While loft living has been a tradition in many metropolitan areas for years, we are starting to see a lot of recent growth in the Greater Phoenix area. I define luxury lofts as those for sale for more than $1 million.
There are several luxury loft projects sprinkled throughout the area, including downtown Phoenix, downtown Scottsdale and Kierland.
I took a look at the performance from January through August and noted which luxury developments are seeing the most activity.
Valleywide Units for Sale: 30
Average Asking Price: $1,650,133
Average Square Feet: 2,430
Average Asking Price/Sq. Foot: $699.30
Units Sold in 2008: 9
Average Sales Price: $1,369,159
List Price to Sales Price: 95%
Average Square Feet: 2,040
Average Price/Sq. Foot: $691.56
The developments where these luxury lofts have sold are as follows:
– Kierland Plaza Lofts – Scottsdale, AZ – 6 of the 9 units total units sold were at the Kierland Plaza Lofts
– Average Sales Price: $1,532,905
– Asking Price to List Price: 100%
– Average Square Footage: 1,934
– Average Price/Sq. Foot: $798.51
– Third Avenue Lofts- Scottsdale, AZ – 1 Unit Sold
– Average Sales Price: $1,250,000
– Asking Price to List Price: 89%
– Average Square Footage: 2,097
– Average Price/Sq. Foot: $596.09
– Orpheum Lofts – Phoenix, AZ – 1 Unit Sold
– Average Sales Price: $825,000 (Original list price was $1,075,000)
– Asking Price to List Price: 77%
– Average Square Footage: 2,668
– Average Price/Sq. Foot: $309.22
– Summit At Copper Square – Phoenix, AZ – 1 Unit Sold
– Average Sales Price: $1,050,000
– Asking Price to List Price: 83%
– Average Square Footage: 1,990
– Average Price/Sq. Foot: $527.64
I will continue to check back periodically to see how this market is performing and update these figures accordingly. If you have any questions about any of the developments mentioned above, please contact me.
Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) and can change at any time. Data represents activity from 1/1/2008 through 8/31/2008. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson
