Noe Valley Voice February 2010
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The Cost of Living in Noe: Decade of Ups and Downs

By Corrie M. Anders

The housing market in Noe Valley ended a roller-coaster decade with a mixture of rising sales and falling home values.

In November and December 2009, new residents purchased 19 single-family detached homes, according to sales data supplied to the Voice by Zephyr Real Estate. During the same two months in 2008, 13 homes were sold.

The 19 transactions pushed total sales to 117 for all of 2009--five more than the 112 sales posted in 2008.

However, home prices were down for the year. Data showed that the average sales price of a home in Noe Valley last year was $1,307,598--a 13.8 percent drop from 2008's average of $1,517,451.

Ten years ago, in November/December 2000, there were 18 single-family homes purchased in the neighborhood, at an average price of $883,055 (see February 2001 Voice).

In the white-hot market of 2005, buyers snapped up 167 homes at an average price of $1,277,075. Average values rose the next year to $1,303,143 on 132 sales, and to $1,491,374 on 108 sales in 2007.

Th e banking, mortgage, and stock market crisis in the fall of 2008 precipitated a nationwide real estate slump, which by early last year had Noe Valley firmly in its grip.

Randall Kostick, Zephyr's general manager, says he expects a return to a more conventional marketplace as the new decade gets under way. One sign of that will be homeowners listing their homes in mid-March to get an early start on spring sales.

"I've got my fingers crossed on that one," Kostick said.

If there is a silver lining in the November-December statistics, it is that buyers have gained some sway in what is considered one of the priciest neighborhoods in San Francisco.

The least expensive Noe Valley house cost about three-quarters of a million dollars in December and $700,000 in November. That's a lot of money, but less than the cheapest houses sold in the same two months a year earlier--$885,000 and $1 million.

The reason, Kostick said, was a "combination of lower-priced homes on the market" and a few sellers "taking a sign ificant reduction in their prices to get them sold at a difficult time."

Still, Noe Valley is not a hangout for the stone soup crowd.

Last November, two homes sold for more than $2 million, including a six-bedroom, 4.5-bath house in the 4200 block of 25th Street between Castro and Diamond streets. The 4,395-square-foot property sold at the asking price of $2,925,000.

A four-bedroom, three-bath house in the 1300 block of Sanchez Street was the most expensive sold in December. The 2,200-square-foot home, located between Cesar Chavez and 27th streets, sold for $85,000 less than the $1,795,000 list price.

Condominium sales were stable in November and December of 2009. Seven condos changed hands, compared with six during the same months in 2008.

Buyers paid $903,000 in November for a two-bedroom, two-bath unit in the 1000 block of Sanchez Street between 23rd and Elizabeth streets. The 1,500-square-foot condo sold for 5 percent more than the asking price.

In December, the owners of a Diamond Street con do waited nearly nine months--258 days--to close escrow on a 1,400-square-foot unit. Buyers paid $796,500--slightly below the $800,000 asking price--for the three-bedroom, 2.5-bath property located between 21st and 22nd streets.

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
Dec. 2009 7 $756,217 $1,710,000 $1,300,888 76 97%
Nov. 2009 12 $700,000 $2,925,000 $1,262,917 46 100%
Dec. 2008 6 $885,000 $1,500,000 $1,219,833 75 99%
Nov. 2008 7 $1,000,000 $5,818,000 $1,921,143 32 95%
Condominiums
Dec. 2009 3 $755,000 $796,500 $770,500 147 98%
Nov. 2009 4 $675,000 $903,000 $807,000 69 99%
Dec. 2008 4 $650,000 $1,198,000 $869,500 76 98%
Nov. 2008 2 $324,000 $895,000 $609,500 91 94%
2 to 4 unit buildings
Dec. 2009 2 $1,375,000 $1,425,000 $1,400,000 47 98%
Nov. 2009 2 $921,500 $1,056,500 $989,000 117 99%
Dec. 2008 0 - - - - -
Nov. 2008 3 $1,050,000 $1,360,000 $1,195,000 64 100%
5+ unit buildings
Dec. 2009 0 - - - - -
Nov. 2009 0 - - - - -
Dec. 2008 1 $1,960,000 $1,960,000 $1,960,000 197 96%
Nov. 2008 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.com) for supplying the sales data. NVV 2/10

A Snapshot of Noe Valley Rents**

Type of Unit Number in Sample Range of Rents,
Jan. 2010
Average Rent,
Jan. 2010
Average Rent,
Nov. 2009
Average Rent,
Jan. 2009
Studio 11 $995 - $1,450 $1,278 / mo. $1,307 / mo. $1,429 / mo.
1 bedroom 32 $1,295 - $2,750 $1,810 / mo. $1,775 / mo. $1,880/ mo.
2 bedrooms 40 $1,650 - $4,350 $2,709 / mo. $2,625 / mo. $2,972 / mo.
3 bedrooms 23 $2,020 - $7,000 $4,210 / mo. $3,884 / mo. $4,086 / mo.
4+ bedrooms 11 $4,150 - $8,750 $5,805 / mo. $6,367 / mo. $6,759 / mo.

** Survey based on a sample of 117 Noe Valley listings appearing on Craigslist.org from Dec. 31, 2009, to Jan. 12, 2010. NVV 2/10