– Phoenix and Scottsdale AZ Luxury Condo Sales –February 2014 –
Here are the sales figures for Scottsdale and Phoenix’s luxury condo market for February 2014. In this report, luxury condos are defined as those with a list price of $1 million or more.
ACTIVE LISTINGS AT THE END OF FEBRUARY
The number of listings increased between January and the end of February. At the beginning of the month, there were twenty-seven luxury condos on the market and by the end of the month, there were thirty-five. Inventory has been flat for a very long time, so this was a big jump. Of the thirty-five condos for sale, twenty-five were in Scottsdale and the remaining ten were in Phoenix.
The most expensive condo on the market has held this spot since the end of last year. It is an expansive penthouse in The Landmark, a luxury community situated in the Kierland area. It has 4,480,square feet with three bedrooms and three and one-half bathrooms. It is listed for $3,700,000.
The least expensive condo for sale also dates back to the end of last year. Located in The Mark community in Downtown Scottsdale, this two bedroom and two and one-half bathroom unit with 2,451 square feet is being offered for $1,000,000.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
The two pending sales at the end of February were carryovers from January.
The first unit is located in Main Street Plaza in Downtown Scottsdale. It was priced at $1,185,000 for 2,227 square feet. The second unit was in the Scottsdale Waterfront Residences. It was priced at $1,395,000 for 3,440 square feet.
LUXURY CONDO SALES FOR FEBRUARY
There was a single sale in February and it took place in the elegant Esplanade Place community in the Biltmore area of Phoenix.
This seventh floor unit had 2,978 square feet and three bedrooms and bathrooms. The asking price had been $1,295,000 and it ultimately sold for $1,150,000 in a cash transaction.
February was a lackluster month for the Phoenix and Scottsdale luxury condo market. Inventory moved up, there were no new pending sales and there was only a single sale. Hopefully, we will see more activity in March as the season gets into full-swing.
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Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2014 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed. There may be new condo inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2014 Heather Tawes Nelson | Joyce Tawes
