| May 2010
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By Corrie M. Anders
A contemporary-style house built last year on Hoffman Avenue sold in March for nearly $3 million--the most expensive sale in Noe Valley since the real estate market slumped almost two years ago.
The hillside property was one of 13 single-family detached homes that closed escrow in March. It was the first time since last July that more than a dozen homes changed hands in a single month.
"Buyers are motivated again and lenders are lending again," said Randall Kostick, general manager for Zephyr Real Estate. The firm's 24th Street branch office supplies monthly sales data to the Voice.
Highlights of the large Hoffman Avenue residence included four bedrooms, 4.5 baths, au pair quarters, 4,400 square feet of living space, and dramatic views from multiple terraces. The house is located in the 400 block of Hoffman Avenue, between 24th and 25th streets.
The new owners paid $2,970,000, slightly under the seller's $3 million asking price. Prices have not been that lofty since July 2008, when buyers paid $2,950,000 for a Noe Valley home.
The latest data may indicate that the Noe Valley market is starting to rise from the ruins of the Great Recession.
Kostick said consumers were "feeling a little better" about their job security and were displaying renewed faith in the economy. Some also were eager to beat an expected hike in mortgage interest rates.
"We're seeing multiple offers increasing...pointing to a pretty robust situation right now," Kostick said.
The 13 sales in March contrasted with five sales in February and nine in March 2009. In addition, buyers on average paid more than the asking price (101 percent). Last March, buyers were willing to pay only 94 percent of the original list price.
This year's transactions closed in a relatively short 35 days--less than half the time that new owners waited to pick up their keys a year ago.
Nine of the homes sold for $1 million or more. But it was the Hoffman home that pushed the average sales price to $1,369,130 for the month--nearly 14 percent more than last year's $1,204,889 average.
(Note: The small sample sizes may limit the significance of these comparisons.)
March condominium sales showed resurgent strength as well. Buyers purchased 10 condos, three more than in February and five more than in March of '09. Deals typically were consummated in 30 days, with sellers accepting bids just below their asking price.
Condo values overall were also higher, pushed up by a three-bedroom, three-bath unit that sold for $1,625,000 in 29 days. Thanks to that deal, the average sales price in March ballooned to $1,065,555, compared to $634,600 a year ago.
The chart-topping condo, built in 2007, has three bedrooms, three baths, and 1,750 square feet of living space. It is located in a two-unit building in the 1000 block of Sanchez Street, between 23rd and 24th streets.
Noe Valley Home Sales*
Total Sales Low Price ($) High Price ($) Average Price ($) Average Days
Sale Price as
% of List Price
Single-family homes March 2010
$650,000 $2,975,000 $1,369,130 35 101% Februrary 2010 5
$875,000 $1,500,000 $1,238,900 44 103% March 2009 9
$575,000 $1,850,000 $1,204,889 77 94% Condominiums March 2010
10 $700,000 $1,625,000 $1,065,555 30 99% February 2010 7
$580,000 $848,000 $716,000 64 100% March 2009 5
$435,000 $859,000 $634,600 43 99% 2 to 4 unit buildings March 2010
40- 92% February 2010
- - - - March 2009
$730,000 27 94% 5+ unit buildings March 2010
0 - - - - - February 2010 0 - - - - - March 2009 0 - - - - -
* Sales include all Noe Valley home sales completed during the month. Noe Valley in this survey is defined as the area bordered by Grand View, 22nd, Guerrero, and 30th streets. The Voice thanks Zephyr Real Estate (www.zephyrsf.com) for supplying the sales data. NVV 5/10
Noe Valley Rents**
Type of Unit Number in Sample Range of Rents,
Studio 6 $1,165 - $1,575
$1,306/ mo. $1,376/ mo. $1,494/ mo. 1 bedroom 32
$1,834/ mo. $1,898/ mo. $1,916/ mo. 2 bedrooms 41 $1,795- $4,695
$2,673/ mo. $2,698/ mo. $2,754/ mo. 3 bedrooms 11 $2,900- $6,200
$4,054/ mo. $3,712/ mo. $4,330/ mo. 4+ bedrooms 5 $3,295- $6,995
$4,548/ mo. $5,660/ mo. $6,800/ mo.
** Survey based on a sample of 95 Noe Valley listings appearing on Craigslist.org from April 2 to 15, 2010. NVV 5/10