For urban dwellers who want to be right in the middle of everything, Hayes Valley has an awful lot to offer. It’s one of the go-to neighborhoods I recommend when meeting with new buyer clients who tell me they need to be in close proximity to public transportation, restaurants, services, and parks.
Hayes Valley is bordered by a laundry list of similarly desirable neighborhoods: Alamo Square; Western Addition; the theatre and cultural district, South of Market; Mission Dolores; Duboce Triangle; Buena Vista/Ashbury Heights; the Haight and NoPa. Here’s a quick look at the ‘hood, courtesy of Google Maps:
Hayes Valley is host to a mix of young professional homeowners, renters and long-time property owners. Though it’s not typically a destination for young families, I’ve had many clients purchase condos in the area and have children there within a couple years. They end up staying a while and not fleeing to the East Bay because of the quintessential San Francisco architecture and characteristics of the neighborhood. Single-family houses tend to be very large in Hayes Valley, and there are plenty of condos and multi-unit buildings, as well.
Hayes Street between Laguna and Franklin is the epicenter of Hayes Valley. It features some of my favorite restaurants such as Absinthe, Italian standby Caffe Delle Stelle, Suppenkuche, and Bar Jules. (I could go on, but this isn’t a restaurant guide.) In short, there’s a reason I believe Hayes Valley is among the top five food neighborhoods in the city.
Alongside those restaurants are clothing boutiques and specialty stores. For public transportation, you can walk over to Civic Center to catch Muni. If you’re closer to the Haight, the N and J are nearby off Duboce Park. The neighborhood is a magnet for cycling, as many of the prominent bike routes run through it. And let’s not forget that you’re right near the opera, symphony and ballet if you’d like to get your cultural fix.
The housing market has been fairly busy in Hayes Valley. For the most part in 2010, condos were limited to resales. However, the LindenHayes new development at Hayes and Franklin sold all of its 32 units last year. That was about the only new construction in the area. The rest were resales in a blend of contemporary or Edwardian/Victorian properties.
A total of nine condos have sold in Hayes Valley since September 2010, at an average of $702,500. The most expensive was a 3BR/2BA unit with 2075 square feet and two-car parking on Waller, which sold for $1,260,000. There are currently five condos on the market, with the newest being 252 Waller. That’s a top-floor 3BR/2BA Victorian unit with 1761 square feet and one-car parking listed at $895,000.
Only 11 single-family homes sold in 2010 in Hayes Valley. The average sales price was $1,557,318, with the most expensive being 50 Carmelita. This renovated property sold for $2.5M in early 2010, and did so within a month. Houses in Hayes Valley tend to be large and filled with period detail—two attributes that command top dollar.
I’m anticipating that the neighborhood will show strong sales in 2011, as more buyers get off the sidelines and take advantage of the inventory that will be for sale. Given all of Hayes Valley’s selling points, buyers will also find the area appealing from a resale value standpoint.