Noe Valley – Property Sells for 1 Million Over Asking

Noe Valley is becoming more and more popular every day. With such an easy commute to the Peninsula – it is quickly becoming the tech industry’s favorite neighborhood! And with tons of great shopping and restaurants on Noe’s 24th Street – it is easy to see why this neighborhood is getting so much attention lately.

Often billed as the family friendly neighborhood – or the more Southern Pacific Heights (see article) – Noe Valley’s Real Estate market is getting a lot of attention in recent years – and the price of homes has skyrocketed, with the first property to ever sell for 1 Million over asking closing last week.

“There’s been a lot of activity in Noe Valley, and some record prices per square foot…More and more, the south side of the city is becoming a magnet for a new wave of buyers, whether it be Noe Valley or the Mission District, primarily because so many people commute down to the Peninsula.” – Patrick Barber, Pacific Union’s SF President.

Between the 24 Divisadero that closes the gap between The Castro and Noe Valley, the 48 Quintara – and the J Church MUNI – there are tons of options here for commuters. Of course – the tech shuttle buses have made a home here as well.

Tons of shopping exists on the 24th Street corridor – which extends from Castro Street all the way to The Mission neighborhood – with plenty of stops and shopping to check out along the way. Included is Whole Foods, Firefly Restaurant, the Noe Valley Bakery, and Toast Eatery – as well as a Starbucks, naturally.

Liberty Hill – on the north end of Noe Valley offers some of the most spectacular views of Mission Dolores Park – and these homes certainly sell at a higher price point. A famous Christmas display on 21st Street provides an attraction for San Francisco’s tourists every December. While Noe Valley may share the same warm climate as neighboring Inner Mission and Mission Dolores, the more Southern portion of Noe – which climbs up to Diamond Heights and Twin Peaks, experiences significant fog during some parts of the year.

The median sale price increased to $1.5 million in July in Noe for Single Family Homes – an increase of 37 percent from $1.1 million last year – and, condominium prices have been raised 55% in the same time period.

As with most SF neighborhoods – supply is shrinking and demand for housing is rising. The tale of multiple competing offers has become the norm – with List Price to Sale Price ratios reaching national and all-time highs. In July homes for sale decreased 17% from last year’s July – yet the number of homes sold has increased over 30%.

15 Fountain Street – a 24th Street property, was listed by David Bellings, Coldwell Banker for 3.98M. The property just sold last week for a whopping 5.15 Million. To clarify – this is NOT a typo. The house very literally sold for 1 Million+ OVER ASKING. This is statistically significant – and the fact is, that young tech money wants young tech houses. These new remodels will have no trouble selling and this particular property really paints the best picture of Noe Valley in Fall 2014.

ity and a very diverse housing stock with everything from old Victorians to modern homes to condominiums to apartment houses,” Barber said. “It’s really become one of the top neighborhoods.” – Patrick Barber, PU President, San Francisco Area.