www.noevalleyvoice.com/2004/April/Cost.html -
[Cached Version]
Published on: 1/1/2004
Last Visited: 5/29/2007
Stiff competition forced buyers to engage in bidding wars, which sent home prices rocketing, according to Randall Kostick, sales manager at Zephyr's 24th Street office.
Some homes were getting "anywhere from 5 to 25 offers," Kostick said.And in many cases, it took only five weeks from the time the "For Sale" sign went up until the deal closed, he said.
Kostick noted that the most expensive property sold in January was a $1.3 million home, with three bedrooms, 21/2 baths, in the 4200 block of 26th Street.
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The vigorous real estate market is a reflection of a shortage of Noe Valley homes for sale, low mortgage interest rates, and buyers' confidence that they can hold on to their jobs, noted Kostick.
"Even though the stock market is taking a little bit of a dive," Kostick said, "people are still feeling good about the economy in general."