The luxury condo market in Phoenix and Scottsdale picked up a little bit in September. (For the purposes of this report, I am defining the luxury condo market as those units with asking prices of $1 million or above.)
ACTIVE LISTINGS AT THE END OF SEPTEMBER
Inventory was down slightly by the end of the month to 25 condos. Fourteen of these were in Scottsdale and the remaining eleven were in Phoenix.
At the end of September, the least expensive unit on the market was in Phoenix’s Esplanade Place. This two bedroom plus office, three bathroom, 3,000 square foot residence was listed for $1,095,000.
The most expensive condo has been on the market for a while and is listed for $3,695,000. This Scottsdale Waterfront Residences penthouse comes with two bedrooms, two and one-half bathrooms and encompasses 3,3,63 square feet.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of September, there were six condo sales pending and they were evenly split between Scottsdale and Phoenix.
The three Scottsdale pending sales came from three different communities:
- Optima Camelview - This was a three bedroom, two bathroom unit with 2,469 square feet. Asking price at the time of contract was $1,100,000.
- The Landmark (Kierland) – This was a three bedroom, 2.75 bathroom condo with 2,591 square feet. Asking price was $1,199,000.
- Scottsdale Waterfront Residences - This eighth floor unit had two bedrooms, two and one-half bathrooms and 2,469 square feet. The asking price was $1,600,000.
Here is an overview of the three pending sales in Phoenix:
- Two came from Two Biltmore Estates and are new builds that have not been completed yet. The first is a three bedroom, four bathroom, 3,860 square foot residence with an asking price of $1,798,000. The other is a four bedroom, four and one-half bathroom, 3,860 square foot unit with an asking price of $1,878,000.
- The third pending unit is from one we do not see very often. This was at the Orpheum Lofts in downtown Phoenix. This two bedroom, two and one-half bathroom, 2,777 sqaure foot loft was being sold for $1,495,000.
LUXURY CONDO SALES FOR SEPTEMBER
There was a single luxury condo sale in September and it took place at The Landmark in North Scottsdale. The condo that sold was a fourth floor unit with three bedroom, two and one-half bathrooms and 3,054 square feet. The asking price had been $1,250,000 and it sold for $1,200,000.
September was a little more active in Scottsdale and Phoenix in the luxury condo category. The large number of pending sales at the end of the month bodes well for October sales.
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 10/1/2013 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 September 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