November 2001 RETURN TO HOME PAGE FEEDBACK

Home sales in Noe Valley slowed significantly during September -- even as prices remained stratospheric. Home buyers closed escrow on eight properties, compared with 16 in August (2001) and 20 in September 2000, when the real estate market was still red hot.

The faltering economy and the Sept. 11 terrorist attacks on the World Trade Center and the Pentagon hampered sales, said Randall Kostick of Zephyr Real Estate. "We had a lot of clients who, although they may not have stopped looking, took pause," Kostick said. "In addition, we had lenders who were unable to fund because they fund by wire through the WTC."

Kostick said buyers are shopping once again, and "I expect October to be a very full month."

A new condominium in the 500 block of Duncan Street was the most expensive property sold in Noe Valley during September. Buyers paid $1.5 million for the three-bedroom, two-bath condo.

A two-bedroom, two-bath property in the 400 block of Clipper Street commanded $985,000 -- the month's high for single-family homes.

As for renters, this fall has been the best time to shop for an apartment in five years, says Walter Ellingwood, executive vice president for Rent Tech. Landlords dropped their asking prices by a notable margin during the third quarter of this year -- by as much as $150 a month for a studio and more than $200 for two- and three-bedroom apartments. Renters also had many more choices than in the past.

"In general, it's a good time for someone who has been waiting to move...to consider doing so," Ellingwood said. "They've never been in as good a position to find something based on availability, and landlords are more willing to negotiate."

Noe Valley House Sales: September 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	4	$585,000	$985,000	$752,000	15	105%
Condominiums	4	$285,000	$1,550,000	$755,000	18	98%
2 to 4 unit buildings	3	$700,000	$1,290,000	$915,333	37	97%
5+ unit buildings	0

Noe Valley House Sales: August 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	8	$664,500	$1,293,000	$843,312	35	99%
Condominiums	8	$454,000	$1,450,000	$818,500	45	101%
2 to 4 unit buildings	3	$585,000	$1,080,000	$838,333	87	93%
5+ unit buildings	1	$1,375,000	$1,375,000	$1,375,000	36	97%

Noe Valley Rents**

Size of Apartment	Average Rent, July-September 2001	Average Rent, April-June 2001	% increase or decrease
Studio	$1220	$1376	-11.3%
1 bedroom	$1730	$1766	-2.0%
2 bedrooms	$2415	$2651	-8.9%
3+ bedrooms	$3118	$3358	-7.1%

*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 September 30, 2001.