– Luxury Condo Sales in Scottsdale and Phoenix – July 2020 –
The luxury condo market in Scottsdale and Phoenix had a solid July. Sales were on par with June.
Below, we will cover the sales activity of luxury condos. All of these homes were on the market for at least $1 million.
| Luxury Condo Market -July 2020 | |||
| Phoenix and Scottsdale AZ | |||
| All Luxury Condos | Scottsdale Luxury Condos | Phoenix Luxury Condos | |
| Units on the Market | |||
| - Number of Units for Sale | 67 | 49 | 18 |
| - Average Asking Price | $1,630,968 | $1,591,877 | $1,737,383 |
| - Average Asking Price Per Sq. Ft. | $609.58 | $640.07 | $526.59 |
| - Average Days on Market*- Active | 184 | 179 | 196 |
| UCB Sales (Under Contract - Accepting Backup Offers) | |||
| - Number of Units UCB | 1 | 0 | 1 |
| - Average UCB Price | $1,875,000 | N/A | $1,875,000 |
| - Average UCB Price Per Sq. Ft. | $625.00 | N/A | $625.00 |
| Pending Sales | |||
| - Number of Units Pending | 8 | 7 | 1 |
| - Average Pending Price | $1,624,000 | $1,707,143 | $1,042,000 |
| - Average Pending Price Per Sq. Ft. | $714.71 | $754.16 | $438.55 |
| Luxury Condo Sales | |||
| - Number of Units Sold | 4 | 4 | 0 |
| - Average Sales Price | $1,323,000 | $1,323,000 | N/A |
| - Sales Price to List Price | 93.3% | 93.3% | N/A |
| - Average Sold Sq. Feet | 2,434 | 2,434 | N/A |
| - Average Sales Price per Sq. Ft. | $573.95 | $573.95 | N/A |
| - Average Days on Market* - Sold | 221 | 221 | N/A |
| - Highest Sale Price | $1,612,000 | $1,612,000 | N/A |
| - Lowest Sale Price | $1,105,000 | $1,105,000 | N/A |
| - Percentage of Total Sales | 100% | 100% | 0% |
ACTIVE LISTINGS AT THE END OF JULY
Inventory dropped again by the end of the month. July closed out with sixty-seven condos for sale, compared to seventy at the end of June and seventy-seven at the end of May. Forty-nine of the sixty-seven luxury condos were in Scottsdale.
- The highest-priced luxury condo for sale was in Phoenix’s Two Biltmore Estates. This home has 4,817 square feet and was on the market for $3,300,000.
- The two lowest priced luxury condos at $1,049,000 are the same as last month. The first was in Scottsdale. It was a three bedroom, two bathroom unit with 1,758 square feet in Optima Kierland. The other was in Phoenix’s Portland Place. It was a three bedroom, two and one-half bathroom unit with 2,755 square feet.
UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
One condo was in UCB status at the end of the month. It was a home at Two Biltmore Estates. This unit had three bedrooms, three and one-half bathrooms and 3,000 square feet. It was on the market for $1,875,000.
*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
Eight luxury condos were in pending status at the end of July and the majority of them were located in Scottsdale.
Scottsdale Pending Luxury Condos
- Optima Kierland is currently being built out, so all of these units have been in pending status for a while.
- Two bedrooms and two bathrooms with 1,665 square feet. It was listed for $1,390,000.
- 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 – Three bedrooms, two bathrooms with 2,094 square feet. It was on the market for $1,295,000.
- Optima Camelview – Three bedrooms, three and one-half bathrooms with 3,173 square feet. It was on the market for $1,680,000.
Phoenix Pending Luxury Condos
Fairway Lodge at the Biltmore – Three bedrooms and two and one-half bathrooms with 2,376 square feet. It was listed for $1,042,000.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were four luxury condo sales during the month of July.
- ICON Silverleaf – Three bedrooms, three and one-half bathrooms with 3,170 square feet. It was on the market for $1,560,000. It ultimately sold for $1,400,000.
- ICON Silverleaf – Three bedrooms, three and one-half bathrooms with 3,166 square feet. It was on the market for $1,720,000 and sold for $1,612,000.
- Plaza Lofts at Kierland Commons – Two bedrooms, two bathrooms with 1,636 square feet. It had been listed for $1,195,000 and sold for $1,175,000.
- Envy Residences in Old Town Scottsdale. It was a penthouse with two bedrooms, two and one-half bathrooms and 1,763 square feet. It was on the market for $1,199,000 and sold for $1,105,000.
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 8/1/2020 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
