– Luxury Condo Sales in Scottsdale and Phoenix – January 2017 –
The start of 2017 was a great sales month for the luxury condo market in Scottsdale and Phoenix.
ACTIVE LISTINGS AT THE END OF JANUARY
Inventory jumped to 61 units at the end of January. This was up from December’s 56 luxury condos for sale. Most of the luxury condos could be found in Scottsdale (38), with the remaining 23 in Phoenix.
Scottsdale Waterfront Residences was home to the most expensive condo. This unit was on the market for $4,599,000 and has 4,817 square feet.
Coming in at $1,000,000, the least expensive luxury condo for sale was in Phoenix’s Esplanade Place and has 2,417 square feet.
UCB LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
This is a new category I will be tracking in 2017. The UCB status means a condo has gone under contract, but the seller has requested that they are accepting backup offers. Most times you will see this status when the contract is in the inspection/due diligence period.
Scottsdale UCB Sales
- Scottsdale Waterfront Residences had a UCB that was listed for $1,090,00 and had 1,788 square feet.
- There were two UCBs at Optima Camelview. The 2,300 square foot home was listed for $1,599,000 and the 3,680 square foot unit was listed for$1,300,000.
- The final UCB was the Main Street Place community. A new build coming to Old Town. This 3,563 square foot unit was listed for $1,975,000.
Phoenix UCB Sales
- There was a single UCB in Phoenix at the end of January. It was in Esplanade Place and had 3,048 square feet. It was on the market for $1,495,000.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
January ended the month with eleven pending sales. Many of these are units that are under construction and are just awaiting completion. However, there were also quite a few new pending sales. Seven of the pending sales were located in Phoenix and the remaining four were located in Scottsdale.
Scottsdale Pending Sales
- Main Street Place – At the end of January, three condos in the new Main Street Place community were pending. Two of them had 2,345 square feet. When they went pending, they were listed for $1,165,000 (3rd floor) and $1,975,000 (4th floor). The third pending sale had 2,161 square feet and had been priced at $1,150,000.
- The fourth pending sale was in the perennially popular Optima Camelview Village. This three bedroom, two and one-half bathroom unit with 2,286 square feet was listed for $1,149,000.
Phoenix Pending Sales
- Two Biltmore Estates – There were four luxury condos pending sale. Two Biltmore Estates is under construction so all of these are carryovers from previous months. They are all three and four bedroom units and they range in size from 3,950 to 4,877 square feet. The list prices for these condos came in between $2,148,000 to $3,178,000.
- Portland on the Park – This is another one that has been on the books for a while as the project comes to a completion. Its asking price was $1,031,500 and it has 2,105 square feet, two bedrooms and three bathrooms.
- The Residences at 2211 Camelback – This is final pending sale for Phoenix. It was listed for $1,300,000 and has two bedrooms, two, two and three-quarters bathrooms and 2,988 square feet.
LUXURY CONDO SALES FOR JANUARY 2017
Six luxury condos sold in Scottsdale and Phoenix in January, with three in each city.
Scottsdale Luxury Condo Sales
- Envy – This new community had a single pending sale. It had 1,770 square feet, two bedrooms, two and one-half bathrooms. It had been listed for $1,375,000 and sold for $1,200,000.
- Scottsdale Waterfront Residences – This 2,503 square foot unit with three bedrooms and three and one-half bathrooms sold for $1,750,000. It had been on the market for $1,850,000.
- Kierland Plaza Lofts – One of these hard to come by lofts sold in January for $1,167,250. It had been listed for $1,250,000 and has two bedrooms and bathrooms.
Phoenix Luxury Condo Sales
- Esplanade Place – This one closed in less than a month. With three bedrooms and bathrooms and 3,350 square feet, it had been on the market for $2,150,000. It closed for $2,050,000.
- Esplanade Place – The second sale in this complex sold for $1,165,050. It had been on the market for $1,299,900 and had three bedrooms and bathrooms with 3,550 square feet.
- Portland on the Park – This new unit sold for $1,050,812, over the asking price of $1,044,200. It had three bedrooms, two and one-half bathrooms and 2,183 square feet. (Note: This is new construction, so the overage is most likely attributed to upgrades selected.)
2017 was off to a great start with six sales and lots of pending inventory.
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Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2017 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 © 2017 Heather Tawes Nelson | Joyce Tawes
