– Luxury Condo Sales in Scottsdale and Phoenix – May 2014 –
May was a strong month for the luxury condo market in Scottsdale and Phoenix. For this report, I am classifying condos with list prices of $1 million or above as luxury properties.
ACTIVE LISTINGS AT THE END OF MAY
We saw a dip in the number of active listings by the end of the month, from 36 to 30. Of these, 19 were in Scottsdale and the remaining 11 were in Phoenix.
A penthouse at The Landmark in North Scottsdale remained the highest priced unit for sale. It had 4,877 square feet and was equipped with three bedrooms and three and one-half bathrooms. The asking price was $3,700,000.
The least expensive luxury condo for sale was also the same. It was located in The Mark in downtown Scottsdale. This unit was listed for $1,000,000 and had two bedrooms, two and one-half bathrooms and 2,451 square feet.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of the month, three luxury condos were under contract.
The two in Scottsdale were in The Mark and the Scottsdale Waterfront Residences. The Mark unit had two bedrooms, two and one-half bathrooms and 2,435 square feet. Its asking price was $1,095,000. The Scottsdale Waterfront condo with 2,117 square feet was listed for $1,399,000 and also had two bedrooms and two and one-half bathrooms.
The pending sale in Phoenix was a carryover from the previous month. It was located in the Fairway Lodge at 8 Biltmore community. The list price was $1,070,00 and the unit had 2,376 square feet, two bedroom and two and one-half bathrooms.
LUXURY CONDO SALES FOR MAY
Five condos over $1 million closed in May. Sales prices ranged from $1,070,000 to $1,725,000. Of the five sales, four were in Scottsdale and the last one was in Phoenix
- The Phoenix sale was in the Fairway Lodge at 8 Biltmore. It had two bedrooms, two and one-half bathrooms and 2,376 square feet. It had been listed for $1,070,000 and sold for list price.
- Optima Camelview Village – This condo had three bedrooms, two bathrooms and 2,312 square feet. It had been listed for $1,190,00 and it sold for $1,185,000.
- Scottsdale Waterfront Residences – There were three sales within this community.
- Unit 408 – Two bedrooms, two and one-half bathrooms, 2,092 square feet. The asking price was $1,395,000 and the sales price was $1,390,000.
- Unit 1001 – Three bedrooms, three and one-half bathrooms, 2,505 square feet. The asking price was $1,399,000 and the sales price was $1,340,000.
- Unit 704 – Two bedrooms, two and one-half bathrooms and 2,474 square feet. The asking price was $1,799,000 and the sales price was $1,725,000.
May was a great month for luxury condo sales. We saw the highest sales figures of the year and there are still three condos pending sale in the pipeline. If they proceed to close, June should be another good month for Phoenix and Scottsdale luxury condo sales.
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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 6/1/2014 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
