Noe Valley Voice September 2012
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The Cost of Living in Noe

Summer Spending Spree

By Corrie M. Anders

 


The most expensive Noe Valley home sold in June was a newly renovated Victorian in the 100 block of Fair Oaks Street.    Photo by Corrie M. Anders 


Residential property values took a big leap in Noe Valley this summer, propelled by competition among well-off buyers, who purchased 27 single-family homes during June and July.

The combined monthly transactions in the neighborhood were five more than the 22 houses sold during the same two-month period in 2011, according to sales data supplied to the Voice by Zephyr Real Estate.

And buyers paid dearly for their new addresses. The average sales price of a single-family home in July was $1,548,000—32.2 percent higher than the average a year earlier ($1,171,000). In June, the average was 20 percent higher than the same month last year.

While condominium values rose only slightly in July—when compared to 2011—June’s year-to-year stats showed a spike of more than 38 percent.

“We had a pretty hot two months,” said Randall Kostick, Zephyr Real Estate’s general sales manager. Kostick said buyers were “more aggressive,” and rising prices were the result.

With inventory dwindling, home shoppers resorted to a variety of tactics to land the places they wanted, Kostick said. They made all-cash offers, sweetened their deals with thousand-dollar overbids, and got their loans approved way in advance.

Also, he said, “buyers were more frequently taking the property ‘as is’”—without asking the seller to fix termite, dry-rot, or other problems unearthed during a property inspection.

“I’m not saying never do they ask,” ­Kostick said. “But the most aggressive [buyers] say, ‘I see we have a $5,000 problem. Don’t worry about it. We’ll take care of it.’”

Sellers of detached homes in June reaped 9 percent, on average, above their asking price. In July, the bonus was 5 ­percent.

One luxury home proved so attractive that buyers paid $150,000 more, making it the most expensive house sold in June. Priced at $3.4 million, the Stick-Eastlake Victorian fetched $3,550,000 and sold in a scant 18 days. Located on Fair Oaks Street between 22nd and 23rd streets, the home had been newly renovated and featured four bedrooms, 4.5 baths, a gourmet kitchen, parking, and 3,700 square feet of living space.

July’s top seller also commanded more than the asking price—about $65,000 more. The property sold in 26 days for $2,260,000. Buyers got the keys to a contemporary home (built in 2004) in the 900 block of Elizabeth Street with three bedrooms, 3.5 baths, downtown views, and 3,120 square feet.

In the condo sweepstakes, buyers purchased 15 units in June and July, compared with nine sales during the comparable period in 2011.

Two three-bedroom condos in a brand-new building in the 1200 block of Sanchez Street tied as the most expensive units sold in June. One had an original price tag of $1,399,000, but both garnered $1.5 million.

In July, the most expensive condo was a short distance away in the 1000 block of Sanchez. The unit, which sold in 32 days for $1,479,000, had four bedrooms and two baths.

 

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

July 2012

13

$908,000

$2,260,000

$1,548,154

29

105%

June 2012

14

$710,000

$3,550,000

$1,512,931

28

109%

May 2012

13

$902,000

$2,600,000

$1,427,538

33

105%

July 2011

12

$850,000

$1,800,000

$1,170,792

39

104%

June 2011

10

$700,000

$2,490,000

$1,261,750

39

99%

Condominiums

July 2012

7

 $825,000

$1,479,000

$1,003,571

33

103%

June 2012

8

 $539,000

$1,500,000

$1,128,500

33

103%

May 2012

10

 $540,000

$1,505,000

$1,043,850

36

110%

July 2011

4

$600,000

$1,650,000

$972,500

45

100%

June 2011

5

$599,000

$1,199,000

$815,800

43

102%

2- to 4-unit buildings

July 2012

1

$1,700,000

$1,700,000

$1,700,000

26

113%

June 2012

1

$679,400

$679,400

$679,400

402

113%

May 2012

4

$1,049,000

$1,660,000

$1,249,750

68

97%

July 2011

3

$625,000

$1,500,000

$1,088,333

52

98%

June 2011

5

$1,035,000

$1,300,000

$1,149,600

25

112%

5+ unit buildings

July 2012

0

June 2012

0

May 2012

0

July 2011

1

$2,100,000

$2,100,000

$2,100,000

16

111%

June 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 9/2012


Noe Valley Rents**

Unit

No. in Sample

Range

August 2012

Average

August 2012

Average

June 2012

Average

August 2011

Studio

3

$1,595 – $1,995

$1,830 / mo.

$1,695 / mo.

$1,468 / mo.

1-bdrm

18

$1,695 – $3,400

$2,463 / mo.

$2,530 / mo.

$1,998 / mo.

2-bdrm

20

$2,490 – $5,800

$3,435 / mo.

$3,527 / mo.

$3,006 / mo.

3-bdrm

12

 $3,500 – $6,875

$4,818 / mo.

$5,485 / mo.

$4,454 / mo.

4+-bdrm

8

$6,400 – $15,000

$8,812 / mo.

$6,010 / mo.

$5,675 / mo.


** ­‑
This survey is based on a sample of 61 Noe Valley apartment listings appearing on Craigslist.org from July 31 to Aug. 14, 2012.    NVV 9/2012