Here is a look at the luxury condo market in Scottsdale and Phoenix during September 2010. For the purposes of this analysis, I am defining the luxury condo market as condominiums on the market with asking prices of $1 million or more.
The Scottsdale and Phoenix area luxury condo market had a dismal September. There were no luxury condo sales and no luxury condos went under contract. In August, there was only a single sale that sold at a significant discount off of asking price. Unfortunately, the lack of activity in September indicates that October will be another quiet month, unless there is a cash sale with a quick close of escrow.
The positive for the luxury condo market in Phoenix and Scottsdale is that we will soon be moving into the high-season when residents from other areas come to take advantage of the excellent weather. This means activity should pick up as the weather cools off elsewhere.
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Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2010 and can change at any time. The analysis looks at resale luxury condos in Scottsdale 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
