– Luxury Condo Sales in Scottsdale and Phoenix – July 2016 –
July was a quiet month for the Scottsdale and Phoenix luxury condo market. Inventory dipped as sellers took their homes off of the market during the low season and there was only a single sale.
I am defining the luxury condo market in this report as condos for sale with list prices that exceed $1 million.
ACTIVE LISTINGS AT THE END OF JULY
Inventory fell to 35 units, down from 43 at the end of June. Most of the units for sale, 24, were in Scottsdale and the remaining 11 were located in Phoenix,
The most expensive unit for sale was one that was new to the market in last month’s report. This amazing penthouse is located in the Scottsdale Waterfront Residences and has three bedrooms, three and one-half bathrooms and 3,940 square feet. The views from this home are fantastic and the list price is $4,995,000.
The least expensive luxury condo for sale is also the same as last month. Priced at $1,00,600, it is three bedroom, three bathroom condo with 1,940 square feet in Phoenix’s Portland on the Park community.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
As July wrapped, the eight pending sales from last month (and many previous months) were still in the pipeline. Six of them were located in Phoenix and the last two were in Scottsdale. All of these units have been in pending status for many months as they are currently under construction.
Scottsdale Pending Sales
- The upcoming Envy Residences is where the two pending Scottsdale units are located. Both units have two bedrooms and the square footage is 1,764 for one and 1,995 for the other. List prices for the units were $1,075,000 and $1,100,000.
Phoenix Pending Sales
- Two Biltmore Estates continued to have four units under contract. They were three and four bedroom units. The square footage ranged from 3,000 to 4,877 and prices ranged from $1,750,000 to $3,178,000.
- Portland on the Park also continued to have the same pending sales. One was a 2,105 square foot unit with two bedrooms and three bathrooms. The asking price was $1,031,500. The other was a 2,486 square foot condo with three bedrooms and three bathrooms. It was listed for $1,235,500.
LUXURY CONDO SALES FOR JULY 2016
There was only one sale in July for this market segment. The sale took place in Optima Camelview, located in Downtown Scottsdale. This home had 1,944 square feet and two bedrooms and two and one-half bathrooms. The asking price was $1,179,000 and it sold for $1,150,000.
Again, July was a quiet month for luxury condo sales in Phoenix and Scottsdale, but that is not unusual as this tends to be a time of year when sales activity is slower.
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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 8/1/2016 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 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 © 2016 Heather Tawes Nelson | Joyce Tawes
