Sales figures for the Phoenix and Scottsdale luxury condo market in August 2011 were the strongest we have seen in recent months.
This report looks at the performance of the Scottsdale and Phoenix luxury condo space and for the purposes of this analysis, I am defining the luxury condo market as those condos with asking prices in excess of $1 million.
Pending Luxury Condo Sales – At the end of August, there was a single pending luxury condo sale. This particular condo has been in a pending state since the beginning of the year. It was back on the market briefly at the beginning of August, but went back under contract again almost immediately. This 4,000 square foot condo is located at The Residences at 2211 Camelback and has 3 bedrooms and 3.5 bathrooms.
August 2011 Luxury Condo Sales -August saw three luxury condos sell. Two were in Scottsdale and the remaining sale was in Phoenix. The first of the two Scottsdale sales was at The Landmark in the Kierland area. It was a 2 bedroom, 2.5 bathroom unit with 2,845 square feet. It was listed for $1,350,000 and closed for $1,235,000. The second Scottsdale sale was at the Scottsdale Waterfront Residences. It had been listed for $1,295,000 and sold for $1,200,000. This condo had 2 bedrooms, 2.5 bathrooms and was 2,474 square feet. The final sale in August was in Phoenix at Two Biltmore Estates. It was a short sale that had been listed for $1,100,000 and it ultimately closed for $1,050,000. It had 3 bedrooms, 3 bathrooms and 3,560 square feet.
August 2011 was a strong month for luxury condo sales in Scottsdale and Phoenix. However, we ended the month with only one condo in pending status and that is the one that has been in process for several months now. I am curious to see if it will finally close out in September.
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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 9/1/2010 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
