May 2013 RETURN TO HOME PAGE FEEDBACK

 

Sporting a new ultramodern interior, this charming cottage on 23rd Street sold for $3.6 million plus.    Photo by Corrie M. Anders

The spring home-buying season got off to a perky start in March, as buyers purchased 15 single-family detached homes in Noe Valley, including an opulently renovated house on 23rd Street.

Sales in March were more than twice the number recorded in February. Still, they didn’t quite match the 20 deals that closed escrow in March a year ago, according to data supplied to the Noe Valley Voice by Zephyr Real Estate.

Randall Kostick, Zephyr’s general manager, said a winter-long shortage of houses for sale showed signs of easing, but not enough to meet the strong demand to live in Noe Valley.

The market imbalance forced buyers into heated bidding wars where they often paid more than the sellers’ asking price.

Final sales in March averaged 105 percent, or 5 percent over the original price tag. That figure contrasts with 103 percent a year ago, and 99 percent in March of 2011.

A $3.6 Million Cottage

Finding a house in Noe Valley for less than $1 million was also a challenge. The average price jumped to nearly $1.7 million in March, a 6 percent increase over last year.

The 23rd Street house, located in the 4100 block near the corner of Diamond Street, was one of four detached homes that sold in excess of $2 million. But clearly it was the brass ring, with buyers paying $25,000 over the $3.6 million asking price and closing escrow in a mere 14 days.

A cottage built in the early 1900s, the three-story dwelling had been extensively remodeled. Though elements of its Victorian façade were preserved, the home’s new modern interior featured frosted glass walls, white oak floors, a Caesarstone gas fireplace, spacious living and dining areas, a gourmet kitchen, wine storage, four bedrooms on the ground floor, 4.5 bathrooms, and a new two-car garage.  

Condos 20 Percent Pricier

New owners took the keys to six Noe Valley condominiums in March, compared to five in February and 11 in March of 2012.

The average price was $1,160,500—a significant  increase (21.5 percent) over the $955,182 the typical buyer paid a year ago. Kostick said the dearth of condos for sale contributed to their rise in value.

The most expensive condo sold in March was located in the 600 block of Duncan Street between Castro and Diamond streets. The unit sold in 17 days for $1,370,000, or 9.6 percent more than the $1,250,000 asking price. The unit featured two bedrooms, 2.5 baths, and two-car parking.

 

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
March 2013	15	$739,500	$3,625,000	$1,693,611	50	105%
February 2013	6	$1,130,000	$1,935,000	$1,501,667	28	106%
March 2012	20	$725,000	$2,950,000	$1,597,150	48	103%
Condominiums
March 2013	6	$920,000	$1,370,000	$1,160,500	30	109%
February 2013	5	$625,000	$1,500,000	$998,200	45	115%
March 2012	11	$618,000	$1,419,000	$955,182	30	103%
2- to 4-unit buildings
March 2013	1	$1,850,000	$1,850,000	$1,850,000	17	128%
February 2013	2	$900,000	$1,359,000	$1,129,500	25	96%
March 2012	4	$939,000	$1,600,000	$1,262,250	101	100%
5+-unit buildings
March 2103	1	1,600,000	1,600,000	1,600,000	124	100%
February 2013	0	—	—	—	—	—
March 2012	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 5/2013

 

Noe Valley Rents**

Unit	No. in Sample	Range April 2013	Average April 2013	Average March 2013	Average April 2012
Studio	3	$1,500 – $1,950	$1,659 / mo.	$1,733 / mo.	$1,715 / mo.
1-bdrm	21	$1,900 – $3,995	$2,669 / mo.	$2,570 / mo.	$2,261 / mo.
2-bdrm	26	$2,500 – $7,000	$3,765 / mo.	$3,870 / mo.	$3,584 / mo.
3-bdrm	11	$3,000 – $9,500	$6,237 / mo.	$5,891 / mo.	$5,556 / mo.
4+-bdrm	2	$5,950 – $12,995	$8,236 / mo.	$8,425 / mo.	$7,650 / mo.

** ­‑This survey is based on a sample of 82 Noe Valley apartment listings appearing on Craigslist.org from March 27 to April 9, 2013.   NVV 5/2013