Noe Valley Voice November 2004
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The Cost of Living in Noe
TIC Topper: A Million Bucks Per Flat

By Corrie M. Anders

You used to be able to get a discount on home ownership in Noe Valley by going "tenants-in-common"--sharing the cost of a two-unit building with a partner. But, even TIC properties are becoming prohibitively expensive in today's hot real estate market.

A pair of Vicksburg Street flats sold in September for more than $2 million, according to sales data provided to the Noe Valley Voice by Zephyr Real Estate.

"That's a million dollars a flat," marvels Randall Kostick, Zephyr's 24th Street office manager. Seven-figure TIC price tags are not unusual in Pacific Heights or other neighborhoods in the northern part of San Francisco, says Kostick, "but we don't hear about them all that frequently in the south end of town."

The three-bedroom flats, located in the first block of Vicksburg between 22nd and 23rd streets, sold for 6 percent above the asking price. The sale was one of seven small buildings, with two to four units each, that changed hands in September.

The average TIC sales price of $1.3 million topped both the $1.1 million average sales price for single-family homes and $893,000 average for condos.

Noe Valley buyers closed escrow on 20 detached houses in September, the third month this year that sales reached 20 or more. Eleven of the properties sold for at least $1 million. The most expensive ($1.7 million) was a four-bedroom, three-and-a-half-bath house in the 4200 block of 23rd Street.

Condos also remain popular. Nine condos sold in September, one fewer than the previous month, with buyers willing to pay an average 8 percent more than the asking price.

A three-bedroom, three-bath unit in the 300 block of 28th Street was the priciest condo at $1,285,000.

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
September 2004 20 $719,000 $1,700,000 $1,113,450 37 105%
August 2004 13 $638,000 $1,558,888 $1,107,838 34 116%
September 2003 16 $560,000 $1,350,000 $1,004,694 51 101%
Condominiums
September 2004 9 $525,000 $1,285,000 $892,556 23 108%
August 2004 10 $590,000 $1,155,000 $833,500 24 110%
September 2003 7 $585,000 $875,000 $716,429 35 105%
2 to 4 unit buildings
September 2004 7 $1,140,000 $2,010,000 $1,336,000 20 106%
August 2004 8 $927,000 $1,700,000 $1,244,625 45 112%
September 2003 4 $793,000 $1,363,000 $1,034,625 35 109%
5+ unit buildings
September 2004 0
August 2004 0
September 2003 1 $1,170,000 $1,170,000 $1,170,000 189 90%

Noe Valley Rents**
Size of Apartment Average Rents
April-June 2004
Average Rents
one year ago
April-June 2003
% increase (+)
or decrease (-)
Studio $1062 $1028 +3.3%
1 bedroom $1425 $1456 -2.1%
2 bedrooms $2086 $2098 -0.6%
3+ bedrooms $2580 $2536 +1.7%

*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)