-2013 Results for Phoenix and Scottsdale Luxury Condo Sales-
Here is the wrap-up for the luxury condo market in Scottsdale and Phoenix for 2013. This report looks at condos with list prices of $1 million or more.
I have presented the information three ways. The first section looks at the summary data for both Scottsdale and Phoenix. Following that are sections that look at the performance of each city separately. At the end, a chart is included that shows year over year sales and average sales price for the last five years.
2013 LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
Luxury condo sales in 2013 continued to improve over the previous year. Over the course of the year, there were 32 sales as compared to 2012 when there were 29 sales.
A large number of luxury condo communities saw sales activity last year. They include the Scottsdale communities of Scottsdale Waterfront Residences, Optima Camelview, The Mark, Landmark Condominiums and the Kierland Plaza Lofts. In Phoenix, the following communities had luxury sales: Two Biltmore Estates, Fairway Lodge, The Residences at 2211 Camelback and the Orpheum Lofts.
The most expensive sale of the year was for $3,600,000. It was a penthouse that came with an additional guest unit at the Scottsdale Waterfront Residences. It had four bedrooms, four and one-half bathrooms, 4,437 square feet and had been listed for $3,800,000.
The least expensive luxury condo sale of 2013 was $950,000. This sale was at The Mark in Old Town Scottsdale and was for a three bedroom, three and one-half bathroom, 2,122 square foot unit. It had been listed for $1,060,000 and sold for cash.
2013 SCOTTSDALE LUXURY CONDO SALES
This section covers sales activity for Scottsdale luxury condos. Of the thirty-two sales in 2013, twenty-six of them were in Scottsdale. (Note: Scottsdale does have a larger number of luxury units for sale, so this makes sense.)
Sales were pretty solid throughout the year, with the exception of a drop in Q3. This drop was seen across the Scottsdale/Phoenix market in general.
Luxury Sales by Community:
- Scottsdale Waterfront Residences – 9 sales
- Kierland Plaza Lofts – 7 sales
- Optima Camelview Village – 5 sales
- The Landmark – 3 sales
- The Mark – 2 sales
Both the highest and lowest priced sales during 2013 were in Scottsdale and are described above.
2013 PHOENIX LUXURY CONDO SALES
This next section covers Phoenix luxury condos. Six of the thirty-two sales in 2013 were in Phoenix.
Luxury Sales by Community:
- Two Biltmore Estates- 3 sales
- Fairway Lodge at the Biltmore Estates – 1 sale
- The Residences at 2211 Camelback – 1 sale
- Orpheum Lofts – 1 sale
Phoenix’s most expensive sale was at the Two Biltmore Estates community. It was a four bedroom, four and one-half bathroom newly-built condo with 3,860 square feet. It had been listed for $1,878,000 and sold for cash for $2,142,440 (sales price included upgrades.)
Phoenix’s least expensive luxury condo sale took place at the Fairway Lodge at Biltmore Estates. This two bedroom, two and one-half bathroom unit with 2,992 square feet sold for $1 million. It had been listed for $1,150,000 and sold for cash.
LUXURY CONDO SALES YEAR OVER YEAR – 2009-2013
Below is a chart showing sales activity and average sales price from 2009 through 2013.
Overall, the Phoenix and Scottsdale luxury condo market had another excellent year of sales. Combined sales activity was up and average sales price was also up slightly over 2012. With the exception of Q3, sales activity was solid and bodes well for 2014.
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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 1/1/2014 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 © 2014 Heather Tawes Nelson | Joyce Tawes
