Here is the real estate market performance for the luxury condo market in Scottsdale, Phoenix and Tempe. This analysis looks at condos for sale in the Greater Phoenix area with list prices in excess of $1 million.
At the end of September, there were 65 luxury condos on the market. The bulk of these were in Scottsdale, with 30, and Phoenix, with 28. The remaining 7 units were located in Tempe. The number of units for sale was up over last month, after seeing many months of decline.
There was one sale in September for $1,889,000, which is the highest amount a luxury condo has sold for year to date. It was a penthouse unit at The Landmark in the Kierland section of Scottsdale and it has 3 bedrooms, 3.5 bathrooms and 3,604 square feet.
| Luxury Condo Market – September 2009 | ||||
| All Luxury Condos | Scottsdale | Phoenix | Tempe | |
| Luxury Condo Sales | ||||
| – Number of Units for Sale | 65 | 30 | 28 | 7 |
| – Average Asking Price | $1,730,269 | $1,781,683 | $1,773,836 | $1,335,657 |
| – Average Asking Price Per Sq. Ft. | $596.93 | $665.19 | $558.21 | $459.28 |
| – Average Days on Market*- Active | 270 | 280 | 292 | 140 |
| – Number of Units Pending | 0 | 0 | 0 | 0 |
| – Average Sales Price | $1,899,000 | $1,899,000 | N/A | N/A |
| – Sales Price to List Price | 82% | 82% | N/A | N/A |
| – Average Square Feet | 3,604 | 3,604 | N/A | N/A |
| – Average Sales Price per Sq. Ft. | $524.14 | $524.14 | N/A | N/A |
| – Average Days on Market* – Sold | 258 | 258 | N/A | N/A |
| – Highest Sale Price | $1,889,000 | $1,889,000 | N/A | N/A |
| – Lowest Sale Price | $1,889,000 | $1,889,000 | N/A | N/A |
| – Percentage of Total Sales | 100% | 100% | 0% | 0% |
| * Cumulative Days on Market |
I also looked at the 3rd quarter performance and year-to-date performance through Q3 for this luxury condo market in Scottsdale, Phoenix and Tempe and the results are below.
| Luxury Condo Market – 3rd Quarter 2009 | |
| All Luxury Condos | |
| Luxury Condo Sales | 2 |
| – Average Sales Price | $1,605,750 |
| – Sales Price to List Price | 86% |
| – Average Square Feet | 2,916 |
| – Average Sales Price per Sq. Ft. | $558.99 |
| – Average Days on Market* – Sold | 184 |
| – Highest Sale Price | $1,889,000 |
| – Lowest Sale Price | $1,322,500 |
| * Cumulative Days on Market |
| Luxury Condo Market – YTD Through Q3 2009 | |
| All Luxury Condos | |
| Luxury Condo Sales | 6 |
| – Average Sales Price | $1,491,083 |
| – Sales Price to List Price | 88% |
| – Average Square Feet | 3,148 |
| – Average Sales Price per Sq. Ft. | $481.17 |
| – Average Days on Market* – Sold | 314 |
| – Highest Sale Price | $1,889,000 |
| – Lowest Sale Price | $1,150,000 |
| * Cumulative Days on Market |
Three of the six condos that sold were in Esplanade Place, one was in the Scottsdale Waterfront Residences, one was in The Residences at 2211 Camelback and the final sale referenced above was in The Landmark.
To learn more about the luxury condo market in Scottsdale or Greater Phoenix, please feel free to contact me.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2009 and can change at any time. The analysis looks at single-family resale condos in Scottsdale, Tempe and Phoenix over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2009 Heather Tawes Nelson
