May 2008 RETURN TO HOME PAGE FEEDBACK

Sales of Noe Valley homes may be more restrained than they were two years ago, but there seems to be no limit to what wealthy buyers are willing to pay for the most luxurious properties.

A contemporary-style home on Castro Street, built last year with grand opulence, sold in March for $3,038,000. Buyers closed the deal in two weeks and paid slightly more than the asking price of $2,995,000.

It was the highest price paid for a Noe Valley home since October 2005, when a former Google Inc. engineer wrote a $5.3 million check for a five-bedroom home on Duncan Street.

The $3 million house, located in the 2200 block of Castro Street between Valley and 29th streets, is twice the size of most Noe Valley residences. It features 4,000 square feet spread over four bedrooms and 31/2 baths. Other amenities include a top-shelf kitchen island, luxury master bedroom, several decks, a wine room, sauna, and two-car garage.

The four-star home was one of 11 single-family properties in Noe Valley to close escrow in March, according to data provided to the Voice by Zephyr Real Estate on 24th Street.

The total represented an increase over the eight sales recorded in February, but a decline of four from the 15 deals made in March of 2007. Homebuyers haggled with sellers more than in the past, but still paid slightly above the asking price.

"There are still multiple offers going on, but the numbers are definitely down," said Zephyr general manager Randall Kostick. Two years ago, residential properties attracted multiple offers "more than 75 to 80 percent of the time,'' Kostick said. Today "30 to 50 percent" of the properties draw competing offers.

Even without over-exuberant bidding, the neighborhood's best properties commanded top dollar. Of the 11 sales in March, four homes sold for between $2 and $3 million, five sold for between $1 and $2 million, and one dwelling traded for under $1 million. The high-end sales pushed the average price of a Noe Valley home in March to nearly $1.9 million.

Can a Cabbie Buy a Condo?

Four condominiums exchanged hands in March, the same number as in February, but two fewer than one year ago. The average sales price was nearly $1 million.

The most expensive unit sold for $1.3 million as buyers paid an 8 percent premium over the $1,199,000 asking price. The outlay earned the buyers a four-bedroom, three-bath dwelling with 2,280 square feet of space in the 1400 block of Church Street between 26th and Cesar Chavez streets.

If you're wondering whether a cabbie or a waitress can afford to buy in Noe Valley these days, the answer is...well, maybe. A one-bedroom, one-bath condo with 745 square feet of space sold in March for $595,000. The unit is in the 1200 block of Sanchez Street between 25th and Clipper streets.

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
March 2008	11	$930,000	$3,038,000	$1,875,082	42	102%
February 2008	8	$850,000	$2,450,000	$1,530,063	38	107%
March 2007	15	$910,000	$2,879,000	$1,411,800	20	109%
Condominiums
March 2008	4	$595,000	$1,300,000	$950,000	27	103%
February 2008	4	$609,000	$1,200,000	$882,750	41	100%
March 2007	6	$721,000	$1,025,000	$873,333	23	103%
2 to 4 unit buildings
March 2008	0	-	-	-	-	-
February 2008	1	$1,859,000	$1,859,000	$1,859,000	34	101%
March 2007	7	$1,275,000	$1,850,000	$1,544,643	38	105%
5+ unit buildings
March 2008	1	$1,550,000	$1,550,000	$1,550,000	75	94%
February 2008	1	$1,825,000	$1,825,000	$1,825,000	95	94%
March 2007	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, Mar-Apr 2008	Average Rent, Mar-Apr 2008	Average Rent, Mar-Apr 2007
Studio	4	$1150-$1650	$1375	$1611
1 bedroom	17	$1250-$3200	$2008	$1850
2 bedrooms	15	$1800-$5750	$3133	$2516
3 bedrooms	14	$2900-$6000	$4075	$3973
4+ bedrooms	8	$4200-$7000	$5449	$4616

**These rent averages are based on a sample of 58 Noe Valley rental listings appearing on www.craigslist.com from Marcy 26 to April 9, 2008.