Noe Valley Voice April 2002
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The Cost of Living in Noe

By Corrie M. Anders

There seems to be no way to dampen people's enthusiasm for luxury homes in Noe Valley. Wealthy buyers in February snapped up four single-family properties that cost more than $1 million each. The most expensive -- a home with three bedrooms and 31/2 bathrooms in the 500 block of Alvarado Street -- cost $1,470,000.

The quartet of high-end sales is another indication that the local economy is slowly pulling out of the doldrums -- and that shoppers are less hesitant to commit themselves to major purchases.

"People are feeling more confident about the economy, and people with higher incomes are feeling more comfortable," said Zephyr Real Estate manager Randall Kostick.

The well-heeled buyers weren't shopping alone. A total of 11 single-family homes closed escrow in February -- the same number as in January -- at an average price of nearly $882,000. Buyers on average paid 5 percent more than the seller's asking price.

Home buyers in February also picked up five condominiums, with an average sales price of $615,300. The most expensive was a $750,000 condo in the 4300 block of 25th Street.

In February a year ago, buyers purchased just seven single-family homes and four condos. That was around the time the nation was entering a mild recession.

There are plenty of buyers these days, said Kostick. Go to virtually any open house on Sundays and "they're swamped.... There are more than 100 people at most open houses," he said.

And homes continue to sell above the asking price because "there still are not enough properties for the number of buyers we've got," Kostick said.

"And one of the reasons we have plenty of buyers is low mortgage rates that are threatening to go up."

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
Feb 2002 11 $525,000 $1,470,000 $881,861 42 105%
Jan 2002 11 $454,000 $949,000 $684,090 25 102%
Feb 2001 7 $475,000 $1,325,000 $903,285 27 106%
Condominiums
Feb 2002 5 $430,000 $750,000 $615,300 49 97%
Jan 2002 3 $480,000 $725,000 $603,333 60 102%
Feb 2001 4 $504,645 $1,250,000 $803,661 29 108%
2 to 4 unit buildings
Feb 2002 2 $825,000 $950,000 $887,500 28 96%
Jan 2002 3 $612,000 $762,500 $703,166 30 99%
Feb 2001 4 $567,500 $2,150,000 $1,116,875 57 103%

Noe Valley Rents**
Size of Apartment Average Rents
Oct-Dec 2001
Average Rents
one year ago
Oct-Dec 2000
% increase (+)
or decrease (-)
Studio $1137 $1273 -10.7%
1 bedroom $1657 $1913 -13.4%
2 bedrooms $2373 $2790 -14.9%
3+ bedrooms $2931 $4085 -28.2%

*Information provided to the Noe Valley Voice 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.

**Data courtesy of Rent Tech, Inc (www.renttech.com)