– Luxury Condo Sales in Scottsdale and Phoenix – May 2021 –
The sales activity for luxury condos in Scottsdale and Phoenix is still incredibly strong. There were thirteen sales last month. However, we did see a large drop in inventory in May, which might hamper sales in June and beyond.
Here is a recap of sales activity for luxury condos in Scottsdale and Phoenix in May. All of these condos were listed for $1 or more million dollars.
| Luxury Condo Market - May 2021 | |||
| Phoenix and Scottsdale AZ | |||
| All Luxury Condos | Scottsdale Luxury Condos | Phoenix Luxury Condos | |
| Units on the Market | |||
| - Number of Units for Sale | 33 | 24 | 9 |
| - Average Asking Price | $1,571,300 | $1,494,620 | $1,775,778 |
| - Average Asking Price Per Sq. Ft. | $681.88 | $733.42 | $544.41 |
| - Average Days on Market*- Active | 170 | 169 | 174 |
| UCB Sales (Under Contract - Accepting Backup Offers) | |||
| - Number of Units UCB | 9 | 7 | 2 |
| - Average UCB Price | $1,286,389 | $1,321,786 | $1,162,500 |
| - Average UCB Price Per Sq. Ft. | $542.97 | $571.27 | $443.92 |
| Pending Sales | |||
| - Number of Units Pending | 14 | 12 | 2 |
| - Average Pending Price | $1,749,896 | $1,708,629 | $1,997,500 |
| - Average Pending Price Per Sq. Ft. | $624.41 | $633.91 | $567.43 |
| Luxury Condo Sales | |||
| - Number of Units Sold | 13 | 7 | 6 |
| - Average Sales Price | $1,686,923 | $1,706,429 | $1,654,167 |
| - Sales Price to List Price | 97.2% | 97.6% | 96.1% |
| - Average Sold Sq. Feet | 2,592 | 2,205 | 3,044 |
| - Average Sales Price per Sq. Ft. | $654.17 | $751.61 | $540.49 |
| - Average Days on Market* - Sold | 74 | 47 | 104 |
| - Highest Sale Price | $4,100,000 | $4,100,000 | $2,550,000 |
| - Lowest Sale Price | $975,000 | $975,000 | $1,065,000 |
| - Percentage of Total Sales | 100% | 54% | 46% |
ACTIVE LISTINGS AT THE END OF MAY
Inventory fell quite sharply between the end of April and May. April ended with forty-nine condos for sale. At the end of May, this number had fallen to thirty-three. This could be due to strong sales activity combined with fewer people putting their condos on the market.
The most expensive condo for sale has remained on the market for several months now. It is a two bedroom, three bathroom, 4,817 square foot unit Two Biltmore Estates. It was on the market for $3,150,000.
The least expensive unit was in Optima Camelview. It had three bedrooms, two bathrooms and 1,944 square feet. I t was on the market for $1,000,000.
UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were nine condos in UCB status at the end of the month, up from April’s seven UCBs. Seven of the nine were located in Scottsdale.
UCB Condos in Scottsdale
- 3rd Avenue Lofts – Two bedrooms, two and one-half bathrooms, 3,893 square feet. Asking price was $1,150,000.
- Optima Kierland – Three bedrooms, two bathrooms and 1,908 square feet. Asking price was $1,170,000.
- Optima Kierland – Three bedrooms and bathrooms and 2,018 square feet. Asking price was $1,595,000.
- Landmark Condominiums – Three bedrooms and bathrooms, 2,548 square feet. Asking price was $1,048,000.
- Optima Kierland – Three bedrooms, three and one-half bathrooms and 3,021 square feet. Asking price was $1,595,000.
- Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 2,041 square feet. Asking price was $1,299,500.
- Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 1,927 square feet. Asking price was $1,595,000.
UCB Condos in Phoenix
- Residences at 2211 Camelback – Two bedrooms, three bathrooms, 3,000 square feet. Asking price was $1,150,000.
