June 2003 RETURN TO HOME PAGE FEEDBACK

Duncan Street has become extremely popular among Noe Valley's deep-pocket homebuyers.

Consider this dazzling state of affairs along Duncan Street, which runs from the sunny flatlands of the Mission District to the spectacular vistas of Diamond Heights: In April, not one, not two, but three homes sold for more than $1 million.

Two of the homes were condominiums. A 10-year-old, four-bedroom, three-bath condo in the 500 block of Duncan Street sold for $1.1 million. And buyers plunked down just over $1 million to purchase a four-bedroom, 21/2-bath unit that was built last year in the 100 block of Duncan.

Then there was the four-bedroom, three-bath house in the 700 block of Duncan Street. It sold for $1,050,000.

All together, five Noe Valley homes sold for more than $1 million during April, according to monthly data provided to the Noe Valley Voice by Zephyr Real Estate.

The most expensive luxury home, with a sale price of just over $1.5 million, boasted three bedrooms and 31/2 baths. It sits in the 4300 block of Cesar Chavez Street. Fair Oaks Street's 200 block also registered a four-bedroom, million-dollar pad.

The gilded quintet was part of a springtime boomlet that recorded 21 houses and condos sold in April. The total was higher than the 14 sales in March of this year and on par with the 22 sales posted in April of last year.

Even with April's robust tally, Randall Kostick, Zephyr's 24th Street manager, says sales were crimped by a lack of houses on the market.

"We would have seen greater numbers if there had been enough houses and condos for sale," Kostick says. "There are lots of buyers out there."

The wealthy buyers who were able to snatch those properties on Duncan and elsewhere in Noe Valley pumped up the average sale price in April to $855,571 for condos and $893,071 for detached, single-family homes.

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
April 2003	14	$675,000	$1,530,000	$893,071	26	101%
March 2003	10	$597,100	$902,000	$769,510	22	105%
April 2002	12	$559,000	$1,380,000	$863,425	15	112%
Condominiums
April 2003	7	$645,000	$1,100,000	$855,571	45	98%
March 2003	4	$427,000	$770,000	$520,500	63	104%
April 2002	10	$435,000	$850,000	$651,100	33	104%
2 to 4 unit buildings
April 2003	5	$875,000	$1,315,000	$1,112,000	40	102%
March 2003	4	$845,000	$1,400,000	$1,067,959	78	96%
April 2002	7	$480,000	$1,350,000	$921,428	42	102%
5+ unit buildings
March 2003	0
February 2003	0
March 2002	0

Noe Valley Rents**

Size of Apartment	Average Rents Jan-Mar 2003	Average Rents one year ago Jan-Mar 2002	% increase (+) or decrease (-)
Studio	$1058	$1133	-6.6%
1 bedroom	$1497	$1649	-9.2%
2 bedrooms	$2145	$2303	-6.9%
3+ bedrooms	$2728	$2997	-9.0%

*Information provided to the Noe Valley Voice courtesy of Zephyr Real Estate (www.zephyr-re.com) and based on all Noe Valley home sales (escrow 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)