Noe Valley Voice December-January 2009
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The Cost of Living in Noe


Housing Market Less Anemic

By Corrie M. Anders

Homebuyers continued to find Noe Valley a desirable place to live, purchasing nine single-family properties during the month of October.

The total matched the number of sales in September and was two more than the seven residential transactions recorded in October of last year, according to data provided to the Noe Valley Voice by Zephyr Real Estate.

Randall Kostick, Zephyr's general sales manager, said the latest statistics reflect a "relatively healthy" real estate market in Noe Valley.

"I think it's good for buyers and okay for sellers," he said.

Except for one burst of spirited buying this summer that favored sellers, buyers have been in the driver's seat most of the year.

In October, buyers on average paid 2 percent more than the seller's asking price. But the windfall was less impressive than last October's, which garnered sellers an extra 4 percent.

Even with the overbid, the average sales price was nearly 23 percent less than one year ago. The Zephyr data showed that buyers paid an average $1,126,000 per single-family home this October, contrasted with $1,456,000 in October of last year. (The small number of homes sold may magnify these averages.)

Of the nine sales, six homes topped $1 million. The most expensive was a "Victorian compound" in the 300 block of Clipper Street, between Noe and Castro streets. Sold in 62 days, the home's $1,581,000 price tag included four bedrooms, four baths, parking for three cars, a one-bedroom cottage in the back, and 3,200 square feet of living space.

Buyers paid $1,275,000 for a four-bedroom, 2.5-bath condominium in the 100 block of Duncan Street, between Dolores and Guerrero streets. The 2,200-square-foot unit, with one-car parking, was on the market for 90 days.

The Duncan Street property was among eight condo transactions reported in October, compared with five in September and five in October of last year. Buyers paid an average of $839,000 for condos that sold for slightly below the asking price.


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
Oct. 2009 9 $849,000 $1,581,000 $1,126,167 51 102%
Sept. 2009 9 $780,000 $1,795,000 $1,163,222 73 98%
Oct. 2008 7 $998,000 $2,207,000 $1,456,429 23 104%
Condominiums
Oct. 2009 8 $515,000 $1,275,000 $839,000 62 99%
Sept. 2009 5 $455,000 $969,000 $722,900 83 98%
Oct. 2008 5 $775,000 $1,370,000 $1,037,800 42 101%
2 to 4 unit buildings
Oct. 2009 2 $1,030,000 $1,205,000 $1,117,500 59 95%
Sept. 2009 4 $688,020 $1,571,000 $1,179,755 57 101%
Oct. 2008 3 $1,326,000 $1,502,000 $1,395,667 70 102%
5+ unit buildings
Oct. 2009 0 - - - - -
Sept. 2009 0 - - - - -
Oct. 2008 0 - - - - -

* Sales include all Noe Valley home sales completed during the month. Noe Valley in this survey 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 sales data. NVV 12/09


A Snapshot of Noe Valley Rents**

Type of Unit Number in Sample Range of Rents,
Nov. 2009
Average Rent,
Nov. 2009
Average Rent,
Oct. 2009
Average Rent,
Nov. 2008
Studio 7 $1,150 - $1,600 $1,307 / mo. $1,355 / mo. $1,439 / mo.
1 bedroom 32 $1,040 - $2,995 $1,775 / mo. $1,736 / mo. $2,119 / mo.
2 bedrooms 46 $1,750 - $5,200 $2,625 / mo. $2,719 / mo. $3,085 / mo.
3 bedrooms 21 $2,795 - $5,295 $3,884 / mo. $3,989 / mo. $4,462 / mo.
4+ bedrooms 6 $4,150 - $8,750 $6,367 / mo. $3,622 / mo. $6,253 / mo.

** Survey based on a sample of 112 Noe Valley listings appearing on Craigslist.org from Nov. 2 to 16, 2009. NVV 12/09