $1913 $2088 +9.1%
2 bedrooms $2790 $2604 -6.7%
3+ bedrooms $4085 $3536 -13.4%

*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 March 31, 2001.