October 2012 was another good month for the luxury condo market in Scottsdale and Phoenix. In just one month, sales of luxury condos almost tied the entire third quarter’s worth of sales.
At the end of October, two luxury condos had sold and there were an additional three pending sales, with one of them being a carryover from previous months.
In this report, I define the Scottsdale and Phoenix luxury condo market as units with list prices of $1 million and above. Below, I have included summary information as well as detailed information for each of the cities.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of the month, there were three pending sales of luxury condos, two of which were new.
- The single pending sale in Phoenix was at the Esplanade Place community. This was a two bedroom, two bathroom condo with 3,542 square feet on the 6th floor. This unit went under contract in less than a month and the asking price was $1,200,000.
- In Scottsdale, a luxury unit went under contract at the Optima Camelview development. This fifth floor condo had three bedrooms, two bathrooms and 1,906 square feet. The list price at the time of contract was $1,035,000.
- This final pending sale has been in this status for a few months now as there are some items that need to be cleared up prior to close of escrow. It is a foreclosure penthouse in Scottsdale at the East Camelback Condominiums, adjacent to Scottsdale Fashion Square. This property takes up the top floor of the building and has 5 bedrooms, 8 bathrooms and 7,254 square feet. When it went pending, the list price was $1,250,000, but the buyer will need to come up with additional funds to close.
OCTOBER 2012 LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
The two luxury condo sales in October took place in Phoenix.
- The first sale was a unit at Esplanade Place. This 4,286 square foot penthouse condo had 3 bedrooms, 3.5 bathrooms and 4,286 square feet. It had been listed for $2,450,000 at the time of contract and ultimately sold for $2,000,000. This particular home had been on the market for several years, so it is nice to see that it has finally been purchased.
- The second sale was a quick one. This ground floor unit at 2 Biltmore Estates was on the market about a month. It was a three bedroom, three and one-half bathroom condo with 3,860 square feet. It had been listed for $1,300,000 and sold above asking price for $1,341,000.
All in all, October was a healthy month for the Scottsdale and Phoenix luxury condo market. Sales kept a nice pace and a couple of additional units went pending, which bodes well for November sales.
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Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2012 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2012 Heather Tawes Nelson
Thanks for the kind words, Braydon!