Archive for the ‘tech’ Category

The New Mansions of Noe Valley: Part I

 

For many San Franciscans, talk of the city’s mansions conjures images of the so-called “Prestige North” — the trophy properties of Pacific Heights, Presidio Heights and Sea Cliff which are historically the most expensive single-family homes San Francisco has to offer. Indeed, when 2701 Broadway sold earlier this year for $31M it became the highest priced sale of the year. Nonetheless, there’s been a remarkable shift in the number of multi-million dollar home sales in recent years to the city’s more southerly neighborhoods.

Between 2012 and 2014, the number of single-family homes sales $3M+ in Noe Valley increased more than 800%; if the eight homes currently listed [we’ll examine some of these in The New Mansions of Noe Valley: Part II] trade at or above listing price by the end of 2015, that figure will reach 900% over the four year period. See this chart of $3M+ Noe Valley home sales over the past decade:

 

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Earlier this year, Noe Valley saw its record-setting most expensive home sale ever, 625 Duncan (March 2014), matched by 553 Elizabeth (June 2015) — each sold for $7M. [Note: 625 Duncan was then partially gutted and re-sold in April 2015 for $4.4M.] That same month, Noe got its new next priciest sale at 471 Hoffman, sold for $6.7M. In all, 19 $3M+ single-family homes in Noe Valley have sold YTD — compare that to 23 in Pacific Heights.

At various times over the past decade, the average $/sqft sales price in Noe Valley has exceeded that of Pacific Heights, both with consideration to all property types sold and also individually to homes, condos, and TICs leading to some dramatic comparisons between the two neighborhoods. In 2013 it was said “Pacific Heights is cheap compared to Noe Valley” with regard to particular $/sqft figures, and last year it was declared “Noe is the new Pac Heights” following a measured shift of dominance in the number $2M+ single-family home sales from the “Prestige North” to the Noe, Eureka and Cole Valleys.

With regard to median sales prices for single-family homes, Noe Valley led the whole of San Francisco in surpassing the $1M mark by almost five years. Not since May 2009 has the neighborhood seen a six-figure median for houses, and today close to 95% of all properties there — houses, condos and TICs — are valued at $1M+ according to this Zillow report.

 

In fact, having grown from 54.26% in January 2010, the number of $1M+ properties as a percentage of all housing stock in Noe Valley today is the 3rd highest in the city, trailing Inner Sunset (95.67%) and Central Richmond (95.64%). Pacific Heights comes in 4th at 88.24%.

 

 

While neither Noe Valley nor Pacific Heights could claim the highest average $/sqft for houses in September 2015, the spread between their prices — $1,334/sqft and $1,509/sqft, respectively — is relatively small. And while Noe is only one of a handful of neighborhoods in the southern part of San Francisco to experience some of the highest average annual compound appreciation rates in the long term, none of the others come close to touching the “Prestige North” — in terms of ultra-luxury house prices, average $/sqft figures, median single-family home prices, percentage of $1M+ properties, number of $3M+ homes sales or otherwise.

 

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With Noe Valley’s easy access to Silicon Valley, it’s proven to be a desirable area for wealthy tech-employed homebuyers. Furthermore, the neighborhood’s limited capacity for infill luxury housing developments means that any existing structure is an appealing candidate for renovation, expansion and/or rebuild for 21st century sensibilities. Looking at the $3M+ single-family homes sold this year as well as ones currently on the market, it’s evident the neighborhood is experiencing a wave a mansionization every bit as worthy of “Prestige” as Pacific Heights.

In The New Mansions of Noe Valley: Part II, we’ll take a look at some of these properties and offer a professional’s analysis of the draws for these mansions that tech built. Stay tuned!

 

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Meredith Martin is a Broker Associate at Paragon Real Estate Group and can be reached at Meredith@OpeningDoors.me

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San Francisco Secret Spaces

Rooftop Reverie

Rooftop Reverie

San Francisco is a very special place. Right now, some think  it’s the epicenter of the universe. The Titans of Tech, the heart of artistic culture and Karl the fog (our weather is now a mascot!) reside here, working and playing hard. But we all need a break…

The folks at SPUR have shared their local real estate expertise in a cell phone application titled, SPUR Secret Spaces & Hidden Oases to showcase destinations for revitalization. The best part, all are open to the public!

I have narrowed to my top 5. Enjoy!

1. Rooftop Reprieves at The Crocker Galleria on 50 Post St. @ Montgomery St. This breath of fresh air location boasts 2 Rooftop Sun Terraces. Complete with lovely benches, flowering trellis’ and a working foundation, this quiet open space has lived up to its name since its construction in 1982. With easy access to restaurants & restrooms, Rooftop Reprieves receives a stamp of excellence!

2. Standing Among Giants at TransAmerica Redwood Park on 600 Montgomery St. @ Clay St. This iconic oasis lives up to it’s fame.

TransAmerica Redwood Park

TransAmerica Redwood Park

Resting beneath the shadow of this towering skyscraper, an Urban Park accessorized with massive Redwood trees, grass, wooden benches and a stage, takes my first prize for best of the best. Nearby restaurants have cooked lunch for the voyeur of these gentle Redwood giants since 1973.

Moroccan Bliss!

Moroccan Bliss!

3. A Moroccan Plaza at Citicorp Center Building on 1 Samsome St. @ Sutter St. This remarkable architectural accomplishment has provided San Francisco with a glass enclosed roof, supported by 2-story arches of white marble since 1912. A visitor is sure to have a few moments of holiday bliss as palm trees accent this quaint cafe scene. Drift amongst the true show stoppers, an art deco bronze sculpture and marble fountain centerpiece. Sit back, relax and enjoy the tables and chairs free for visitors use since 1983.

4. Up in The Clouds on 343 Sansome St. @ Sacramento St. This split location shares 2 open spaces with the public. Savor the sun and the view from the 15th floor terrace.

15th Floor Terrace

15th Floor Terrace

Travel to the adjacent mall for easy food service. Bring lunch back over and appreciate the olive trees and flower bed planters. This special space has been gifting benches, moveable chairs and tables since 1990.

5. Power Lunch Greenhouse on 101 2nd St. In 2000, contemporary minimalism invited an expansive, glass-enclosed designer cafe to SOMA.

Modern Greenhouse eatery

Power Lunch Greenhouse

Bath in sunlight and pull up a chair or a bench to watch daily noon-time entertainment. Delight in the contrasting white marble and black granite decor that frame an over-sized painting and sculpture. What are your favorite San Francisco spaces?

Rita Roti is a broker associate / assistant manager at Zephyr Real Estate and can be reached at Rita@ritaroti.com.

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