Buyers Represented in Record Setting Condo Sale at Opera Plaza San Francisco

Common Areas at Opera Plaza, San Francisco

Common Areas at Opera Plaza, San Francisco

 

Buyers represented by Kirk and Peggy Economos raised the bar for condo pricing at Opera Plaza located at 601 Van Ness Avenue in San Francisco.

 

 

The team of Kirk and Peggy Economos, luxury real estate agents at Pacific Union International – Christies International in San Francisco, represented the buyers in the purchase of a 1,250 square foot condominium that closed on December 17, 2013. The two-bedroom, three-bath, 2-level townhouse condo sold for a record price of $771,000, making it the highest priced condo sold in the Opera Plaza Complex since 2006. Additionally, the buyers are undertaking extensive upgrading.

Opera Plaza was built in 1982, designed in the concept of an urban village, comprised of residential and commercial uses in a peaceful oasis surrounded by high-density urban area. Opera Plaza takes up an entire city block and includes a total of 450 residential units, 80,000 square feet of commercial space and 600 spaces of underground parking.

Opera Plaza has views of the beautiful San Francisco City Hall, and is within 3 to 4 blocks of the San Francisco Opera, San Francisco Ballet and San Francisco’s Davies Symphony Hall. It is an area that feels both safe and comfortable.

$771,000 is the highest price paid since 2006 and the second overall highest price paid for condo at Opera Plaza San Francisco but it is not the highest price per square foot at Opera Plaza and it is well below the price per square foot of newer complexes that offer less in the way of ambiance, location and amenity.

Peggy Economos stated: “The buyer’s purchase of 601 Van Ness Avenue #20 came out to be $640 per square foot. The highest price per foot at Opera Plaza was over $860 that was paid for a 550 square foot, junior one-bedroom condo; also sold in December 2013. At nearby complexes, condominiums are selling for more than $1,000 per foot. Considering all the facts, #20 at Opera Plaza was a bargain.”

Kirk and Peggy Economos see a renaissance for Opera Plaza in the coming years. It is a simple but attractive complex with a large protected central courtyard. As newer projects came on the market, Opera Plaza was lost in the sizzle and in many ways forgotten, especially in terms of rising prices. Opera Plaza is perhaps the most affordable, quality condo complex in the city. Chances are this low price disparity will soon be recognized.

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