Here are the latest numbers for the Phoenix and Scottsdale luxury condo market. This report covers the month of May 2011 and looks at condo sales and condo sales activity for units with asking prices in excess of $1 million.
Pending Luxury Condo Sales – Two of the three pending sales can be found in Phoenix. One of them is one we have been tracking over the past several months. It is a 3 bedroom, 3.5 bathroom unit at The Residences at 2211 Camelback. The asking price was $1,100,000 and the square footage came in at 4,000. The other pending sale in Phoenix is at the Two Biltmore Estates community. The unit was a 3 bedroom, 3.5 bathroom, 3,560 square foot unit on the ground floor that was listed for $1,395,000. The third pending luxury condo sale was in Scottsdale at the Scottsdale Waterfront Residences in Downtown Scottsdale. This one was a 2 bedroom, 2.5 bathroom with 2,287 square feet. It was listed for $1,199,990.
May 2011 Luxury Condo Sales -There were two luxury condo sales in May and they were both in Scottsdale. The first sale was at the Kierland Plaza Lofts. It was a 2 bedroom. 3 bathroom unit with 2,846 square feet. The list price was $1,725,000 and it sold for $1,500,000. The second sale was at the Scottsdale Waterfront Residences. It was a three bedroom, three and one-half bathroom, 3,860 square foot condo. The list price was $2,599,000 and it sold for $2,200,000.
Overall, May was a strong month for the Phoenix and Scottsdale luxury condo market. There was good sales activity and two units ended up closing. With three pending sales, ideally two of those will close in June.
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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 6/1/2010 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2011 Heather Tawes Nelson
