July 2013 was a quiet month for the Phoenix and Scottsdale luxury condo market with zero sales, after coming off five completed sales in June. However, pending home sales added a few to the mix by the end of the month.
For the purposes of this report, I am classifying luxury condos as those units for sale with a list price of $1 million or more.
ACTIVE LISTINGS AT THE END OF JULY
The number of luxury units for sale was up by one over June to 26. Of those, sixteen are located in Scottsdale and the remaining ten are in Phoenix.
At the end of July, the least expensive luxury condo on the market was listed for $1,000,000. It was in the Optima Camelview community in Downtown Scottsdale. This fourth floor unit has 2,000 square feet, three bedrooms and two bathrooms.
The most expensive condo on the market comes in at $3,695,000. It is an expansive penthouse at the exclusive Scottsdale Waterfront Residences This residence is impeccably designed and has two bedrooms, two and one-half bathrooms and is 3,3,63 square feet.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
By the end of June, there were four luxury condos in pending status. Three of them were located in Phoenix’s elegant Two Biltmore Estates. Two Biltmore Estates is in the midst of building an additional six units that will be ready for occupancy some time in 2013. At this time, three of the six are pending. The lowest priced of these was $1,798,000 for a three bedroom, four bathroom, 3,860 square foot residence. The most expensive one under contract had the same floorplan as the other, but was on the upper floor. The asking price for this condo was $1,948,000.
The final luxury condo in pending status is in Scottsdale at the Kierland Plaza Lofts.This corner unit comes with two bedrooms, two and one-half bathrooms and 2,162 square feet. The list price at the time of contract was $1,297,500.
Overall, July was an off month for Phoenix and Scottsdale luxury condo sales. No sales completed during the month, but we did see a couple of them go into pending status. Of the pending sales, three will convert to sales when the build out at Two Biltmore Estates is complete.
Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 8/1/2013 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 July be new condo 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 © 2013 Heather Tawes Nelson