Phoenix and Scottsdale AZ Luxury Condo Sales – January 2018

– Luxury Condo Sales in Scottsdale and Phoenix – January 2018 –

Here is how the Scottsdale and Phoenix luxury condo market fared during the first month of 2018. For the purposes of this report, we will be examining the sales activity of million dollar plus condo sales and condos for sale.

ACTIVE LISTINGS AT THE END OF JANUARY

Inventory dropped by 6 condos to 54 at the end of January. Thirty-four of the units were located in Scottsdale and the remaining twenty were in Phoenix.

The highest priced condo on the market was listed for $3,200,000. This was for a 4,059 square foot penthouse with three bedrooms and three and one-half bathrooms at the Plaza Lofts at Kierland.

The least expensive unit for sale was on the market for $1 million and is a carryover from last month. This penthouse at the Regency House Condos had three bedrooms, two bathrooms and 2,650 square feet.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

January ended with three units in UCB status. All three were located in Scottsdale and two of them are carryovers from 2017.

• Main Street Place is currently under development, so continues to be carried over. It was on the market for $1,975,000 and 3,563 square feet, three bedrooms and three and one-half bathrooms.
• Optima Camelview is the other carryover. This unit had three bedrooms, three and one-half bathrooms and 2,299 square feet. It had been on the market for $1,549,000.
• The final UCB was located in Envy Residences. On the market for $1,975,000, this condo had two bedrooms, two and one-half bathrooms and 2,345 square feet.

*UCB status means a condo has an accepted contract, but that the seller has requested that they accept backup offers. Most times you will see this status when the contract is in the inspection/due diligence period.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

At the end of January, there were nine luxury condos in pending status. Scottsdale had most of them with eight pendings and the majority of them have been in this status for a while because they are located in communities that are under construction.

Pending Condos in Scottsdale

• Three of the eight pending sales were in Main Street Place and have been in this status for many months. Square footage for these units came in between 2,345 and 2,520. Prices ranged from $1,165,000 (3rd floor), to $1,300,000 (2nd floor) and to $1,975,000 (4th floor).
• Optima Kierland, a new luxury development still being built out, also had two carryover pendings. The first unit had two bedrooms, two and one-half bathrooms and 2,283 square feet. It was listed for $1,653,000. The second unit was a three bedroom, three bathroom, 1,706 square foot home. It was on the market for $1,075,000.
• Optima Camelview had a carryover pending from December. This unit had three bedrooms, two bathrooms and 2,258 square feet. It had been listed for $1,290,000.
• A new pending in the Enclave at the Borgata appeared in January. This unit had three bedrooms, three and one-half bathrooms and 3,016 square feet. Its list price was $1,450,000.
• The final pending sale for January was in the Scottsdale Waterfront Residences. This condo had 1,780 square feet, two bedrooms and two bathrooms. It was for sale for $1,100,000.

Pending Condo in Phoenix

• A new pending sale appeared in Phoenix. This condo at Portland on the Park had two bedrooms, three bathrooms and 2,105 square feet. It was listed for $1,250,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were four luxury condo sales in January, equally split between Scottsdale and Phoenix.

Scottsdale Luxury Condo Sales

• What had been the most expensive listing for many months sold in January. This Scottsdale Waterfront Residences penthouse had 3,363 square feet and came with three bedrooms and three and one-half bathrooms. It had been on the market for $3,595,000 and sold for $3,450,000.
• Scottsdale Waterfront Residences had the other sale as well. The three bedroom, three and one-half bathroom unit with 2,503 square feet had been on the market for $1,499,000 and sold for $1,425,000.

Phoenix Luxury Condo Sales

• Portland on the Park had a sale in January. This condo had three bedroom, three bathrooms and 1,904 square feet. It was on the market for $1,109,500 and ultimately sold for $1,089,000.
• Esplanade Place was home to the second sale in January. This unit had two bedrooms, three bathrooms and 3,000 square feet. It had been for sale at $1,350,000 and closed for $1,300,000.

 

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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 2/1/2018 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 © 2018 Heather Tawes Nelson | Joyce Tawes