Here are the condo sales figures for the luxury condo market in Scottsdale, Phoenix and Tempe for January 2010. I am defining the luxury condo market as condos with asking prices in excess of $1 million.
January was a solid month for luxury condo market activity. At the end of the month, there were 74 luxury condos for sale. Scottsdale had 57% of the inventory, Phoenix had 38% of the inventory and the remaining 5% was located in Tempe.
There was a single sale in January and it was for a three bedroom, two and one-half bathroom, 2,593 square foot unit at the Optima Camelview in Scottsdale. The unit was new construction and sold for $1,250,000.
There were three pending sales as well. The first was at the Scottsdale Waterfront Residences and it was a two bedroom, two and one-half bathroom, 2,469 square foot unit listed for $1,450,000. The other pending sales were in Phoenix at Esplanade Place and Two Biltmore Estates. The Esplanade Place luxury condo was a two bedroom, three bathroom, 3,000 square foot residence listed for $1,695,000 and the Two Biltmore Estates condo was a three bedroom, three and one-half bathroom, 3,890 square foot unit listed for $2,198,000.
Overall, the luxury condo market in Scottsdale, Phoenix and Tempe is off to a decent start for 2010. Hopefully, this market segment will continue to improve after experiencing difficult 2009.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2010 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 © 2010 Heather Tawes Nelson
