Noe Valley Voice April 2013
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The Cost of Living in Noe

Sellers in the Driver’s Seat

By Corrie M. Anders



This Eastlake Stick Victorian at 832 Diamond St. once had a celebrity owner—August Coppola, the brother of Hollywood director Francis Ford Coppola and the father of actor Nicholas Cage. The three-bedroom home just a few steps off 24th Street sold in February for $1,935,000—$140,000 more than the asking price. Coppola, the former dean of the College of Creative Arts at San Francisco State University who died in 2009, owned the house for six years in the early 1990s.    Photo by Corrie M. Anders


 

Home shoppers picking over a sparse inventory of residential properties in Noe Valley purchased just six single-family detached homes in February—half the sales that were recorded the same month a year earlier.

The six houses were only one more than that sold in January, according to data supplied to the Noe Valley Voice by Zephyr Real Estate.

Condominium buyers, also feeling the housing shortage, closed escrow on five units in February, one fewer than a year ago. There were no condo sales in the neighborhood in January.

The scarcity of homes pushed shoppers into bidding wars, which naturally hoisted the prices. Condo buyers on average paid 15 percent more than the seller’s asking price in February, while single-family home shoppers typically upped the ante by 6 percent.

Those overbids suggest “it’s truly a seller’s market right now,” said Randall Kostick, Zephyr’s general sales manager. The shortage of “inventory is really steering the ship.”

Kostick said San Francisco’s strong economy is a major factor. Many Noe Valley homeowners hold good jobs and have no need (or desire) to relocate elsewhere. At the same time, there are droves of newcomers who also have good jobs and who are willing to pay top dollar for a piece of the neighborhood.

One slice of Noe Valley that was exceptionally prized in February was a 1,921-square-foot, three-bedroom, 3.5-bath home located in the 800 block of Diamond Street between 24th and 25th streets.

The renovated Eastlake Stick Victorian, featuring a chef’s kitchen, master bedroom with fireplace, and a two-car garage, was once the home of August Coppola, the brother of Hollywood director Francis Ford Coppola and the father of actor Nicolas Cage. In January, the property was listed at $1,795,000. However, the competition to buy it was so fierce the house sold in less than three weeks for $1,935,000—$140,000 more.

Bidders similarly elevated the price of a luxury condo located in the 500 block of 27th Street between Noe and Castro streets. The final price tag was $1.5 million for a home originally listed for $1,349,000, providing sellers with an 11 percent bonus.

The three-bedroom, two-bath unit, with 1,848 square feet of living space and dramatic city views, closed escrow in 17 days.

 

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

Feb. 2013

6

$1,130,000

$1,935,000

$1,501,667

28

106%

Jan. 2013

5

$875,000

$2,890,000

$1,929,300

80

95%

Feb. 2012

12

$590,000

$2,100,000

$1,484,500

78

101%

Condominiums

Feb. 2013

5

$625,000

$1,500,000

$998,200

45

115%

Jan. 2013

0

Feb. 2012

6

$446,000

$1,199,000

$915,000

22

102%

2- to 4-unit buildings

Feb. 2013

2

$900,000

$1,359,000

$1,129,500

25

96%

Jan. 2013 0

 

Feb. 2012

1

$880,000

$880,000

$880,000

112

98%

5+-unit buildings

Feb. 2013

0

Jan. 2013

1

$2,300,000

$2,300,000

$2,300,000

61

105%

Feb. 2012

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 4/2013

 

 

Noe Valley Rents**

Unit

No. in Sample

Range

March 2013

Average

March 2013

Average

February 2013

Average

March 2012

Studio

3

$1,550 – $2,000

$1,733 / mo.

$1,666 / mo.

$1,748 / mo.

1-bdrm

21

$1,700 – $3,500

$2,570 / mo.

$2,533 / mo.

$2,412 / mo.

2-bdrm

26

$2,750 – $7,000

$3,870 / mo.

$3,841 / mo.

$3,352 / mo.

3-bdrm

11

$3,750 – $10,000

$5,891 / mo.

$5,227 / mo.

$5,864 / mo.

4+-bdrm

2

$7,950 – $8,900

$8,425 / mo.

$7,063 / mo.

$7,283 / mo.

** ­‑This survey is based on a sample of 63 Noe Valley apartment listings appearing on Craigslist.org from Feb. 25 to March 12, 2013.   NVV 4/2013