Noe Valley Voice July-August 2000

Noe Buys/Noe Rents:
Two-Million-Dollar May

Here are the latest figures on house sales and apartment rentals, supplied to the Voice by Zephyr Real Estate on 24th Street and Rent Tech Rentals. (Note that these sales occurred in May 2000 and that the rental data covers apartments rented January through March 2000. In both surveys, "Noe Valley" is defined as the area bordered by Grand View, 22nd, Guerrero, and 30th streets.)

In assessing the May numbers, Zephyr manager Randall Kostick said, "This is the first month in history that the average sale price in Noe Valley has exceeded a million dollars." Two single-family homes -- one in the 200 block of 27th Street, and another in the 400 block of Alvarado -- sold for more than $2 million. However, Kostick expects a cooling trend over the summer. "Although we're still seeing some houses getting multiple offers, we're also seeing houses that are being reduced in price and not selling in the first two weeks. Also, there's slightly more inventory." --Sally Smith, Editor

Noe Valley House Sales ­ May 2000*
Total Sales Low Price ($) High Price ($) Average Price ($) Days on Market Sale Price as % of List Price
Single-family homes 13 603,500 2,152,000 1,161,577 18 140%
Condominiums 7 312,500 650,000 454,285 18 108%
2 to 4 unit buildings 8 651,000 1,527,000 929,000 26 115%
5+ unit buildings 0
*Information provided courtesy of Zephyr Real Estate ( and based on sales recorded May 1-31, 2000.

Noe Valley Rent Prices**
Size of Apartment Average Rent, Jan-March 2000 Average Rent, Jan-March 1996 % of Units Currently for Rent
Studio $1115 $675 9%
1 bedroom $1625 $990 25%
2 bedrooms $2400 $1375 40%
3+ bedrooms $2850 $2110 25%
**Data based on Noe Valley apartments listed by Rent Tech Rentals and Roommates (