– Luxury Condo Sales in Scottsdale and Phoenix – October 2015 –
The luxury condo market in Phoenix and Scottsdale had a better sales month in October. Listings were up a little bit and the number of pending sales is holding steady awaiting completion of new condo units.
This report covers the luxury condo market, which is being defined as those units with a list price in excess of one million dollars.
ACTIVE LISTINGS AT THE END OF OCTOBER
Inventory edged up slightly to forty-five by the end of October. Twenty-eight luxury condos were based in Scottsdale and other seventeen units were located in Phoenix.
The most expensive unit on the market remains the same at $2,950,000. This 8,500 square foot gutted space is actually the entire top floor of a commercial building in downtown Scottsdale.
The lowest priced condos listed came in at $1,050,000. The first was a carryover from last month in the Fairway Lodge in the Phoenix Biltmore area. It had two bedrooms and two and one-half bathrooms and 2,329 square feet. The second condo listed for $1,050,000 was in the Kierland Plaza Lofts. It had two bedrooms, two bathrooms and 1,536 square feet.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of October, there were eight pending sales. Seven were in Phoenix and the final one was in Scottsdale.
Scottsdale Pending Sale
- The single pending sale in Scottsdale was located in the forthcoming Envy Residences. The price of this unit was $1,075,000 and it should be ready in Spring of 2016.
Phoenix Pending Sales
- Six of the pending sales are under construction in the Two Biltmore Estates community. They are three and four bedroom units ranging in square feet from 3,000 to 4,877. Prices range from $1,750,000 to $2,588,000.
- And still holding in there is another forthcoming unit at Portland on the Park. It has 1,646 square feet, two bedrooms and three bathrooms. The asking price was $1,031,500.
LUXURY CONDO SALES FOR OCTOBER 2015
All three sales in October were in Scottsdale. Two of the sales were penthouses in Optima Camelview. The first was a two bedroom, two bathroom, 1,930 square foot condo that sold for $1,100,000. It had been listed for $1,150,000. The other unit had two bedrooms, two bathrooms and 1,738 square feet. It had been listed for $1,095,000 and sold for $1,020,000.
The final sale in October was in Scottsdale Waterfront Residences. This 2,092 square foot, two bedroom and two and one-half bathroom had been listed for $1,279,000 and ultimately sold for $1,210,000.
The Scottsdale and Phoenix luxury condo market experienced a solid sales month in October and inventory was relatively level. At this point, it is waiting game to see when all of the under construction pending units will close.
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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 11/1/2015 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 October 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
