– Luxury Condo Sales in Scottsdale and Phoenix – February 2016 –
Scottsdale and Phoenix’s luxury condo markets had a second month in a row with three sales. Otherwise, activity was more or less static from January.
This report covers the sales activity of luxury condos in Scottsdale and Phoenix. All of the condos in this report have asking prices of $1 million or more.
ACTIVE LISTINGS AT THE END OF FEBRUARY
Inventory was up by three units to 47 at the end of February. Scottsdale accounted for 29 of the 47 and the balance of 18 were in Phoenix.
Staying in the highest priced slot for several months in a row is a gutted top floor of a commercial building right in the middle of downtown Scottsdale. It is an 8,500 square foot space and it is on the market for $2,950,000.
On the opposite end of the spectrum is the least expensive condo for sale. Priced right at $1 million, this unit is in the Fairway Lodge (8 Biltmore) community in Phoenix. It has 2,376 square feet, two bedrooms and two and one-half bathrooms.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of February, there were the same eight pending sales we had at the end of January, with seven of them in Phoenix. These condos have been in pending status for many months as they are all new builds and the construction process is ongoing.
Scottsdale Pending Sales
- Scottsdale’s was located in the Envy Residences community. It has two bedrooms, 1,995 square feet and was on the market for $1,075,000.
Phoenix Pending Sales
- Six units are located in the Two Biltmore Estates community. Asking prices for these three 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 is the location of the last pending sale. It was listed for $1,031,500 and had two bedrooms, three bathrooms and 2,105 square feet.
LUXURY CONDO SALES FOR FEBRUARY 2016
All three of the sales in February were in Scottsdale.
- There was a sale in Optima Camelview for $925,000. This unit had 1,781 square feet, two bedrooms and two bathrooms. It had been on the market for $1,048,600.
- Another sale was located in the Scottsdale Waterfront Residences. This luxury condo had two bedrooms, two and one-half bathrooms and 2,091 square feet. It had been on the market for $1,295,000 and ended up selling for $1,269,000.
- The final sale from February was the Kierland Plaza Lofts. With 2,162 square feet, two bedrooms and two and one-half bathrooms, it sold for $1,600,000 cash after being listed for $1,625,000.
February was another decent month for the local luxury condo market. I am looking forward to the units under construction to finish as there has been quite a backlog of pending activity.
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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 3/1/2016 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 February 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
