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Homes Still Fetching Record Prices
Voice 0010 Noe Buys/Noe Rents
After slowing down a bit in July, Noe Valley's roaring real estate market picked up steam again in August, according to statistics provided to the Voice by Zephyr Real Estate. Fifteen single-family homes sold for an average price of $995,266, although that number was skewed by a $2.3 million sale, on the 4300 block of 25th Street.
"The next highest price was $1.6 million on Elizabeth Street," said Zephyr manager Randall Kostick, adding that there were six homes sold in the $800,000 to $850,000 range and four in the $1 to $2 million range. A total of 25 residential properties changed hands in August, compared to 18 in July. "And there's property flying out the door again this last month," Kostick said. "The numbers for September will reflect that."
Renters, meanwhile, continue to pay big bucks to bed down in the neighborhood. The third-quarter figures (July September 2000) are not in yet, but Noe Valley apartments this fall are likely to command at least as much as they did in June, according to the latest word from Rent Tech Rentals and Roommates.
Noe Valley House SalesAugust 2000*
Total Sales Low High Average Average Days Sale Price as
(Closings During Month) Price ($) Price ($) Price ($) on Market % of List Price
15 510,000 2,280,000 995,266 31 119%
5 465,000 950,000 653,000 17 107%
2 to 4 unit buildings
4 800,000 1,300,000 1,032,500 16 119%
5+ unit buildings
1 1,500,000 1,500,000 1,500,000 21 126%
Noe Valley RentalsSecond Quarter 2000**
Average Rents Today Rents 4 Years Ago % Units Available for
Apartment Size (April June 2000) (April June 1996) Rent in Noe Valley
Studio $ 1,211 / mo. $ 663 / mo. 9%
1 bedroom 1,808 / mo. 947 / mo. 25%
2 bedrooms 2,713 / mo. 1,436 / mo. 40%
3 or more bedrooms 3,305 / mo. 2,027 / mo. 25%
*Information provided to the Noe Valley Voice courtesy of Zephyr Real Estate (www.zephyr-re.com) and based on actual Noe Valley home sales (closings) recorded during the month of August 2000. Noe Valley is defined as the area bordered by Grand View, 22nd, Guerrero, and 30th streets.
**Data based on all Noe Valley rentals listed by Rent Tech Rentals and Roommates (www.renttech.com) during April June 2000, and for the same period in 1996.