– Luxury Condo Sales in Scottsdale and Phoenix – April 2016 –
After a so-so sales month in March, the luxury condo market in Phoenix and Scottsdale rebounded with a great April.
In this analysis, I am looking at the sales activity of condos with list prices starting at $1 million and up.
ACTIVE LISTINGS AT THE END OF APRIL
Inventory was down six condos to 39 by the end of April. Of the 39 condos on the market, 28 were located in Scottsdale and the remaining 11 were in Phoenix.
Still coming in at the highest priced unit on the market, at $2,950,000, is a penthouse comprised of the entire top floor of a commercial building in Downtown Scottsdale.
The least expensive luxury condo for sale was priced at $1,049,000 and was located in the Optima Camelview community, also in Downtown Scottsdale.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of April, there were twelve sales pending, down one from the thirteen we had at the end of March. Of the twelve pendings, nine are currently in construction status and have been for a while now.
Scottsdale Pending Sales
- Scottsdale had four pending sales at the end of the month. Of these, three were carryovers from March.
- Two of these were in the Kierland Plaza Lofts community. The first had 2,054 square feet, two bedrooms and two and one-half bathrooms and was listed for $1,245,000. The second is a penthouse unit with three bedrooms, two and one-half bathrooms and 3,567 square feet. It was on the market for $3,250,000.
- Th other carryover was in the Envy Residences community. This is one of the units still being built and it comes with two bedrooms and 1,995 square feet. It was listed for $1,075,000.
- The final pending sale was a new one and was another unit at Envy. This one has two bedrooms and two and one-half bathrooms. The square footage is 1,764 and the list price was $1,100,000.
Phoenix Pending Sales
- Eight of the twelve remaining pending sales were in Phoenix and most of them were carryovers.
- Five of them are located in the Two Biltmore Estates community. Asking prices for these three and four bedroom homes range from $1,750,000 to $3,178,0100 and square footage ranges from 3,000 to 4,877.
- Portland on the Park continued to have two units pending until completion of construction. The first is a two bedroom, three bathroom condo with 2,105 square feet. Its was listed for $1,031,500. The second is a three bedroom, three bathroom, 2,486 square foot unit. It was on the market for $1,235,500.
- The final pending sale in Phoenix was another carryover, this time in the Fairway Lodge (8 Biltmore) community. It was listed for $1,325,000 and has three bedrooms, three and one-half bathrooms and 3,033 square feet.
LUXURY CONDO SALES FOR APRIL 2016
There were five luxury condo sales in April.
Scottsdale Sales
- The first was in Scottsdale Waterfront Residences. It had two bedrooms, two and one-half bathrooms and 2,227 square feet. It had been listed for $1,695,000 and sold for $1,567,500.
- The other sale in Scottsdale was in Optima Camelview. This unit had three bedrooms, three and one-half bathrooms and 2,315 square feet. It was on the market for $1,275,000 and sold for $1,200,000.
Phoenix Sales
- Two of Phoenix’s three sales were in Two Biltmore Estates. These units were recently completed. Both had three bedrooms and three and one-half bathrooms. Square footage was 3,330 and 3,327 respectively and the sales prices were $1,869,285 and $1,945,850.
- The final sale was in Fairway Lodge (8 Biltmore). This condo had two bedrooms, two and one-half bathrooms and 2,748 square feet. It had been listed for $1,350,000 and sold for $1,200,000.
April was an average month for the luxury condo market in Phoenix and Scottsdale. The bright spot was the addition of so many pending sales to the pipeline, even though a couple of them will not be closing for a while.
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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 5/1/2016 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 April 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 © 2016 Heather Tawes Nelson | Joyce Tawes
