With fewer choices available, Noe Valley’s real
estate market
wilted slightly in September as buyers purchased just five
single-family homes.
That tally was three fewer than in August and
half the number
purchased in September of 2011, according to sales data
provided to the Voice by
Zephyr Real Estate.
“We still have a problem with a limited
inventory,” said Zephyr
general manager Randall Kostick, in discussing the “little bit
of a slowdown”
in sales. If there were more properties for sale, he said,
“they’d disappear as
quickly as they’d come on.”
For the second month in a row, condominiums
outpaced detached-home
sales in the neighborhood. Buyers got the keys to 10 condo
units in
September—the same number as in August and four more than in
September of last
year.
Condos also commanded a higher price on average
than houses. The
eyebrow-raiser of the month was a $1,510,000 condominium,
which garnered
$30,000 more than the highest-priced detached home.
“I don’t know when we’ve seen that before,”
Kostick said.
The three-bedroom, three-bath condo, with two-car
parking, was
located in the 1200 block of Dolores Street between 25th and
26th streets. It
sold for nearly 21 percent more than the $1,249,000 asking
price and was on the
market for 41 days.
Buyers paid $1,480,000 for the most expensive
house, a three-bedroom,
two-bath Edwardian in the 400 block of Alvarado Street between
Sanchez and Noe
streets. The 1,682-square-foot property did not have a garage.
But to snag the
house—on an oversized lot with nice cityscape views—the new
owners upped the
ante nearly 24 percent more than the $1,195,000 asking price
and closed the
deal in 24 days.
Homes that sold above the asking price
represented the norm in
September, as only one house sold for less than what the
sellers sought. And
one of the five—a fixer-upper on 24th Street—sold for a huge
45 percent more
than the asking price.
A contractor paid $1.3 million for the house,
which carried an
original price tag of $899,000. The home, located at 4267 24th
St. between
Diamond and Douglass streets, had a checkered history. In
fact, its most recent
owner had been linked to a series of copper thefts in San
Francisco and San
Mateo counties. (See “A House of Turmoil No Longer—Ex-Con
Owner Sells While in
Jail” in the October 2012 issue of the Noe Valley
Voice.)
Noe
ValleyHomeSales*
Total Sales
Low Price ($)
High Price ($)
Average Price ($)
Average Days on Market
Sale Price as % of List Price
Single-family homes
Sept. 2012
5
$450,000
$1,480,000
$1,025,800
29
115%
Aug. 2012
8
$829,000
$2,860,000
$1,427,691
34
105%
Sept. 2011
10
$730,000
$3,010,000
$1,443,213
36
101%
Condominiums
Sept. 2012
10
$725,000
$1,510,000
$1,074,000
49
103%
Aug. 2012
10
$397,000
$1,700,000
$1,060,100
36
107%
Sept. 2011
6
$440,800
$1,195,000
$852,667
75
98%
2- to 4-unit buildings
Sept. 2012
1
$880,000
$880,000
$880,000
36
100%
Aug. 2012
2
$1,450,000
$2,145,000
$1,797,500
53
104%
Sept. 2011
1
$1,425,000
$1,425,000
$1,425,000
19
95%
5+-unit buildings
Sept. 2012
0
—
—
—
—
—
Aug. 2012
0
—
—
—
—
—
Sept. 2011
1
$1,250,000
$1,250,000
$1,250,000
28
108%
*‑ ‑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
providing sales data.NVV 11/2012
Noe
Valley Rents**
Unit
No. in Sample
Range
October 2012
Average
October 2012
Average
September 2012
Average
October
2011
Studio
3
$1,500 – $1,825
$1,642 / mo.
$1,763 / mo.
$1,450 /
mo.
1-bdrm
22
$1,650 – $3,300
$2,498 / mo.
$2,528 / mo.
$2,219 /
mo.
2-bdrm
22
$3,200 – $4,900
$3,384 / mo.
$3,790 / mo.
$3,202 /
mo.
3-bdrm
15
$3,795
– $10,000
$5,277 / mo.
$5,016 / mo.
$4,764 /
mo.
4+-bdrm
2
$7,500 – $8,500
$8,000 / mo.
$8,724 / mo.
$8,250 /
mo.
** ‑This survey is based on a sample
of 64 Noe
Valley apartment listings appearing on Craigslist.org from
Sept. 26 to Oct. 14,
2012. NVV 11/2012