- Fairway Lodge (8 Biltmore) – Two bedrooms, two and one-half bathrooms, 2,329 square feet. Asking price was $1,175,000.
*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
At the end of May, there were fourteen pending sales of luxury condos. Twelve of the fourteen were in Scottsdale.
Scottsdale Pending Luxury Condos
- Seven at Desert Mountain – Seven had seven of the fourteen units in pending status at the end of May.
- Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,515,800.
- Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,530,700.
- Two bedrooms, three and one-half bathrooms, 2,702 square feet. Asking price was $1,705,300.
- Two bedrooms, three and one-half bathrooms, 2,702 square feet. Asking price was $1,750,300.
- Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,774,200.
- Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,787,350.
- Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,809,900.
- Optima Camelview – Two bedrooms, two and one-half bathrooms and 1,914 square feet. Asking price was $1,150,000.
- The Reserve – This is a new community. Three bedrooms and three bathrooms, 2,476 square feet. Asking price was $1,016,000.
- Optima Kierland – Three bedrooms and bathrooms, 2,018 square feet. Asking price was $1,469,000.
- ICON at Silverleaf – Two bedrooms, two and one-half bathrooms and 2,689 square feet. Asking price was $2,100,000.
- Optima Camelview – Five bedrooms and bathrooms, 4,835 square feet. Asking price was $2,895,000.
Phoenix Pending Luxury Condos
- Residences at 2211 Camelback – Two bedrooms, three bathrooms, 3,000 square feet. Asking price was $1,345,000.
- Two Biltmore Estates – Four bedrooms, four and one-half bathrooms, 3,860 square feet. Asking price was $2,650,000.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
We had another very strong sales month in May. Thirteen luxury condos sold and sales were almost split evenly between Scottsdale and Phoenix.
Scottsdale Luxury Condo Sales
- Plaza Lofts at Kierland – Penthouse unit with three bedrooms and two and one-half bathrooms, 3,567 square feet. Asking price was $4,250,000 and it sold for list price. This is the highest historical sales price for any luxury condo in Scottsdale or Phoenix.
- Plaza Lofts at Kierland – Three bedrooms and bathrooms, 2,284 square feet. Asking price was $2,150,000 and it sold for list price.
- Optima Camelview – Two bedrooms and bathrooms and 2,129 square feet. Asking price was $1,100,000 and it sold for $975,000.
- Optima Camelview – Two bedrooms and bathrooms and 1,261 square feet. Asking price was $1,075,000 and it sold for list price.
- Optima Camelview – Two bedrooms and bathrooms and 1,448 square feet. Asking price was $1,250,000 and it sold for list price.
- Optima Camelview – Three bedrooms, two bathrooms, 2,498 square feet. Asking price was $1,195,000 and it sold for list price.
- Tower Residences at Hotel Valley Ho – Two bedrooms, three bathrooms, 1,733 square feet. Asking price was $1,225,000 and it sold for $1,200,000.
Phoenix Luxury Condo Sales
- Two Biltmore Estates – Four bedrooms, four and one-half bathrooms, 3,580 square feet. Asking price was $2,550,000 and it sold for asking price.
- Fairway Lodge (8 Biltmore) – Two bedrooms, two and one-half bathrooms, 2,616 square feet. Asking price was $1,100,000 and it sold for $1,065,000.
- Fairway Lodge (8 Biltmore) – Three bedrooms, two and one-half bathrooms, 2,329 square feet. Asking price was $1,300,000 and it sold for $1,220,000.
- Fairway Lodge (8 Biltmore) – Three bedrooms, three bathrooms, 2,329 square feet. Asking price was $1,300,000 and it sold for list price.
- Two Biltmore Estates – Three bedrooms, three and one-half bathrooms, 3,860 square feet. Asking price was $1,925,000 and it sold for $1,900,000
- Esplanade Place – Two bedrooms, two and one-half bathrooms, 3,550 square feet. Asking price was $2,150,00 an d it sold for $1,950,000.
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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 6/1/2021 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.
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