– Luxury Condo Sales in Scottsdale and Phoenix – August 2014 –
We saw another slow month for luxury condos throughout the Valley. This slowdown is something we see seasonally as the market takes a break during the warmer summer months.
This report will take a look at the sales activity of luxury condos with asking prices over one million dollars.
ACTIVE LISTINGS AT THE END OF AUGUST
Inventory was down two twenty at the end of the month. This was down one over July.
Typically Scottsdale has more units on the market than Phoenix, but last month twelve of the twenty were in Phoenix with the remaining eight in Scottsdale.
The Landmark in North Scottsdale continues to be the community with the most expensive unit for sale. This elegant luxury penthouse has three bedrooms, three and one-half bathrooms and 4,877 square feet. The asking price was $3,450,000, but at the end of August the price was reduced to $3,100,000.
The Mark community in Old Town Scottsdale is where you will find the lowest priced luxury condo. It is a two bedroom, two and one-half bathroom home with 2,451 square feet. It is listed for sale for $1,000,000.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of August, there was a single pending sale in this category. This particular home was located on the ninth floor in the sought-after Scottsdale Waterfront Residences community. It had two bedrooms, two and one-half bathrooms and 2,265 square feet. The asking price at time of contract was $1,450,000.
LUXURY CONDO SALES FOR AUGUST
There was also a single sale in August and this unit was also located in Scottsdale Waterfront Residences. It was a two bedroom, two and one-half bathroom penthouse with 3,363 square feet. It had been listed for $2,900,000 and ultimately sold for $2,182,000.
As predicted, August was a quiet month for this segment of luxury market. And based on a single pending sale, I anticipate September will be another quiet one.
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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 9/1/2014 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
