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The Noe Valley Voice • October 2013 23

The Cost of Living in Noe $5 Million Sale on 29th Street By Corrie M. Anders

A

n Edwardian-style mansion in Noe Valley—with one side of its façade built over a century ago and the other constructed in the past decade—recently sold for more than $5 million. The opulent manor was one of 13 single-family homes that closed escrow in August, according to sales data provided to the Voice by Zephyr Real Estate. Each home commanded more than a million dollars—more than $1.35 million, in fact—and played its part in boosting property values in Noe Valley. But the late summer buzz was all about the pale-blue Edwardian, located on a

A house on Duncan Street with an 1880s facade and a completely modern interior was one of two single-family homes that sold for $3.2 million in August.

double lot in the steep 600 block of 29th Street, between Castro and Diamond streets. The 16-room, four-story house, with downtown views from each level, featured five bedrooms, 4.5 baths, a chef’s kitchen, wine cellar, lighted outdoor basketball court, and parking for three cars. With those kinds of amenities, plus 5,400 square feet of living space, the estate proved irresistible to a tech executive, who paid $5,250,000 to pick up the keys—$255,000 more than the owner’s asking price. According to Voice files, it was the third highest price ever paid for a Noe Valley house. The dwelling was originally built in 1904. Its new incarnation began 10 years ago, after the owners—a developer and his designer wife—tore down a house on the lot next door. “They literally did a mirror image on the other side� in reconstructing the facade of the original Edwardian, then renovated the interior with contemporary features, said Beverly Barnett, an agent with Pacific Union International, which listed the property for sale. The final sales receipt on the 29th Street home helped push the average cost of a house in Noe Valley to nearly $2.5 million, considerably higher than the $1.8 million average of a year ago. Randall Kostick, Zephyr’s general sales manager, said well-paid tech employees were the prime buyers of the Noe Valley properties with million-dollar price tags. “The economy is good� overall, he says, “but it’s the high-tech and bio-tech sector that is supporting these high-end prices.� In addition to the Edwardian manse, two other homes caused a stir among would-be buyers in the neighborhood. A four-bedroom, 3.5-bath home in the 800 block of Douglass Street sold in 13 days for $3.2 million—19 percent over the asking price. The highly remodeled, 2,777-square-foot property is located between 24th and 25th streets. And a home in the 300 block of Dun-

This Edwardian-style mansion, located on a double lot on a 29th Street hillside, sold in August for $5,250,000. The buyers paid considerably more than the asking price for the home, which has an unusual architectural history. Photos by Corrie M. Anders

can Street, between Church and Sanchez streets, also sold for $3.2 million. Buyers paid 7 percent over the asking price for the five-bedroom, 5.5-bath home—a Stick-Eastlake Victorian with a renovated contemporary interior and guesthouse. Meanwhile, condominium sales took a breather. Buyers purchased just five units in August, compared to July when 17

units changed hands. Buyers paid $1,339,999 for the most expensive condominium—17 percent more than the asking price. The two-bedroom, 2.5-bath unit, with 1,260 square feet of living space, is located in the 3600 block of 23rd Street between Dolores and Guerrero streets. 

Noe Valley Home Sales* Total Sales

No.

Low Price ($)

High Price ($)

Average Price ($)

Avg. Days Sale Price as on Market % of List Price

Single-family homes August 2013

13

$1,350,000

$5,250,000

$2,458,077

31

110%

July 2013

11

$888,000

$3,250,000

$1,822,818

19

109%

8

$829,000

$2,860,000

$1,427,691

34

105%

5

$655,000

$1,339,999

$970,000

21

116%

July 2013

17

$575,000

$1,405,000

$1,031,473

31

110%

August 2012

10

$397,000

$1,700,000

$1,060,100

36

107%

August 2012 Condominiums August 2013

2- to 4-unit buildings

Noe Valley Rents** Unit

No. in Sample

Range September 2013

Average September 2013

Average August 2013

Average September 2012

August 2013

0

—

—

—

—

—

July 2013

0

—

—

—

—

—

August 2012

2

$1,450,000

$2,145,000

$1,797,500

53

104%

Studio

1

N/A

$2,000 / mo.

$1,782 / mo.

$1,763 / mo.

5+-unit buildings

1-bdrm

22

$1,495 – $3,400

$2,646 / mo.

$2,761 / mo.

$2,528 / mo.

August 2013

0

—

—

—

—

—

2-bdrm

31

$2,875 – $8,450

$5,644 / mo.

$4,724 / mo.

$3,790 / mo.

July 2013

0

—

—

—

—

—

3-bdrm

10

$4,000 – $8,000

$6,130 / mo.

$5,810 / mo.

$5,016 / mo.

August 2012

0

—

—

—

—

—

4+-bdrm

4

$7,500 – $11,800

$9,150 / mo.

$7,913 / mo.

$8,724 / mo.

** This survey is based on a sample of 68 Noe Valley apartment listings appearing on Craigslist from Sept. 5 to 15, 2013. NVV 10/2013

* 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 10/2013

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Noe Valley Voice October 2013