The Phoenix and Scottsdale luxury condo market had a decent July 2011 and keeps plugging along. In this report, I define the luxury condo market as condos on the market with list prices of $1 million or more.
Pending Luxury Condo Sales – At the end of July, there were three pending sales of luxury condos. Of the three pending sales, one of them was located in Phoenix. It has been pending for many months at this point. The condo in question is located in the elegant community of The Residences at 2211 Camelback and is a 3 bedroom, 3.5 bathroom unit with 4,000 square feet.
The remaining two pending sales were located in Scottsdale, with one at the well-known Scottsdale Waterfront Residences and the other at The Landmark, a great complex located in the Kierland area of Scottsdale. The Scottsdale Waterfront condo was listed for $1,295,000 and had 2 bedrooms, 2.5 bathrooms and 2,474 square feet. It was only on the market for about a month before it went under contract. The Landmark condo was also a 2 bedroom, 2.5 bathroom unit, but had 2,845 square feet. Its listing price was $1,350,000 and was on the market just over 2 months before going pending.
July 2011 Luxury Condo Sales – The single sale in July was for a condo at The Landmark. This condo had 3 bedrooms, 2.5 bathrooms and 2,688 square feet. It was on the market for less than a month. The asking price on this unit was $1,082,000 and it closed for $1,000,000.
July 2011 was another solid month for luxury condo sales activity in Scottsdale and Phoenix. While there was only a single sale, we did get two new units into pending status. It will be interesting to see if the unit at 2211 Camelback closes as well.
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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 8/1/2010 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
