The Chronicle quote with regard to Bay Area home price appreciation:
One of the few standouts was the 94114 ZIP in San Francisco, home of Noe Valley, where houses go for well over a million dollars, designer strollers clog the sidewalks, posh shops peddle handmade ethnic tchotchkes, and the Google bus regularly cruises the streets.
But even that ZIP didn’t enjoy the double-digit appreciation that became de rigueur during the real estate boom. Instead Noe Valley prices were up 6.8 percent year over year, from $893 a square foot [in 2007] to $954 [in 2008].
The problem: In a market like Noe where we’ve seen an increase in high-end renovations, sales and even some new construction, an increase in average sales price should not be confused with market “appreciation.” Once again, think mix. And yes, even on a square foot basis.
The reality: Noe Valley apples (i.e., same home sales) paint a different – and we’d be willing to bet more accurate – picture of what’s happening with actual home values in Noe Valley these days. And up 6.8% year over year isn’t it.
∙ Home prices down in 90% of Bay Area ZIP codes [SFGate]