Phoenix and Scottsdale AZ Luxury Condo Sales – May 2017

– Luxury Condo Sales in Scottsdale and Phoenix – May 2017 –

The Scottsdale and Phoenix luxury condo market had another decent month in May.

ACTIVE LISTINGS AT THE END OF MAY

Inventory dropped for the second month in a row to 46, compared to the 59 condos that were listed at the end of March. Of the 46 units on the market, 33 were located in Scottsdale and Phoenix had the remaining 13.

The most expensive unit for sale was a spectacular penthouse located in the Kierland Plaza Lofts. With over 4,000 square feet and incredible views, the asking price was $3,875,000.

The least expensive luxury condo for sale was in Optima Camelview Village in Downtown Scottsdale. It was listed for $1,000,000 and had three bedrooms, two and one-half bathrooms with 2,180 square feet.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Two luxury condos came in with UCB status at the end of the month.

The first was a carryover from the past couple of months as the community is still under construction. It was located in Main Street Place unit had 3,563 square feet and was on the market for $1,975,000.

The second UCB condo was in Two Biltmore Estates in Phoenix. It was a three bedroom, three and one-half bathroom unit with 3,332 square feet. The asking price was $1,9998,000.

*UCB status means a condo has an accepted contract, but that the seller has requested that they accept backup offers. Most times you will see this status when the contract is in the inspection/due diligence period.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

At the end of May, there were ten condos in pending status. Seven were in Scottsdale and three were in Phoenix. Quite a few of these have been in this status for a while as construction completes.

Scottsdale Pending Sales

• Three of Scottsdale’s five pending sales were in Main Street Place. They have been in this status for several months while Main Street Place completes construction. Square footage for these condos ranges between 2,161 and 2,346. They were priced at $1,150,000 (4th floor),  $1,165,000 (3rd floor) and $1,975,000 (4th floor).
• Three more pending sales were located in the Plaza Lofts at Kierland. Prices ranged from $1,049,000 for a 1,663 square foot home to $1,675,000 for a 2,090 square foot unit.
• The final pending sale was located in North Scottsdale’s Landmark community. It was a 3,082 square foot unit with three bedrooms and two and one-half bathrooms. The listing price was $1,479,000.

Phoenix Pending Sales

• Two Biltmore Estates had a single pending sale. It was a four bedroom with 3,950 square feet. It was listed for $2,148,000.
• Portland on the Park – This has been in pending status for a while awaiting completion. The list price was $1,031,500 and the unit had 2,105 square feet.
• The Residences at 2211 Camelback – This is a carryover from April. Listed for $1,750,000, this three bedroom, three and one-half bathroom had 4,000 square foot home.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Scottsdale Luxury Condo Sales

Scottsdale had three of the four luxury condo sales in May.

• Two sales were in Optima Camelview. The first had four bedrooms, three and one-half bathrooms unit and 3,680 square feet. It was priced at $1,115,000 and sold for $980,000. The other condo had two bedrooms, two and one-half bathrooms and 3,197 square feet. It had been priced at $1,497,000 and sold for $1,390,000.
• The final Scottsdale sale was at the Scottsdale Waterfront Residences. This unit had 2,265 square feet, two bedrooms and two bathrooms. It was listed for $1,495,000 and sold for $1,360,000.

Phoenix Luxury Condo Sales

• Two Biltmore Estates was Phoenix’s single sale. This newly completed unit had 3,950 square feet, three bedrooms and three and one-half bathrooms.  It had been listed for $2,588,000 and it sold for $2,600,000 after buyer upgrades.

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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 6/1/2017 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 © 2017 Heather Tawes Nelson | Joyce Tawes