The Noe Valley Voice • November 2013 23
The Cost of Living in Noe Sales on Vacation in September By Corrie M. Anders
he residential housing market in Noe Valley took a breather in September, as buyers closed deals on just seven single-family detached homes during the month.
That was six fewer houses than in August, when sellers were reaping the rewards of a summertime buying surge, according to sales data supplied to the Noe Valley Voice by Zephyr Real Estate. Though September wasn’t as hectic, the number of potential buyers searching for a new address in the upscale neighborhood continued to outpace the supply of properties available for sale, said Randall Kostick, Zephyr’s general manager. “It’s been a tough market for buyers, and it continues to be a tough market for buyers,” Kostick said. A relatively small inventory of houses for sale has been the main reason sellers have held the advantage. From May through August, Noe Valley had only enough inventory to last two to three weeks without additional homes coming on the market, Kostick said. That started to change last month. Kostick said there was a two months’ stock of homes by the end of September—the largest supply he’d seen in a year— though not enough to eliminate the heated competition for properties.
Built in 1907, the three-story, 3,143square-foot Victorian had been renovated to showcase its gourmet kitchen, luxury bathrooms, and a manicured rear garden. Fewer But Pricier Condos Four condominiums closed escrow in September, one fewer than in August and six fewer than that sold in September of 2012. However, prices continued to rise, as condo buyers on average were willing to pay 7 percent more than the listed price, just as their counterparts in the detached-home market did. One condominium contestant went all out for a unit that was considerably larger than most stand-alone homes in Noe Valley. The buyer paid $2,030,000—8 percent more than the asking price—for a 2,870-square-foot spread with four bedrooms, 3.5 baths, sweeping views, and two-car parking. The condo is located in a two-unit building in the 4200 block of 25th Street, between Castro and Diamond streets.
Overbids a Mean 7 Percent
New owners paid slightly more than $2 million in September for a condo unit in this 11-year-old building in the 4200 block of 25th Street.
In September, home shoppers paid an average 7 percent more than the seller’s asking price. But that extra cash was less than the 10 percent bonus they paid in August and the 15 percent premium recorded in August of last year. Buyers paid $2.4 million—9 percent more than the asking price—to acquire September’s most expensive property, a four-bedroom, three-bath home in the 200 block of 27th Street, between Dolores and Church streets.
This 27th Street Victorian sold for $2.4 million, making it the priciest deal in our September survey of Noe Valley home sales. Photos by Corrie M. Anders
Noe Valley Home Sales* Total Sales
Low Price ($)
High Price ($)
Average Price ($)
Avg. Days Sale Price as on Market % of List Price
Single-family homes September 2013 August 2013 September 2012
Condominiums September 2013 August 2013 September 2012
2- to 4-unit buildings
Noe Valley Rents** No. in Sample
Range October 2013
Average Average October 2013 September 2013
Average October 2012
$2,000 – $2,500
$2,250 / mo.
$2,000 / mo.
$1,642 / mo.
$1,800 – $3,600
$2,740 / mo.
$2,646 / mo.
$2,498 / mo.
$3,295 – $7,995
$4,328 / mo.
$5,644 / mo.
$3,384 / mo.
$3,850 – $8,800
$5,382 / mo.
$6,130 / mo.
$5,277 / mo.
$6,250 – $11,000
$7,914 / mo.
$9,150 / mo.
$8,000 / mo.
** This survey is based on a sample of 77 Noe Valley apartment listings appearing on Craigslist from NVV 11/2013 Oct. 2 to 14, 2013.
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* 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 11/2013