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Home Buyers, Renters Finally Get a Break
A three-bedroom, two-bath condo on the 1100 block of Dolores Street sold for $1.2 million in February. "I'd say that's the highest-priced condo in recent memory, and possibly ever," said Randall Kostick of Zephyr Real Estate, the Voice's source for data on home sales in Noe Valley. Another standout in the February sweepstakes was a four-bedroom, five-bath house on the 1600 block of Diamond Street, which changed hands for $1.3 million.
However, Noe Valley home prices may have peaked. "I don't think any of the stats show that prices are going down," said Kostick. "They just don't show them going up anymore."
One reason may be that there are more properties for sale. "There's a fair amount of inventory available," Kostick said in late March. "In fact, it's a great time for buyers. If you ever wanted to get into the real estate market, now is your opportunity."
Renters are getting some relief as well, perhaps due to recent layoffs in the dot-com world. "I'm hearing that rents have gone down. Not only are there more vacancies, but landlords can't get the prices they were getting a few months ago," said Kostick. "Nobody's got $3,500 to spend on an apartment anymore!"
David Grabstald, assistant marketing manager at Rent Tech Inc., concurred. "Noe Valley remains one of the most popular places to live in San Francisco, but average rents have decreased to some degree -- maybe by a few hundred dollars," he said. Like Kostick, Grabstald believes now is a great time to look for an apartment. "We are definitely getting more listings, and landlords are calling in to decrease the amount they're charging for rent. Also, maybe they'll offer parking, or maybe they'll allow a pet."
Noe Valley House Sales February 2001*
Noe Valley House Sales January 2001*
Total Sales Low Price ($) High Price ($) Average Price ($) Days on Market Sale Price as % of List Price Single-family homes 7 $475,000 $1,325,000 $903,285 27 106% Condominiums 4 $504,645 $1,250,000 $803,661 29 108% 2 to 4 unit buildings 4 $567,500 $2,150,000 $1,116,875 57 103%
Noe Valley House Sales December 2000*
Total Sales Low Price ($) High Price ($) Average Price ($) Days on Market Sale Price as % of List Price Single-family homes 9 $589,000 $1,295,000 $817,111 22 120% Condominiums 2 $750,000 $825,000 $787,500 8 109% 2 to 4 unit buildings 4 $650,000 $1,115,000 $871,250 32 106%
*Information provided courtesy of Zephyr Real Estate (www.zephyr-re.com) and based on all Noe Valley home sales (closings) recorded during the month. "Noe Valley" in this survey is defined as the area bordered by Grand View, 22nd, Guerrero, and 30th streets.
Total Sales Low Price ($) High Price ($) Average Price ($) Days on Market Sale Price as % of List Price Single-family homes 8 $500,000 $1,800,001 $850,625 60 113% Condominiums 4 $575,000 $1,110,000 $901,250 17 107% 2 to 4 unit buildings 2 $850,000 $951,000 $900,500 20 118%
Noe Valley Rent Prices**
**Data based on Noe Valley apartments listed by Rent Tech Rentals and Roommates (www.renttech.com).
Size of Apartment Average Rent,
% increase or decrease Studio $1194 $1273 +6.6% 1 bedroom $2056 $1913 -7.0% 2 bedrooms $2908 $2790 -4.1% 3+ bedrooms $3857 $4085 +5.9%