– Luxury Condo Sales in Scottsdale and Phoenix – May 2020 –
May, typically a still-brisk sales month, continued to show the impact of COVID-19 on the luxury home market. Sales activity was somewhat lackluster.
In this report, we are defining luxury as condominiums with asking prices above $1 million.
| Luxury Condo Market -May 2020 | |||
| Phoenix and Scottsdale AZ | |||
| All Luxury Condos | Scottsdale Luxury Condos | Phoenix Luxury Condos | |
| Units on the Market | |||
| - Number of Units for Sale | 77 | 60 | 17 |
| - Average Asking Price | $1,678,579 | $1,646,645 | $1,761,467 |
| - Average Asking Price Per Sq. Ft. | $630.42 | $656.33 | $544.21 |
| - Average Days on Market*- Active | 167 | 162 | 218 |
| UCB Sales (Under Contract - Accepting Backup Offers) | |||
| - Number of Units UCB | 2 | 0 | 2 |
| - Average UCB Price | $1,149,500 | N/A | $1,149,500 |
| - Average UCB Price Per Sq. Ft. | $496.70 | N/A | $496.70 |
| Pending Sales | |||
| - Number of Units Pending | 6 | 6 | 0 |
| - Average Pending Price | $1,711,667 | $1,711,667 | N/A |
| - Average Pending Price Per Sq. Ft. | $749.40 | $749.40 | N/A |
| Luxury Condo Sales | |||
| - Number of Units Sold | 2 | 2 | 0 |
| - Average Sales Price | $1,612,500 | $1,612,500 | N/A |
| - Sales Price to List Price | 96.4% | 96.4% | N/A |
| - Average Sold Sq. Feet | 2,124 | 2,124 | N/A |
| - Average Sales Price per Sq. Ft. | $757.09 | $757.09 | N/A |
| - Average Days on Market* - Sold | 86 | 86 | N/A |
| - Highest Sale Price | $1,890,000 | $1,890,000 | N/A |
| - Lowest Sale Price | $1,335,000 | $1,335,000 | N/A |
| - Percentage of Total Sales | 100% | 100% | 0% |
ACTIVE LISTINGS AT THE END OF MAY
There were seventy-seven luxury condos on the market at the end of the month, up one from April. The majority of these listings (60) were located in Scottsdale and the remaining seventeen were in Phoenix.
- The highest-priced luxury condo on the market is a carryover from last month. Priced at $5 million, it is the highest-priced condo the market has seen. This penthouse at the Scottsdale Waterfront Residences has4,493 square feet, four bedrooms, four and one-half bathrooms, plus a 640 square foot guest suite located on the ground floor. The panoramic views are incredible.
- The least expensive luxury condo for sale is also a carryover. The unit, located in Optima Camelview comes with two bedrooms, two bathrooms and 1,955 square feet. It was on the market for an even $1,000,000.
UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were no UCB contracts at the end of April. However, May closed out with two condos in UCB status. Both homes were in Phoenix.
The first unit to go under contract was in Fairway Lodge at Biltmore Estates (8 Biltmore. )This unit had two bedrooms, two and one-half bathrooms and 2,748 square feet. It was on the market for $1,099,000
The second UCB was at One Lexington Ave. This corner penthouse had two bedrooms, two and one-half bathrooms and 2,022 square feet. It was on the market for $1,200,000.
*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 six condos in pending status at the end of the month. With the exception of one unit, they were all located in Scottsdale’s Optima Kierland community.
Scottsdale Pending Luxury Condos
- Five of the pending sales were located in the under construction Optima Kierland community.
- Two bedroom and two bathrooms with 1,636 square feet. It was listed for $1,195,000.
- Two bedrooms and two and one-half bathrooms with 1,956 square feet. It was listed for $1,750,000.
- Three bedrooms and bathrooms with 2,704 square feet. It was on the market for $1,816,000.
- Three bedrooms and bathrooms with 2,018 square feet. It was on the market for $1,939,000.
- Three bedrooms and bathrooms with 2,704 square feet. It was listed for $2,080,000.
- The final pending sale was in Icon Silverleaf. This home had three bedrooms, three and one-half bathrooms and 3,173 square feet. It was on the market for $1,490,000.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
Two luxury condos sold in May and both of them were located in Optima Kierland in Scottsdale.
- Two bedroom, two and one-half bathrooms with 2,086 square feet. It had been listed for $1,350,000 and sold for $1,335,000
- Two bedroom, two and one-half bathrooms with 2,162 square feet. It had been listed for $1,995,000 and sold for $1,890,000
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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 6/1/2020 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 ©2020 Heather Tawes Nelson | Joyce Tawes
