2BR Condo Market Explodes in Noe Valley

Buyers competing for two-bedroom condos in Noe Valley are apparently willing to pay whatever it takes to snag them a home near a tech shuttle stop and the freeways.

The average price for such a unit in the time period from June through mid August was $1,250,667. Only two of the nine condos sold were under $1M; the rest ranged from $1,250,000-$1,475,000. Average overbid? 27%.

Yes, there are some such condos selling for less, but they generally involve 1,000 square feet or less and don’t include parking—or have other quirks. (For example, a 2BR/2BA condo with parking on Dolores at 29th Street sold recently for $875,000. But the developer owns three of the 13 units, meaning any buyer needing a loan would have to use non-conforming financing.) [Read more…]

Noe Valley Condo Inventory Spikes for Summer

Not only have Noe Valley residents busted out their grills for summer, but several of them have decided to break out the For Sale signs on their condos, too.

A total of nine condos hit the market in Noe Valley over the past week, ranging in price from $669,000 to $1,038,000. And you can add these to the other 21 condos in Noe that are already on the market. But it seems like buyers aren’t hesitating to make purchases in this property category and neighborhood; a total of 35 condos have sold since January, with a median price of $848,000. The most expensive unit sold was at 1068 Sanchez, a3BR/3BA, 1,753-square foot property that sold for $1,625,000. In fact, twelve of the sold properties had $1M+ selling prices—buoyed by four luxury condos sold at the new Nove project on Guerrero—which tells you that Noe Valley is still attracting affluent buyers.

And it seems like listings are being absorbed at a pretty good pace.

If you’re a buyer looking to get into Noe, you have a lot from which to choose. I wouldn’t necessarily say it’s a genuine buyers’ market in the neighborhood, but over the next few weeks, it could spin in that direction.