Luxury Condo Market in Scottsdale and Phoenix – 2012 Results

-2012 Results for Phoenix and Scottsdale Luxury Condo Sales-

Here is the 2012 sales report on luxury condos in Scottsdale and Phoenix. For the purposes of this report, I am looking at condos with list prices of $1 million and above.

The information is divided into three groups. The first is summary information for Scottsdale and Phoenix. Then, the same information is shown at an individual city level. At the end of this post, I have a chart showing sales from 2009-2012.

2012 LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

2012 sales of luxury condos in Scottsdale and Phoenix were much stronger than we saw last year. We concluded the year with 29 sales, as compared to 2011 when there were 20 sales.

Condo sales took place in various luxury communities including: Scottsdale Waterfront Residences, Optima Camelview, Safari Drive, The Landmark and Kierland Plaza Lofts, all in Scottsdale, and at Two Biltmore Estates, Esplanade Place and The Residences at 2211 Camelback, in Phoenix.

The most expensive sale of the year was $2.7 million at the Kierland Plaza Lofts at Kierland Commons in North Scottsdale. It had 3,919 square feet, two bedrooms plus an office and three and one-half bathrooms, in addition to spectacular views. The listed price when it went under contract was $2,995,000.

The least expensive luxury condo sale sale was a unit at Safari Drive in Downtown Scottsdale. The condo had three bedrooms and bathrooms, 2,610 square feet and sold for $935,000. The asking price had been $1,050,000.

2012 SCOTTSDALE LUXURY CONDO SALES

This section looks at sales activity for Scottsdale luxury condos. Twenty-two of the twenty-nine sales in 2012 took place in Scottsdale. However, to be fair, Scottsdale also has a larger inventory of luxury condos for sale.

As we saw above, sales activity was booming in the first part of the year and then dropped off sharply in Q3. We did see a nice bounceback in Q4 though.

Both the highest and lowest priced sales of 2012 took place in Scottsdale.

2012 PHOENIX LUXURY CONDO SALES

Now, here is a look at sales for Phoenix luxury condos. Only seven of the twenty-nine sales in 2012 were in Phoenix.

The highest priced sale in Phoenix in 2012 was a Esplanade Place, located in the Biltmore corridor. This $2 million dollar sale was for a penthouse unit with three bedrooms, three and one-half bathrooms and 4,286 square feet. The asking price when it went under contract had been $2,450,000.

Phoenix’s lowest priced luxury condo sale was also at Esplanade Place.  This condo had 2,417 square feet, two bedroom and  two bathrooms. The list price had been $1,199,995 and it ultimately sold for $975,000.

LUXURY CONDO SALES YEAR OVER YEAR – 2009-2012

Here is a snapshot of annual sales and average sales price for Scottsdale and Phoenix luxury condos over the years from 2009 to 2012.

As you can see, 2012 was a good year for sales activity and we saw average sales price increase across the board.

In summary,  the Phoenix and Scottsdale luxury condo market had a much improved year. Sales were heavily weighted to the front half of the year, but we did see a nice rebound at the end. It will be interesting to see how things unfold for this market in 2013.

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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 1/11/2013 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 © 2013 Heather Tawes Nelson