– Luxury Condo Sales in Scottsdale and Phoenix – July 2017 –
July was a quieter month for Scottsdale and Phoenix’s luxury condo market.
In this report, I cover the sales activity of condos with list prices of $1,000,000 and above.
ACTIVE LISTINGS AT THE END OF JULY
Inventory fell by two units to 43 at the end of the month. More than half of the condos (25) were located in Scottsdale and the balance of 18 were in Phoenix.
The most expensive unit for sale was a carryover from May. It was at the Plaza Lofts at Kierland and had over 4,000 square feet. The asking price was $3,750,000.
The lowest priced luxury condo for sale was located in the Fairway Lodge community in the Biltmore. This unit had two bedrooms, two and one-half bathrooms and 2,704 square feet. Its asking price was $1,049,000.
UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of July, there were three units in UCB status.
- One of them was located in Main Street Place, a new community under construction. This unit, a carryover from previous months, had 3,563 square feet and was on the market for $1,975,000.
- The second was located in the Landmark community in Kierland. This was a three bedroom and bathroom home with 2,690 square feet. It was listed for $1,395,000.
- The final UCB was a three bedroom, three and one-half bathroom unit with 3,950 square feet in the Two Biltmore Estates community in Phoenix. It was listed for $2,248,000.
*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
There were an impressive eight condos in pending status at the end of the month.
- The single pending sale in Phoenix was in Two Biltmore Estates. It was a 3,332 square foot home with three beds and three and one-half baths. The asking price was $1,948,000.
- Four of the eight pendings were located in Main Street Place. Since Main Street Place is being built out, they should remain in this status for the time being. Square footage for these condos was between 2,161 and 2,520. They were priced at $1,150,000 (4th floor), $1,165,000 (3rd floor), $1,300,000 (2nd floor) and $1,975,000 (4th floor).
- There was a single pending sale at Optima Kierland, a new luxury development. This was a two bedroom, two and one-half bathroom condo with 2,283 square feet. It was on the market for $1,653,000.
- The new community Enclave at Borgata had one pending as well. This was a three bedroom, three and one-half bathroom home with 2,765 square feet. It was listed for $1,820,572.
- The final pending sale was a carryover. This condo was located the Landmark community. Listed at $1,479,000, it had 3,082 square feet, three bedrooms and two and one-half bathrooms.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There was a single luxury condo sale in July and it was in the Enclave at the Borgata. The home had 3,014 square feet, three bedrooms and three and one-half bathrooms. It had been listed for $1,600,000 and sold for $1,612,000 with owner 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 8/1/2017 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
