Noe Valley Voice December 2012
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The Cost of Living in Noe

Do the Math—Buy a Condo

By Corrie M. Anders

Residential property sales in Noe Valley remained solid in October.

Buyers purchased 12 single-family homes during the month—two fewer than in October a year ago but seven more than this past September—according to sales data provided to the Voice by Zephyr Real Estate.

There were also 11 condominium sales, nearly double the number recorded in October of 2011, continuing a trend in recent months toward smaller, less pricey homes. (August and September each had 10 condo sales.)

“There’s not a lot of [sales] difference to report this month,” said Randall Kostick, Zephyr’s general manager.

Single-family home buyers who closed in October, however, stepped back from the auction fever that excited the Noe Valley market in early fall. Buyers paid only a tad more than what the sellers were asking, compared to September when deals closed at an average 15 percent above asking price.

In addition, the average sales price in October was $1.4 million, down from about $1.6 million a year earlier.

Condo shoppers, on the other hand, were willing to pay an average 8 percent more than the asking price to buy a flat in Noe. All but one of the 11 units sold in October went for more than the seller’s list price.

“It’s the less expensive alternative, now that the average price has been rising” for detached homes, said Kostick. He noted that the typical condo in October cost just under $1 million, about $400,000 less than the cost of a stand-alone house.

Still, they can go for a pretty penny. The most expensive condo, a three-bedroom spread located on the upper floor of a two-story modern building in the 4500 block of 25th Street, sold for $1,450,000, 12 percent above its asking price. Escrow closed in 34 days for the two-and-a-half-bath unit, which offered 2,044 square feet of living space and views of the downtown skyline.

Another property with excellent views was the top seller in the single-family home category. Buyers paid $2.3 million for the three-bedroom, two-bath house in the 700 block of 27th Street, between Diamond and Douglass streets.

The extensively remodeled home, with large decks and two-car parking, closed escrow in 35 days. However, it sold for 8 percent below its $2,495,000 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. 2012

12

$940,000

$2,300,000

$1,388,083

31

101%

Sept. 2012

5

$450,000

$1,480,000

$1,025,800

29

115%

Oct. 2011

14

$1,249,000

$1,930,000

$1,621,929

39

100%

Condominiums

Oct. 2012

11

$700,000

$1,450,000

$984,091

36

108%

Sept. 2012

10

$725,000

$1,510,000

$1,074,000

49

103%

Oct. 2011

6

$589,500

$994,000

$767,102

82

100%

2- to 4-unit buildings

Oct. 2012

1

$1,920,000

$1,920,000

$1,920,000

70

96%

Sept. 2012

1

$880,000

$880,000

$880,000

36

100%

Oct. 2011

5

$750,000

$1,450,000

$1,015,800

192

98%

5+-unit buildings

Oct. 2012

0

Sept. 2011

1

$1,250,000

$1,250,000

$1,250,000

28

108%

Oct. 2011

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.comfor providing sales data.   NVV 12/2012

 

Noe Valley Rents**

Unit

No. in Sample

Range

November 2012

Average

November 2012

Average

October 2012

Average

November 2011

Studio

6

$1,695 – $2,200

$1,929 / mo.

$1,642 / mo.

$1,130 / mo.

1-bdrm

18

$1,550 – $3,800

$2,714 / mo.

$2,498 / mo.

$1,983 / mo.

2-bdrm

26

$2,350 – $5,999

$3,671 / mo.

$3,384 / mo.

$3,415 / mo.

3-bdrm

7

$4,250 – $8,000

$5,812 / mo.

$5,277 / mo.

$4,517 / mo.

4+-bdrm

2

$6,000 – $9,995

$7,998 / mo.

$8,000 / mo.

$10,000 / mo.


** ­‑
This survey is based on a sample of 59 Noe Valley apartment listings appearing on Craigslist.org from Nov. 2 to 18, 2012.  NVV 12/2012