Three 'New Prices' in 94114
Perhaps some homeowners (or agents…) in zip code 94114 (Noe Valley/Castro) let that 2005 Forbes ranking go to their heads. Or perhaps fewer properties are being “reasonably priced” in 2006. Either way, as of today, fifty percent of the single family homes listed in 94114 are now sporting a “Great New Price!” (or similar variant).
For example, 965 Elizabeth (“New Price!”) has been on the market for 74 days and reduced by $200,000; 893 Elizabeth (“GREAT NEW PRICE!”) has been on the market for 100 days and been reduced by $100,000; and 3777 22nd (“New Price”) has been on the market for only 33 days but has already been reduced by $105,000.
The Cost of Living in Noe [Noe Valley Voice]
∙ Listing: 965 Elizabeth (2/2) – $1,195,000 [Coldwell Banker] [MLS]
∙ Listing: 893 Elizabeth (4/3) – $1,395,000 [Coldwell Banker] [MLS]
∙ Listing: 3777 22nd Street (3/1.5) – $1,545,000 [Pacific Union] [MLS]

Comments from Plugged-In Readers

  1. Posted by Osho

    Can it be true ? Is this a dose of much welcome reality ?

  2. Posted by Ohbaby

    Since when was Noe Valley a good location?
    Look at Zip 94123, the Marina. On FIRE! Up 29.9% YoY for May, 2006 vs last year. Just check!
    Lesson? Always buy in the best location possible. Always.
    The 3032 Divisadero house on Socketsite for sale? Sold with a ONE WEEK CLOSE at $1.8 million. That’s $1,265/sqft folks!
    94123 is where it’s at.

  3. Posted by curmudgeon

    Oh bull#$% Ohbaby…the same dataquick info shows that 94123 increased by 5.3% on a square foot basis, vs 29.9% on a median basis. Obviously a change in product mix, not an “on fire” development. 94114 showed a 12.6% gain during the same period.
    And if you don’t think 94114 Eureka Valley/Noe Valley is a good location…then you’re clearly smoking something.
    Socketsite is showing a clear slowdown…and it’s not limited to 94114.

  4. Posted by Mike

    Agree about Noe Valley, but since when was the Marina a good location? Cold, foggy, and full of [removed by editor].

  5. Posted by SocketSite

    Mike – sorry to have edit your last comment. Regardless, hope you’ll continue to ‘plug in.’

  6. Posted by BullMarket

    You guys really don’t know how to read statistics do you? Look at the DQ News Zip chart closely. The average price per square foot increase or decrease is NOT based on the median figures from the left!
    The average ppsft is based on what that ONE highest sale price went for, for that month. Got it guys? Just look across the entire chart and you will understand.
    94123 is indeed up 29.9% YoY for the 15 or so units that sold. Sure the mix may be a little different, but 15 units is a good sample set for one month. Look at PACIFIC HEIGHTS 94109? Is it a coincidence that they too showed a 27% YoY increase in the median? I think not.
    Always buy the best location. Pac Heights and The Marina.
    Noe Valley is bunk.

  7. Posted by curmudgeon

    In my defense, the dataquick charts are completely un-footnoted, so it’s not clear WHAT the per square foot figure is calculated against. But if it’s for the highest price sale only it’s a completely useless number for any analysis.

  8. Posted by meanboy

    finally selling price for 965 elizabeth was 1.22 million. Quite a reduction. Here’s some previous sales history.
    [Editor’s Note: $1,220,000 is 12.5% below the original list price of $1,395,000.]

  9. Posted by meanboy

    sold for 1,350,000
    [Editor’s Note: $1,350,000 is 9.7% below the original list price of $1,495,000.]

  10. Posted by meanboy

    sold for 1,550,000 on 8/1. Sold in 03 for 831k.
    [Editor’s Note: $1,550,000 is 6.1% below the original list price of $1,650,000.]

  11. Posted by eddy

    Speaking of Apples: 893 Elizabeth is on the market at $1.6 and looks largely unchanged from its 2006 state. Maybe a new bath and the kitchen had some light updates; and a general cleaning up. But looks like less than 75K.

  12. Posted by [anon.ed]

    In hindsight the original post, talking about “price coming down” in Noe Valley in July 2006 could not have been more wrong.
    And as for price coming down on Elizabeth street these days, #729 is sure to keep prospective sellers’ dreams alive. It went pending after a week with a list price of $907 psqft. It’s not an apple. It was very nice, I saw it. But it’s going to inform expectations around there without doubt.

  13. Posted by eddy

    I agree. I think this will be an interesting resale as the home as it stands today is pretty serviceable and should tell an interesting story. As far as apple vs the upgrades on this home, it looks to me like anyone that purchased this place would have make those upgrades and the capital outlay I’m sure wasn’t as extensive as #729. I’m a bit out of touch with Noe but this feels priced right, maybe even low @ $640

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