Luxury Condo Sales in Scottsdale and Phoenix – October 2022
Sales activity during the month of October for the Scottsdale and Phoenix luxury condo market was pretty similar to what we saw in September. There was moderate contract and sales activity, but we did see the pending inventory rise again as many of these homes are in communities under development.
This report examines the luxury condo market in Scottsdale and Phoenix. All of these homes had list prices of one million dollars or more.
| Luxury Condo Market - October 2022 | |||
| Phoenix and Scottsdale AZ | |||
| All Luxury Condos | Scottsdale Luxury Condos | Phoenix Luxury Condos | |
| Units on the Market | |||
| - Number of Units for Sale | 56 | 51 | 5 |
| - Average Asking Price | $2,141,366 | $2,127,421 | $2,283,600 |
| - Average Asking Price Per Sq. Ft. | $908.40 | $932.54 | $662.20 |
| - Average Days on Market*- Active | 121 | 126 | 70 |
| UCB Sales (Under Contract - Accepting Backup Offers) | |||
| - Number of Units UCB | 5 | 4 | 1 |
| - Average UCB Price | $1,518,920 | $1,586,150 | $1,250,000 |
| - Average UCB Price Per Sq. Ft. | $680.87 | $746.91 | $416.67 |
| Pending Sales | |||
| - Number of Units Pending | 51 | 49 | 2 |
| - Average Pending Price | $2,740,822 | $2,802,794 | $1,222,500 |
| - Average Pending Price Per Sq. Ft. | $821.08 | $830.73 | $584.68 |
| Luxury Condo Sales | |||
| - Number of Units Sold | 5 | 4 | 1 |
| - Average Sales Price | $1,530,000 | $1,643,750 | $1,075,000 |
| - Sales Price to List Price | 93.7% | 94.1% | 91.5% |
| - Average Sold Sq. Feet | 2,203 | 2,149 | 2,417 |
| - Average Sales Price per Sq. Ft. | $698.75 | $762.24 | $444.77 |
| - Average Days on Market* - Sold | 97 | 84 | 149 |
| - Highest Sale Price | $2,300,000 | $2,300,000 | $1,075,000 |
| - Lowest Sale Price | $1,025,000 | $1,025,000 | $1,075,000 |
| - Percentage of Total Sales | 100% | 80% | 20% |
ACTIVE LISTINGS AT THE END OF OCTOBER
The number of luxury condos for sale moved up slightly to 56, mostly due to new listings in Scottsdale. The vast majority of these homes (51) were located in Scottsdale, with only five homes being located in Phoenix.
Inventory remained pretty much level in September. At the end of the month, there were 53 luxury condos on the market. Of these, 46 of them were in Scottsdale and the remaining 7 were in Phoenix.
The most expensive condo for sale remains a condo under development in the new community, Ascent at the Phoenician. It comes with three bedrooms and three and one-half bathrooms and has 3,985 square feet. The list price for this home was $4,450,000.
Optima Camelview is where the least expensive condo for sale was located. It had two bedrooms, two bathrooms and 1,528 square feet. It was on the market for $1,049,000.
UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were five condos in UCB status at the end of October and the majority of them were located in Scottsdale.
UCB Condos in Scottsdale
- Optima Camelview – Two bedrooms and bathrooms, 1,777 square feet. Asking price was $1,150,000.
- Portico Condominiums – This is a new development in North Scottsdale.
- Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,425,600.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,669,000.
- Optima Kierland – Two bedrooms, two and one-half bathrooms, 1,838 square feet. Asking price was $2,100,000.
UCB Condo in Phoenix
- The Residences at 2211 Camelback – Two bedrooms, three bathrooms, 3,000 square feet. Asking price was $1,250,000.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
Pending contracts continued to climb in October. There were 51 pending sales at the end of the month.
Note: Pending contracts are high because almost all of these communities are under development.
Scottsdale Pending Luxury Condos
- Optima Kierland
- Two bedrooms and bathrooms, 1,686 square feet. Asking price was $1,399,000.
- Three bedrooms, three and one-half bathrooms, 2,451 square feet. Asking price was $3,500,000.
- Portico Scottsdale Condominiums – This is a new development in North Scottsdale.
- Three bedrooms, two and one-half bathrooms, 2,090 square feet. Asking price was $1,056,000.
- Three bedrooms, two and one-half bathrooms, 2,090 square feet. Asking price was $1,188,000.
- Three bedrooms, two and one-half bathrooms, 2,090 square feet. Asking price was $1,188,000.
- Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,458,000.
- Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,652,400.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,695,600.
- Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,728,000.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,738,800.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,814,400.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,814,400.
- The Reserve – This community is under construction.
- Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500.
- Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,011,500.
- Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,012,450.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,026,500.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,063,000.
- Two bedrooms, two and one-half bathrooms, 2,020 square feet. Asking price was $1,075,000.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,159,000.
- Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,271,450.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,279,900.
- Ascent at the Phoenician – This is another fantastic development underway.
- One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
- Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
- Two bedrooms, two and one-half bathrooms, 2,374 square feet. Asking price was $2,050,000.
- Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
- Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
- Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000.
- Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,100,000.
- Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,750,000.
- Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,895,000.
- Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
- ICON at Silverleaf – Currently under construction.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $1,995,000.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,150,000.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.
- Three bedrooms, three and one-half bathrooms, 3,170 square feet. Asking price was $2,500,000.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,625,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,700,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,750,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,800,000.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,900,000.
- Three bedrooms and bathrooms, 3,157 square feet. Asking price was $2,995,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
- Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
- Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $6,900,000.
- Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,700,000.
- Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,718,000.
- Four bedrooms, four and one-half bathrooms, 5,534 square feet. Asking price was $8,000,000
- Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $8,350,000.
Phoenix Pending Luxury Condos
- Portland on the Park – Three bedrooms and bathrooms, 1,906 square feet. Asking price was $1,150,000.
- One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was $1,295,000.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
October posted five luxury condo sales, which is also where sales came in in September.
Scottsdale Luxury Condo Sales
- Optima Camelview
- Two bedrooms and bathrooms, 1,448 square feet. Asking price was $1,065,000 and it sold for $1,025,000.
- Three bedrooms, three and one-half bathrooms, 2,320 square feet. Asking price was $2,500,000 and it sold for $2,300,000.
- ICON at Silverleaf – Three bedrooms, three and one-half bathrooms, 3,170 square feet. Asking price was $2,100,000 and it sold for $2,000,0
- Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 1,659 square feet. Asking price was $1,325,000 and it sold for $1,250,000.
Phoenix Luxury Condo Sale
- Esplanade Place – Two bedrooms and bathrooms, 2,417 square feet. Asking price was $1,175,000 and it sold for $1,075,000.
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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 11/1/2022 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 ©2022 Heather Tawes Nelson | Joyce Tawes
