June 2006 RETURN TO HOME PAGE FEEDBACK

Luxury home buyers, including two who each paid more than $2 million, continued to throw their weight around in Noe Valley this spring.

Twelve homes closed escrow in Noe in April 2006--the same number as in April a year ago--according to data provided to the Voice by Zephyr Real Estate. But of those 12 properties, only one sold for less than $1 million, and the average single-family home cost above $1.4 million, 18 percent more than last year.

Condominiums also attracted big bucks. Buyers purchased 11 condos in April, compared with six sales in March and nine one year earlier. Four condos sold for more than $1 million, and the average sales price was just $5,000 shy of $1 million.

As they have been doing for the past few months, buyers have been offering more than the asking price--but not the sometimes outrageous overbids that characterized the market last year.

Detached-home buyers paid a 5 percent premium compared with a 16 percent overbid one year ago, and condo purchasers gave sellers a 3 percent bump over the list price in contrast to one year ago, when they paid 19 percent more.

Buyers took a few days longer to close escrow, and that, along with the deceleration of overbids, could make it appear that the Noe Valley market is "not quite as red hot as last year," says Randall Kostick, Zephyr's general sales manager.

But home prices in the neighborhood continued to rise, he says--especially in the top tier of the market.

"Prices have not suffered," Kostick says. "And the reason is that we have enough buyers out there to keep the interest level in property very high."

Just how much interest? A buyer paid $2.3 million for a home right in the heart of Noe Valley. The four-bedroom, 31/2-bath residence, with more than 2,800 square feet of space, is located in the 100 block of Clipper Street, between Church and Sanchez streets. Another $2 million-plus sale occurred a few blocks away, in the 500 block of Clipper Street between Diamond and Douglass streets (see below).

The highest-priced condo, a 2,300-square-foot unit with three bedrooms and 31/2 baths, sold for $1,620,000. It is located in the 1000 block of Dolores Street between 23rd and 24th streets.

'Green House' Snapped Up

A newly-built "green house" in Noe Valley sure brought in a lot of green.

Back in April, the Voice featured a front-page article about an environmentally-friendly home that three local developers built in the 500 block of Clipper Street. The LORAX Development team bragged that it was the greenest house in San Francisco.

The asking price for the four-bedroom, four-bath contemporary home was a cool $1,899,000. But the number didn't deter three groups of buyers, who all offered more than the asking price. The home sold in May for $2,150,000, to the president of a pharmaceutical firm.

The family, which includes three children, was moving in at the end of last month. The Voice checked in with Mike Kerwin, one of the partners of LORAX Development, who said the new owners have lived and traveled internationally.

What attracted the family? The family told Kerwin it was the home's modern, international feel and its earth-friendly features--particularly the solar-panel energy system and the hardwood floors fashioned from 100-year-old railroad ties salvaged from Southeast Asia.

Noe Valley Home Sales*

	Total Sales	Low Price ($)	High Price ($)	Average Price ($)	Average Days on Market	Sale Price as % of List Price
Single-family homes
April 2006	12	$835,000	$2,340,000	$1,402,213	30	105%
March 2006	11	$785,000	$2,000,000	$1,201,545	35	106%
April 2005	12	$900,000	$1,855,000	$1,188,625	22	116%
Condominiums
April 2006	11	$650,000	$1,620,000	$995,318	30	103%
March 2006	6	$610,000	$1,502,000	$1,094,333	46	106%
April 2005	9	$675,000	$1,200,000	$861,889	27	119%
2 to 4 unit buildings
April 2006	5	$1,125,000	$1,616,500	$1,372,800	31	107%
March 2006	3	$1,321,000	$1,706,000	$1,492,000	21	106%
April 2005	2	$1,195,000	$1,218,000	$1,206,500	37	101%
5+ unit buildings
April 2006	0	-	-	-	-	-
March 2006	0	-	-	-	-	-
April 2005	0	-	-	-	-	-

*Sales figures include all Noe Valley home sales completed during the month. In this survey, Noe Valley is defined as the area bordered by Grand View, 22nd, Guerrero, and 30th streets. The Voice thanks Zephyr Real Estate (www.zephyrsf.com) for supplying the data.

Noe Valley Rents**

Type of Unit	Number in Sample	Range of Rents, May 2006	Average Rent, May 2006	Average Rent, One Year Ago
Studio	7	$995-$1300	$1134	$1092
1 bedroom	13	$1300-$2295	$1655	$1489
2 bedrooms	21	$1600-$4000	$2446	$2286
3 bedrooms	9	$2250-$4500	$3259	$3147
4+ bedrooms	7	$3200-$8500	$5950	N/A

**These rent averages are based on a sample of 57 Noe Valley rental listings appearing on www.craigslist.com May 15-19, 2006.