Noe Valley Voice December-January 2011
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The Cost of Living in Noe

The Million Dollar Club

By Corrie M. Anders

 

It didn’t matter whether they were Victorian or contemporary, new or remodeled, the 14 single-family homes sold in Noe Valley in October had one thing in common: all cost more than $1 million. 

“It’s one of the interesting things I don’t think we’ve ever seen before in a one-month period,” said Randall Kostick, general sales manager for Zephyr Real Estate, which provides sales data to the Voice.

The October activity continued the steady rise in neighborhood home purchases over the past three months—there were 10 sales in September and nine in August—and fell only two short of the 16 sold in October a year ago.

Also, home values were up 12.1 percent year to year—averaging $1.6 million this October compared to $1.4 million in October the previous year. (Note: The small sample sizes in this survey diminish their statistical significance.)

Ironically, though, the most expensive house and priciest condominium during the month went for less than they did five years ago, prior to the 2008 economic meltdown.

Buyers paid $1,930,000 for a four-bedroom, four-bath modern home in the 500 block of Clipper Street between Douglass and Diamond streets. The price was 10 percent less than the $2,150,000 buyers paid in April 2006, when the 2,580-square-foot home was brand-new and sporting such eco-friendly attractions as a rainwater catchment system and solar heating and power. (See “The ‘Greenest’ House in Noe Valley,” April 2006 Voice.)

The most expensive condominium sold in October was located in the first block of Valley Street between Dolores and Church streets. With 1,700 square feet, the three-bedroom, two-bath condo in a two-unit building cost $994,000. That was 2.6 percent less than the $1,020,000 the previous owner paid in November 2006.

The Valley Street dwelling was one of six condos that closed escrow in October, the same number as in September but three fewer than in October a year ago.

Five buildings with two to four units changed hands during October—a marked increase from previous months.

“The smaller buildings are desirable as partnership purchases,” Kostick said. “When I see this many [sales] at once, I suspect partnerships are buying them” to share as tenants in common.

Four of the buildings contained two flats each, and two buildings had three units apiece.

 

 

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

Oct. 2011

14

$1,249,000

$1,930,000

$1,621,929

39

100%

Sept. 2011

10

$730,000

$3,010,000

$1,443,213

36

101%

Oct. 2010

16

$585,000

$2,525,000

$1,446,719

37

102%

Condominiums

Oct. 2011

6

$589,500

$994,000

$767,102

82

100%

Sept. 2011

6

$440,800

$1,195,000

$852,667

75

98%

Oct. 2010

9

$537,000

$1,043,200

$790,022

71

101%

2- to 4-unit buildings

Oct. 2011

5

$750,000

$1,450,000

$1,015,800

192

98%

Sept. 2011

1

$1,425,000

$1,425,000

$1,425,000

19

95%

Oct. 2010

1

$1,150,000

$1,150,000

$1,150,000

27

96%

5+-unit buildings

Oct. 2011

0

Sept. 2011

1

$1,250,000

$1,250,000

$1,250,000

28

108%

Oct. 2010

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 the sales data.     NVV 12/2011

 

Noe Valley Rents**

Unit

No. in Sample

Range

November 2011

Average

November 2011

Average

October 2011

Average

November 2010

Studio

2

$985 – $1,275

$1,130 / mo.

$1,450 / mo.

$1,568 / mo.

1-bdrm

17

$1,500 – $2,500

$1,983 / mo.

$2,219 / mo.

$1,807 / mo.

2-bdrm

24

$2,295 – $5,000

$3,415 / mo.

$3,202 / mo.

$2,906 / mo.

3-bdrm

11

$3,400 – $5,750

$4,517 / mo.

$4,764 / mo.

$3,933 / mo.

4+-bdrm

1

N/A

$10,000 / mo.

$8,250 / mo.

$6,156 / mo.

** ­‑This survey is based on a sample of 55 Noe Valley listings appearing on Craigslist.org from Nov. 2 to 19, 2011.    NVV 12/2011