– Luxury Condo Sales in Scottsdale and Phoenix – August 2020 –
August was another decent month for the luxury condo market in Scottsdale and Phoenix. Sales were solid and there is still quite a bit of inventory under contract.
This report looks at Scottsdale and Phoenix’s luxury condo market. All of these condos were listed for $1 million or more.
| Luxury Condo Market -August 2020 | |||
| Phoenix and Scottsdale AZ | |||
| All Luxury Condos | Scottsdale Luxury Condos | Phoenix Luxury Condos | |
| Units on the Market | |||
| - Number of Units for Sale | 67 | 47 | 20 |
| - Average Asking Price | $1,620,216 | $1,571,225 | $1,735,345 |
| - Average Asking Price Per Sq. Ft. | $607.55 | $642.06 | $526.44 |
| - Average Days on Market*- Active | 189 | 186 | 198 |
| UCB Sales (Under Contract - Accepting Backup Offers) | |||
| - Number of Units UCB | 1 | 1 | 0 |
| - Average UCB Price | $1,599,000 | $1,599,000 | N/A |
| - Average UCB Price Per Sq. Ft. | $803.57 | $803.57 | N/A |
| Pending Sales | |||
| - Number of Units Pending | 6 | 5 | 1 |
| - Average Pending Price | $2,030,000 | $1,956,000 | $2,400,000 |
| - Average Pending Price Per Sq. Ft. | $805.24 | $866.64 | $498.24 |
| Luxury Condo Sales | |||
| - Number of Units Sold | 5 | 3 | 2 |
| - Average Sales Price | $1,392,000 | $1,396,667 | $1,385,000 |
| - Sales Price to List Price | 95.6% | 96.0% | 95.0% |
| - Average Sold Sq. Feet | 2,462 | 2,311 | 2,688 |
| - Average Sales Price per Sq. Ft. | $580.54 | $630.02 | $506.31 |
| - Average Days on Market* - Sold | 296 | 268 | 338 |
| - Highest Sale Price | $1,750,000 | $1,630,000 | $1,750,000 |
| - Lowest Sale Price | $1,020,000 | $1,250,000 | $1,020,000 |
| - Percentage of Total Sales | 100% | 60% | 40% |
ACTIVE LISTINGS AT THE END OF AUGUST
Inventory remianed level at sixty-seven units for sale. Forty-seven of the sixty-seven were located in Scottsdale and the remaining twenty were located in Phoenix.
- The most expensive luxury condo for sale is a carryover from July. This Two Biltmore Estates home has 4,817 square feet and was listed for $3,300,000.
- The least expensive luxury condo for sale was listed for $1,000,000 even. It was a two bedroom, two bathroom unit with 1,261 square feet in Optima Kierland.
UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There was a single UCB contract at the end of August.
This unit was located in the Envy community. It had two bedrooms, two and one-half bathrooms and 1,991 square feet. It was on the market for $1,599,000.
*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
August closed out with six pending listings. Five of the six were located in Scottsdale.
Scottsdale Pending Luxury Condos
- Scottsdale Waterfront Residences had a single pending sale. It was for a two bedroom, two and one-half bathroom home with 2,117 square feet. The list price was $2,195,000.
- Optima Kierland is under development, so these condos have been in pending status for a while.
- 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.
Phoenix Pending Luxury Condos
- Two Biltmore Estates also had a single pending sale. It was for a three bedroom, three and one-half bathroom home with 4,817 square feet. The list price was $2,400,000.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
August saw five luxury condo sales.
Scottsdale Luxury Condo Sales
- Optima Kierland – Two bedrooms, two bathrooms with 1,665 square feet. It was on the market for $1,390,000 and sold for $1,250,000.
- ICON Silverleaf – Three bedrooms, three and one-half bathrooms with 3,173 square feet. It was on the market for $1,680,000 and closed for $1,630,000.
- Optima Camelview – Three bedrooms, two bathrooms with 2,094 square feet. It was on the market for $1,295,000 and closed for $1,310,000.
Phoenix Luxury Condo Sales
- 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 and sold for $1,750,000.
- 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 and sold for $1,020,000.
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 9/1/2020 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
