– Luxury Condo Sales in Scottsdale and Phoenix – August 2016 –
August was a very quiet month for the luxury condo market in Scottsdale and Phoenix. However, this is a lull we see on a seasonal basis, versus a turn in the market.
In this analysis, I am looking at the sales activity of condos with list prices of $1 million or more.
ACTIVE LISTINGS AT THE END OF AUGUST
Inventory at the end of August was the same as it was at the end of July. Of the 35 units for sale, 24 were located in Scottsdale and 11 were located in Phoenix,
The highest priced condo on the market has held this spot for a couple of months now. Priced at just under $5 million, the Scottsdale Waterfront Residences penthouse has 3,940 square feet, three bedrooms and three and one-half bathrooms. As to be expected, the views of downtown Scottsdale and he surrounding valley are astounding.
And, the lowest priced luxury condo, coming in at $1,000,600, it also a carryover. Located in Portland on the Park, it comes with 1,940 square feet, three bedroom and three bathrooms.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were seven condos in pending status at the end of August and all of them have been in this status for many months as they are awaiting completion of construction.
Scottsdale Pending Sales
- Envy Residences is home to the single pending sale in Scottsdale. This unit is listed for $1,100,000 and has two bedrooms, two and one-half bathrooms with 1,764 square feet.
Phoenix Pending Sales
- Two Biltmore Estates had four pending sales of its three and four bedroom units. The square footage for these ranged between 3,950 to 4,877 and prices ranged from $2,148,000 to $3,178,000.
- Portland on the Park also had the same two pending sales. The first was a two bedroom, three bathroom, 2,105 square foot unit priced at $1,031,500. The second was a three bedroom, three bathroom, 2,486 square foot unit priced at $1,235,500.
LUXURY CONDO SALES FOR AUGUST 2016
There was a single sale in August. One of the units at Envy that had been pending for a very long time finally closed. It was a two bedroom, two and one-half bathroom condo with 1,764 square feet. It had been on the market for $1,100,000 and closed for $999,900.
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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 9/1/2016 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
