– Luxury Condo Sales in Scottsdale and Phoenix – March 2016 –
The luxury condo market in Scottsdale and Phoenix had an average sales month. What was exciting is that we ended the month with an additional four units pending sale.
The purpose of this report is to review the performance of the local luxury condo market. We are including all units that are listed for over $1 million.
ACTIVE LISTINGS AT THE END OF MARCH
Inventory was down two unit to 45 by the end of March. Of the 45, 28 were in Scottsdale and 17 were in Phoenix.
At $2,950,000, the highest priced unit on the market has held this position for many months. It is a unique offering as it is a completely gutted 8,500 square foot space that encompasses the entire top floor of a commercial building in Downtown Scottsdale.
Conversely, the lowest priced unit on the market came in at $1,000,000 and is a carryover from last month. This 2,346 square foot unit with two bedrooms and two and one-half bathrooms is found in the Fairway Lodge (8 Biltmore) community in Phoenix.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of the month, we had an incredible thirteen pending sales, up from the eight pending sales we had at the end of the previous month. Nine of the thirteen condos are currently under construction and most of them have been in pending status for many months.
Scottsdale Pending Sales
- Scottsdale ended the month with four pending sales. One was a carryover and there were three new contracts in March.
- The carryover has been under construction for a while in the Envy Residences community. It has two bedrooms, 1,995 square feet and was on the market for $1,075,000.
- Two pendings came on the Kierland Plaza Lofts community. The lower priced unit was listed for $1,295,000 and has 2,054 square feet, two bedrooms and two and one-half bathrooms. The other may be the largest condo sale we see in 2016. This penthouse condo was listed for $3,250,000 and has three bedrooms, two and one-half bathrooms and 3,567 square feet.
- The final pending sale in Scottsdale is in the Scottsdale Waterfront Residences. It had been on the market for $1,695,000 and has two bedrooms, two and one-half bathrooms and 2,227 square feet.
Phoenix Pending Sales
- Six of the thirteen pendings can be found 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.
- There were two pending sales in Portland on the Park. One that has been pending for a while has two bedrooms, three bathrooms and 2,105 square feet. Its list price was $1,031,500. The second pending sale is a three bedroom, three bathroom, 2,486 square foot unit. It was listed for $1,235,500.
- The final pending sale in Phoenix was in Fairway Lodge (8 Biltmore.) This condo was listed for $1,325,000 and comes with three bedrooms, three and one-half bathrooms and 3,033 square feet.
LUXURY CONDO SALES FOR MARCH 2016
There was a single sale in March and it took place in Scottsdale.
The sale was in the Scottsdale Waterfront Residences community. It had two bedrooms, two and one-half bathrooms and 2,265 square feet. It had been on the market for 146 days and was listed for $1,375,000. It sold for $1,250,000.
March 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 4/1/2016 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 March 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
