– Luxury Condo Sales in Scottsdale and Phoenix – June 2020 –
Luxury condo sales had a better month in June, but activity was still a little lacking,
This report takes a look at condos priced at or above $1 million in Scottsdale and Phoenix.
| Luxury Condo Market -June 2020 | |||
| Phoenix and Scottsdale AZ | |||
| All Luxury Condos | Scottsdale Luxury Condos | Phoenix Luxury Condos | |
| Units on the Market | |||
| - Number of Units for Sale | 70 | 52 | 18 |
| - Average Asking Price | $1,667,225 | $1,641,978 | $1,740,161 |
| - Average Asking Price Per Sq. Ft. | $627.26 | $657.76 | $539.15 |
| - Average Days on Market*- Active | 170 | 160 | 200 |
| UCB Sales (Under Contract - Accepting Backup Offers) | |||
| - Number of Units UCB | 1 | 1 | 0 |
| - Average UCB Price | $1,199,000 | $1,199,000 | N/A |
| - Average UCB Price Per Sq. Ft. | $680.09 | $680.09 | N/A |
| Pending Sales | |||
| - Number of Units Pending | 9 | 9 | 0 |
| - Average Pending Price | $1,655,556 | $1,655,556 | N/A |
| - Average Pending Price Per Sq. Ft. | $705.87 | $705.87 | N/A |
| Luxury Condo Sales | |||
| - Number of Units Sold | 4 | 2 | 2 |
| - Average Sales Price | $1,183,125 | $1,287,500 | $1,078,750 |
| - Sales Price to List Price | 92.3% | 91.0% | 93.8% |
| - Average Sold Sq. Feet | 2,498 | 2,610 | 2,385 |
| - Average Sales Price per Sq. Ft. | $483.45 | $502.00 | $464.91 |
| - Average Days on Market* - Sold | 191 | 162 | 221 |
| - Highest Sale Price | $1,460,000 | $1,460,000 | $1,107,500 |
| - Lowest Sale Price | $1,050,000 | $1,115,000 | $1,050,000 |
| - Percentage of Total Sales | 100% | 50% | 50% |
ACTIVE LISTINGS AT THE END OF JUNE
Inventory dropped from seventy-seven luxury condos for sale at the end of May to seventy at the end of June. Fifty-two were located in Scottsdale and eighteen were in Phoenix.
- The highest-priced luxury condo for sale is found at Optima Kierland. This unit with three bedrooms, four bathrooms, three terraces and amazing views was listed for $3,895,000.
- There were two condos that came in with the lowest asking prices. In Scottsdale, a three bedroom, two bathroom unit with 1,758 square feet in Optima Kierland was listed for $1,049,000. In Phoenix, there was a three bedroom, two and one-half bathroom unit with 2,755 square feet. It was also listed for $1,049,000.
UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There was a single unit in UCB status at the end of June.
This penthouse unit was located in Envy Residences in Old Town Scottsdale. It had two bedrooms, two and one-half bathrooms and 1.763 square feet. It was on the market for $1,199,000.
*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
June ended with nine pending sales of luxury condos.
The nine pending contracts were divided between Optima Kierland and ICON at Silverleaf and a single one at Plaza Lofts at Kierland.
Scottsdale Pending Luxury Condos
- Optima Kierland is currently under development, so all of these units have been in pending status for a while.
- 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.
- ICON Silverleaf had three pending sales.
- Three bedrooms, three and one-half bathrooms with 3,173 square feet. It was on the market for $1,490,000.
- Three bedrooms, three and one-half bathrooms with 3,170 square feet. It was on the market for $1,560,000.
- Three bedrooms, three and one-half bathrooms with 3,173 square feet. It was on the market for $1,680,000.
- Plaza Lofts at Kierland Commons had a two bedroom, two bathroom 1,636 square foot unit that was pending. It had been listed for $1,195,000.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were four luxury condo sales in June – two in Scottsdale and two in Phoenix.
- ICON Silverleaf – Three bedroom, three and one-half bathrooms with 3,166 square feet. It had been listed for $1,680,000 and sold for $1,460,000
- Plaza Lofts at Kierland – Two bedroom, two and one-half bathrooms with 2,054 square feet. It had been listed for $1,150,000 and sold for $1,115,000
- Fairway Lodge at Biltmore Estates (8 Biltmore) – Two bedrooms, two and one-half bathrooms and 2,748 square feet. It was on the market for $1,099,000 and sold for $1,050,000.
- 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 and sold for $1,107,500.
Learn More About Phoenix and Scottsdale Luxury Condos
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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 7/1/2020 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
