As we start a new year, I wanted to take a look back to see how the luxury condo market in Greater Phoenix performed in 2008. For this analysis, I looked at resale condominiums where the listed price was over $1,000,000.
Active Listings at the End of 2008
As of January 1, 2009, there were 98 luxury condos on the market with a list price of over $1 million. Forty-six of these condos were located in Scottsdale, primarily in the Optima Camelview and Scottsdale Waterfront developments. Thirty-six of the active listings were in Phoenix and the remaining 16 were in Tempe.
2008 Sales Performance
Thirty-four luxury condos sold in 2008. Prices ranged from $920,000 for a 3 bedroom, 2 bathroom unit at Optima Camelview to $3,900,000 for a 3 bedroom, 3 bathroom penthouse at the Scottsdale Waterfront Residences.
| Luxury Condo Market – 2008 Performance | ||||
| All Luxury Condos | Scottsdale | Phoenix | Tempe | |
| Condo Sales | 34 | 17 | 14 | 3 |
| – Average Sales Price | $1,627,780 | $1,596,941 | $1,781,165 | $1,086,732 |
| – Sales Price to List Price | 93% | 90% | 97% | 97% |
| – Average Square Feet | 2,702 | 2,434 | 3,204 | 1,876 |
| – Average Sales Price per Sq. Ft. | $594.23 | $628.18 | $554.90 | $579.67 |
| – Average Days on Market* | 182 | 257 | 111 | 92 |
| – Highest Sale Price | $3,900,000 | $3,900,000 | $2,980,000 | $1,166,368 |
| – Lowest Sale Price | $920,000 | $920,000 | $1,050,000 | $995,000 |
| – Percentage of Total Sales | 100% | 50% | 41% | 9% |
| * Cumulative Days on Market |
The units sold were at the following communities:
Scottsdale – 17 Total Sales
Optima Camelview – 4
Scottsdale Waterfront Residences – 13
Phoenix – 14 Total Sales
Arizona Biltmore Hotel VI- 1
Esplanade Place – 2
Fairway Lodge at the Biltmore – 2
Optima Biltmore Towers – 1
The Residences at 2211 Camelback – 3
Two Biltmore Estates – 5
Tempe – 3 Total Sales
Edgewater at Hayden Ferry – 1
Northshore at Tempe Town Lake – 2
Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional Multiple Listing Service (ARMLS) on 1/1/2009 and can change at any time. Data is for resale condos as well as any new condos that were listed in ARMLS.
Copyright © 2009 Heather Tawes Nelson
