– Luxury Condo Sales in Scottsdale and Phoenix – May 2015 –
The luxury condo market in Phoenix and Scottsdale continued its solid sales record for another month in May. Plus, there was a good amount of pending inventory in the pipeline, which is encouraging for June’s sales.
This report looks at the sales activity for luxury condominiums in the area that are listed for $1 million or more.
ACTIVE LISTINGS AT THE END OF MAY
Inventory saw a drop at the end of May to 43 units for sale. Twenty-four of these units were located in Phoenix and the remaining nineteen were located in Scottsdale.
The most expensive unit for sale remained at $3,500,000. This condo encompasses the whole top floor of a commercial building in Downtown Scottsdale. The space is around 8,500 square feet and is gutted for complete customization by the new owner.
The lowest priced luxury condo on the market was located in Scottsdale’s The Landmark community. It was on the market for $1,000,000 even.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of May, there were again five pending sales. Two of the pending sales were in Scottsdale and the other three were in Phoenix.
Scottsdale Pending Sales
- The first pending condo sale was located in the Scottsdale Waterfront Residences. It was a two bedroom, two bathroom, 1,788 square foot unit that had been on the market for $1,075,000.
- The second pending sale was at Optima Camelview. This condo had three bedrooms, two bathrooms and 2,614 square feet. It has been listed for $1,595,000.
Phoenix Pending Sales
- A condo in Phoenix’s Portland on the Park was a carryover from April. It had two bedrooms, three baths and 1,646 square feet. The price at time of contract was $1,031,500.
- The other two pending sales were also carryovers from April. Both units were located in the Two Biltmore Estates community. The first unit had three bedrooms, three and one-half bathrooms and 3,330 square feet. It was listed for $1,838,000. The other unit had three bedrooms, four and one-half bathrooms and 4,877 square feet. It was listed for $2,588,000.
LUXURY CONDO SALES FOR MAY 2015
There were three luxury condo sales in May. Two of them were in Phoenix and the other was in Scottsdale.
- The first sale was at Fairway Lodge at 8 Biltmore. It had been on the market for $1,150,000 and ultimately sold for $1,035,000. This unit had three bedrooms, two and one-half bathrooms and 2,329 square feet.
- The second sale was at Two Biltmore Estates, the neighboring community to 8 Biltmore. This condo had three bedrooms, four bathrooms and 3,860 square feet. It had been listed for $1,749,000 and sold for $1,620,000.
- The final sale was a 2,975 square foot unit in the Scottsdale Waterfront Residences. It had three bedrooms and three and one-half bathrooms.The list price was $1,850,000 and it sold for $1,720,000.
Sales activity for luxury condos in Scottsdale and Phoenix was strong again in May. Plus, with five pending sales in play, June’s sales figures should be good as well.
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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 6/1/2015 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 © 2015 Heather Tawes Nelson | Joyce Tawes
