September 2000 RETURN TO HOME PAGE FEEDBACK

Noe Valley's superhot real estate market cooled off just a bit during June and July as the summer fog rolled in. Home prices reached the $1.5 million level in both months, according to statistics provided to the Voice by Zephyr Real Estate. But there were no $2 million sales as there had been in May. Sales also slowed as only 18 residential properties changed hands in July compared to 39 in June. "Still, it's incredible to me that the average sales price for single-family home closings in July was $949,000, almost a million dollars, and that the average for two- to four-unit buildings was in excess of a million,'' said Randall Kostick, of Zephyr Real Estate. "That's very high."

Noe Valley home sales underwent a similar lull last summer, then picked up in August and September. "That's already starting to happen," said Kostick.

Renters, meanwhile, continue to pay top dollar to enjoy Noe Valley's charm. Apartments in the neighborhood at the beginning of summer were renting for twice as much as they did four years ago, according to Rent Tech Rentals and Roommates.

Noe Valley House Sales ­ July 2000*

Total Sales Low High Average Average Days Sale Price as

(Closings During Month) Price ($) Price ($) Price ($) on Market % of List Price

Single-family homes

7 750,000 1,505,000 949,142 18 119%

Condominiums

6 299,000 680,000 468,000 30 105%

2 to 4 unit buildings

5 627,002 1,575,000 1,124,800 22 109%

5+ unit buildings = 0

Noe Valley House Sales­June 2000*

Total Sales Low High Average Average Days Sale Price as

(Closings During Month) Price ($) Price ($) Price ($) on Market % of List Price

Single-family homes

15 593,000 1,550,000 903,333 16 122%

Condominiums

10 450,000 1,035,000 672,300 13 116%

2 to 4 unit buildings

11 555,000 1,200,000 814,000 21 114%

5+ unit buildings

3 950,000 1,100,000 1,001,666 15 107%

Noe Valley Rentals­Second Quarter 2000**

Average Rents Today Rents 4 Years Ago % Units Available for

Apartment Size (April ­ June 2000) (April ­ June 1996) Rent in Noe Valley

Studio $ 1,211 / mo. $ 663 / mo. 9%

1 bedroom 1,808 / mo. 947 / mo. 25%

2 bedrooms 2,713 / mo. 1,436 / mo. 40%

3 or more bedrooms 3,305 / mo. 2,027 / mo. 25%

*Information provided to the Noe Valley Voice courtesy of Zephyr Real Estate (www.zephyr-re.com) and based on actual Noe Valley home sales (closings) recorded during the months of June and July 2000. Noe Valley, a neighborhood in San Francisco, Calif., is defined as the area bordered by Grand View, 22nd, Guerrero, and 30th streets.

**Data based on all Noe Valley rentals listed by Rent Tech Rentals and Roommates (www.renttech.com) during April­ June 2000, and for the same period in 1996.