Noe Valley Voice March 2003
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The Cost of Living in Noe

By Corrie M. Anders

The new owners of two million-dollar homes in Noe Valley won't have to go far for public transportation.

That's because they've purchased Victorian-era homes in the 1000 block of Church Street, a principal route of the J-Church streetcar.

Buyers paid $1,553,500 for a six-bedroom, four-bath, Queen Anne­style home built in 1898. The house was the most expensive Noe Valley property to close escrow in January, according to data supplied to the Voice by Zephyr Real Estate.

The 1000 block of Church Street, between 22nd and 23rd streets, also took bragging rights for the second highest price tag in January. In this case, buyers paid $1,325,000 for a four-bedroom, two-and-one-half-bath home--another turn-of-the-century property.

A total of 10 single-family homes sold during January, compared with 17 the previous month and 11 in January of 2002. The average price was $936,950, and buyers generally paid just under the seller's asking price.

For the first time in recent years, not a single condominium closed escrow during the month. Eight were sold during December, and three condos changed hands one year earlier.

However, Randall Kostick, Zephyr's 24th Street office manager, cautioned residents not to read any particular significance into the January declines.

"It's just a seasonal thing," he said, noting that home sales typically fell off in January, after strong year-end sales in November and December.

Kostick pointed out that Noe Valley seemed to be filled with home shoppers in February. "The market is picking back up," he said. "We're seeing many, many more sales."

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
January 2003 10 $580,000 $1,553,500 $936,950 68 98%
December 2002 17 $453,500 $1,195,000 $795,000 36 100%
January 2002 11 $454,000 $949,000 $684,090 25 102%
Condominiums
January 2003 0
December 2002 8 $415,000 $1,065,000 $699,125 38 103%
January 2002 3 $480,000 $725,000 $603,333 60 102%
2 to 4 unit buildings
January 2003 4 $895,000 $1,160,000 $1,053,750 60 97%
December 2002 4 $725,000 $1,205,000 $936,250 56 101%
January 2002 3 $612,000 $762,500 $703,166 30 99%
5+ unit buildings
January 2003 0
December 2002 0
January 2002 0

Noe Valley Rents**
Size of Apartment Average Rents
Oct-Dec 2002
Average Rents
one year ago
Oct-Dec 2001
% increase (+)
or decrease (-)
Studio $1126 $1137 -1.0%
1 bedroom $1570 $1657 -5.3%
2 bedrooms $2093 $2373 -11.8%
3+ bedrooms $2906 $2931 -0.9%

*Information provided to the Noe Valley Voice courtesy of Zephyr Real Estate (www.zephyr-re.com) and based on all Noe Valley home sales (escrow closings) recorded during the month. "Noe Valley" in this survey is defined as the area bordered by Grand View, 22nd, Guerrero, and 30th streets.

**Data courtesy of Rent Tech, Inc (www.renttech.com)