This brand new contemporary
home at 4529 25th St., which John Maniscalco
Architecture designed and Design
Line Construction built, has new owners. The
buyers paid $3.8 million for
the four-bedroom, five-bath house, making it the most
expensive sale in December.
Photo
courtesy Paul Dyer
Homebuyers snapped up 25 single-family detached
homes in Noe
Valley during the last two months of 2012, a noticeable
increase over the 20
homes sold during the same period a year earlier.
Condominiums continued to find favor among
buyers, too—so much so
that they appreciated in value more than houses, according to
data that Zephyr
Real Estate supplies monthly to the Noe Valley Voice.
“These are very strong sales, and once again,
we’re looking at a
high sales price to list price”—with buyers generally paying 6
to 11 percent
more than the sellers’ original asking price, said Randall
Kostick, Zephyr’s
general manager.
People have been overbidding for properties large
and small,
because the the number of available homes in Noe Valley is not
enough to keep
up with demand, he said.
One reason for the persistent shortage is that
not as many
homeowners are taking new jobs and relocating out of the
neighborhood.
“The people in place have good jobs and good
security right where
they are, and are not leaving,” Kostick said. At the same
time, job growth in
the city’s rebounding economy has attracted a wave of new
workers who need
housing.
Compared to a year earlier, single-family homes
appreciated 15.6
percent in November to more than $1.5 million. December
year-to-year values
dipped a slight 2.7 percent, going from $1,645,000 to
$1,600,000, though the
percentage has little statistical meaning, as only two homes
sold in December
2011.
There was no deflation anywhere for condos. The
average unit
posted a 12.8 percent increase from November to November,
rising to just over
$1 million, while condos appreciated 27 percent from December
to December,
going to nearly $970,000.
“People are looking for and snatching up condos”
because they are
less expensive than detached homes, said Kostick. “If you want
to live in Noe
Valley, it’s more affordable to buy a condo.”
Still, for some, home ownership is worth the
higher price tag. In
December, buyers paid $3,846,000 for a four-bedroom, five-bath
ultramodern new
home in the 4500 block of 25th Street between Homestead Street
and Hoffman
Avenue. Built last year, the four-story dwelling—the most
expensive residential
property sold during the month—featured a four-car garage, a
media den, and
front and rear decks with panoramic views.
November’s top house sale ($2,475,000) was a
three-bedroom,
3.5-bath home on Homestead between 24th and 25th streets, with
3,944 square
feet of space and two-car parking.
In the condo sweepstakes, the winner in December
was a
two-bedroom, two-bath unit, with 2,147 square feet on three
levels, located in
the former St. Paul School on Valley Street between Sanchez
and Noe streets. It
sold for $1,295,000.
In November, the most expensive condo was a
three-bedroom,
two-bath unit in the 1100 block of Church Street between 23rd
and 24th streets.
Buyers paid $1,475,000 for the 1,617-square-foot home.
Noe
ValleyHomeSales*
Total Sales
Low Price ($)
High Price ($)
Average Price ($)
Average Days on Market
Sale Price as % of List Price
Single-family homes
Dec. 2012
11
$837,500
$3,846,153
$1,600,241
46
101%
Nov. 2012
14
$875,000
$2,475,000
$1,507,714
46
106%
Dec. 2011
2
$1,540,000
$1,750,000
$1,645,000
33
120%
Nov. 2011
18
$781,875
$2,133,200
$1,304,254
56
102%
Condominiums
Dec. 2012
9
$600,000
$1,555,000
$968,111
48
106%
Nov. 2012
4
$788,000
$1,475,000
$1,047,000
29
111%
Dec. 2011
5
$625,000
$869,000
$776,800
93
100%
Nov. 2011
10
$589,500
$1,340,000
$927,850
68
99%
2- to 4-unit buildings
Dec. 2012
6
$790,000
$1,700,000
$1,198,500
35
108%
Nov. 2012
4
$1,040,000
$2,370,000
$1,660,500
58
107%
Dec. 2011
3
$1,030,000
$2,300,000
$1,493,333
52
97%
Nov. 2011
4
$750,000
$1,450,000
$1,030,000
121
99%
5+-unit buildings
Dec. 2012
0
—
—
—
—
—
Nov. 2012
0
—
—
—
—
—
Dec. 2011
0
—
—
—
—
—
Nov. 2011
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
providing
sales data.NVV
2/2013
Noe
Valley Rents**
Unit
No. in Sample
Range
January 2013
Average
January 2013
Average
November 2012
Average
January
2012
Studio
5
$1,525 – $1,825
$1,658 / mo.
$1,929 / mo.
$1,675 /
mo.
1-bdrm
16
$1,595 – $3,800
$2,473 / mo.
$2,714 / mo.
$2,222 /
mo.
2-bdrm
24
$2,550 – $7,500
$3,683 / mo.
$3,671 / mo.
$3,525 /
mo.
3-bdrm
12
$4,950 – $6,800
$5,347 / mo.
$5,812 / mo.
$5,222 /
mo.
4+-bdrm
3
$4,800 – $7,500
$5,733 / mo.
$7,998 / mo.
$4,725 /
mo.
** ‑This survey is based on a sample
of 60 Noe
Valley apartment listings appearing on Craigslist.org from
Jan. 4 to 16, 2013.
NVV 2/2013
