Noe Valley Voice March 2012
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The Cost of Living in Noe

Condos Outpace House Sales

By Corrie M. Anders

Noe Valley buyers purchased four single-family detached homes during January.

That was one more than in January 2011 and two more than in December, according to sales data provided to the Voice by Zephyr Real Estate.

Still, four was not much to write home about.

“This is just one of the slow times, and it’s not too unexpected,” said Randall Kostick, Zephyr’s general sales manager. January is traditionally a quiet month for real estate activity, he noted.

More peeps were coming out of the less expensive condo market. Five condominiums traded hands in January, equaling the previous month’s total. That was in contrast to January a year ago, when just two condos sold.

Condo buyers also paid extra for their units—an average 4 percent above the sellers’ asking price—indicating that there was keen demand for the properties.

Kostick noted that the most expensive condo sold for 3 percent more than the list price and closed escrow in a relatively swift 32 days.

Buyers paid $925,000—the sellers were asking $899,000—for the top-floor condo in a two-unit building. The three-bedroom, one-bath home is located in the 700 block of Elizabeth Street, between Diamond and Douglass streets.

The priciest single-family home was on the market for more than five months before selling for $2,110,000, or $95,000 below the asking price.

The fully renovated four-bedroom, 3.5-bath Victorian included a one-bedroom unit within its 3,400 square feet of living space. The property is located in the 1800 block of Castro Street between Cesar Chavez and 27th 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

Jan. 2012

4

$749,000

$2,110,000

$1,133,500

86

99%

Dec. 2011

2

$1,540,000

$1,750,000

$1,645,000

33

120%

Jan. 2011

3

$700,000

$1,085,000

$922,595

51

100%

Condominiums

Jan. 2012

5

$778,000

$925,000

$868,000

71

104%

Dec. 2011

5

$625,000

$869,000

$776,800

93

100%

Jan. 2011

2

$680,000

$1,200,000

$940,000

141

95%

2- to 4-unit buildings

Jan. 2012

3

$850,000

$1,342,455

$1,130,818

91

99%

Dec. 2011

3

$1,030,000

$2,300,000

$1,493,333

52

97%

Jan. 2011

0

5+-unit buildings

Jan. 2012

0

Dec. 2011

0

Jan. 2011

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 3/2012

 

Noe Valley Rents**

Unit

No. in Sample

Range

February 2012

Average

February 2012

Average

January 2012

Average

February 2011

Studio

6

$1,200 – $2,400

$1,563 / mo.

$1,165 / mo.

$1,558 / mo.

1-bdrm

18

$2,125 – $3,400

$2,516 / mo.

$2,222 / mo.

$2,140 / mo.

2-bdrm

17

$2,475 – $4,900

$3,433 / mo.

$3,525 / mo.

$2,661 / mo.

3-bdrm

11

$3,150 – $8,495

$5,558 / mo.

$5,222 / mo.

$3,908 / mo.

4+-bdrm

1

$10,000

N/A

$4,725 / mo.

$6,100 / mo.


* ­‑*This survey is based on a sample of 53 Noe Valley apartment listings appearing on Craigslist.org from Jan. 27 to Feb. 13, 2012.   NVV 3/2012