I have broken the information into three categories including all luxury condo sales for 2012 and then sales activity for the individual cities of Scottsdale and Phoenix.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX – Through Q3 2012
The luxury condo market got off to a very strong start in 2012. By the end of the second quarter, 19 luxury condos had sold. This is in contrast to 2011, where only 20 luxury condos sold for the entire year. Activity tapered off quite a bit in the third quarter, which was seen in the luxury home market as well.
The highest priced sale this year was for a penthouse unit at the Kierland Plaza Lofts at Kierland Commons in North Scottsdale. This unit had been listed for $2,995,000 and ended up selling for $2,700,000. The condo had two bedrooms and an office, three and one-half bathrooms, 3,919 square feet and unobstructed views with a 90 foot patio to enjoy them from.
The least expensive sale of the year was for a unit at Safari Drive in Downtown Scottsdale. It was a three bedroom, three and one-half bathroom home with 2,610 square feet. The listing price was $1,075,000 and it sold for $950,000.
Here is the same report, but for Scottsdale condo sales only. The majority of all luxury sales in 2012 were in Scottsdale, with 18 of the 22 sales. Again, we see the same pattern as above, a very strong Q1 and Q2 and a slower Q3.
The highest and lowest priced sales are the same ones outlined above, the penthouse unit at Kierland Plaza Lofts and the unit at Safari Drive.
PHOENIX LUXURY CONDO SALES – Through Q3 2012
Here are the results for Phoenix luxury condos. Phoenix luxury condo sales only made up about 18% of the entire year’s sales activity.
The most expensive condo sale in Phoenix this year was at Two Biltmore Estates in the prestigious Biltmore area. It was a four bedroom, four and one-half bathroom unit with 4,877 square feet. The asking price had been $1,658,000 and it sold for $1,510,000.
The least expensive luxury condo sale was at Esplanade Place, located in the Biltmore corridor. The asking price was $1,199,995 and the final sales price was $975,000. This condo had two bedrooms, two bathrooms and 2,417 square feet.
Overall, the luxury condo market in Scottsdale and Phoenix is having a better year in 2012. The beginning of the year saw most of the sales activity, but hopefully we will see some increased activity as we close out the year.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2012 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2012 Heather Tawes Nelson