– Luxury Condo Sales in Scottsdale and Phoenix – October 2021 –
October was another strong sales month. We also saw some much-needed inventory come onto the market.
This report will take a look at Scottsdale and Phoenix’s luxury condo market. All of these homes were listed for $1 million and above.
| Luxury Condo Market - October 2021 | |||
| Phoenix and Scottsdale AZ | |||
| All Luxury Condos | Scottsdale Luxury Condos | Phoenix Luxury Condos | |
| Units on the Market | |||
| - Number of Units for Sale | 42 | 27 | 15 |
| - Average Asking Price | $1,694,469 | $1,606,804 | $1,852,267 |
| - Average Asking Price Per Sq. Ft. | $759.89 | $839.23 | $617.08 |
| - Average Days on Market*- Active | 69 | 54 | 97 |
| UCB Sales (Under Contract - Accepting Backup Offers) | |||
| - Number of Units UCB | 3 | 3 | 0 |
| - Average UCB Price | $1,353,072 | $1,353,072 | N/A |
| - Average UCB Price Per Sq. Ft. | $663.64 | $663.64 | N/A |
| Pending Sales | |||
| - Number of Units Pending | 19 | 17 | 2 |
| - Average Pending Price | $1,577,904 | $1,512,776 | $1,275,000 |
| - Average Pending Price Per Sq. Ft. | $625.01 | $630.33 | $536.62 |
| Luxury Condo Sales | |||
| - Number of Units Sold | 8 | 7 | 1 |
| - Average Sales Price | $1,334,375 | $1,342,857 | $1,275,000 |
| - Sales Price to List Price | 97.8% | 97.5% | 100% |
| - Average Sold Sq. Feet | 2,036 | 1,987 | 2,376 |
| - Average Sales Price per Sq. Ft. | $672.91 | $692.38 | $536.66 |
| - Average Days on Market* - Sold | 75 | 85 | 9 |
| - Highest Sale Price | $1,525,000 | $1,525,000 | $1,275,000 |
| - Lowest Sale Price | $1,135,000 | $1,135,000 | $1,275,000 |
| - Percentage of Total Sales | 100% | 86% | 14% |
ACTIVE LISTINGS AT THE END OF OCTOBER
At the end of August, there were only thirty-three luxury units for sale. By the end of October, this number was up to forty-two which is good news for buyers.
The highest-priced condo for sale has held this spot for a few months. Located in The Residences at 2211 Camelback, this renovated unit comes with four bedrooms and bathrooms and 5,500 square feet. It was on the market for $4,295,000.
The lowest-priced luxury condo for sale is new to the market. Located on the fourteenth floor of Crystal Point Condominium, this home has three bedrooms, two bathrooms and 2,718 square feet.
UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of October, there were only three UCB contracts, versus the eight we saw at the end of September. They were all located in Scottsdale.
UCB Condos in Scottsdale
- SOHO Condominiums – Three bedrooms, two and one-half bathrooms, 2,365 square feet. Asking price was $1,250,000.
- Optima Kierland – Two bedrooms, two and one-half bathrooms, 1,535 square feet. Asking price was $1,259,000.
- Seven at Desert Mountain – Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,550,215.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
Fifteen of the seventeen pending sales at the end of October were in Scottsdale. Of these, twelve were in Seven at Desert Mountain which is currently under development.
Scottsdale Pending Luxury Condos
- The Reserve – Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,016,000. This community is under construction.
- Landmark Condominiums – Three bedrooms, two and one-half bathrooms, 3,054 square feet. Asking price $1,250,000.
- Seven at Desert Mountain
- Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,495,000.
- Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,505,002.
- 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.
- Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,536,004.
- Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,612,768.
- Two bedrooms, three and one-half bathrooms, 2,702 square feet. Asking price was $1,705,300.
- 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.
- Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,835,850.
- Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,868,410.
- Optima Kierland
- Two bedrooms and bathrooms, 1,257 square feet. Asking price was $1,024,900.
- Three bedrooms, two bathrooms, 1,781 square feet. Asking price was $1,200,000.
- Three bedrooms, two bathrooms, 1,907 square feet. Asking price was $1,250,000.
Phoenix Pending Luxury Condo
- Fairway Lodge at 8 Biltmore – Two bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,288,000.
- Two Biltmore Estates – Two bedrooms, three bathrooms and 4,817square feet. Asking price was $2,975,000.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were eight sales in October with the majority of them located in Scottsdale.
Scottsdale Luxury Condo Sales
- There were three units in Optima Kierland
- Two bedrooms and bathrooms, 1,366 square feet. Asking price was $1,149,000 and it sold for $1,135,000.
- Two bedrooms, two and one-half bathrooms, 2,000 square feet. Asking price was $1,590,000 and it sold for $1,520,000.
- Three bedrooms, three bathrooms and 2,309 square feet. Asking price was $1,525,000 and it sold for list price.
- Landmark Condominiums – Three bedrooms, two and one-half bathrooms, 2,630 square feet. Asking price was $1,300,000 and it sold for list price.
- Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 2,041 square feet. Asking price was $1,495,000 and it sold for $1,465,000.
- Plaza Lofts at Kierland – Two bedrooms and bathrooms, 1,664 square feet. Asking price was $1,290,000 and it sold for $1,230,000.
- Optima Camelview – Three bedrooms, two bathrooms, 1,902 square feet. Asking price was $1,295,000 and it sold for $1,225,000.
Phoenix Luxury Condo Sales
- Fairway Lodge at 8 Biltmore – Two bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,275,000 and it sold for list price.
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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 11/1/2021 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.
Copyright ©2021 Heather Tawes Nelson | Joyce Tawes
