– Luxury Condo Sales in Scottsdale and Phoenix –February 2022 –
The Scottsdale and Phoenix luxury condo markets saw solid sales activity in February, but sales were down slightly from January’s performance. Pending sales continue to be high due to most of the units being located in communities under development.
We will take a look at condo sales and sales activity of luxury condos in Scottsdale and Phoenix. All of these homes have list prices of $1 million or more.
| Luxury Condo Market - February 2022 | |||
| Phoenix and Scottsdale AZ | |||
| All Luxury Condos | Scottsdale Luxury Condos | Phoenix Luxury Condos | |
| Units on the Market | |||
| - Number of Units for Sale | 54 | 50 | 4 |
| - Average Asking Price | $2,460,458 | $2,521,525 | $1,697,125 |
| - Average Asking Price Per Sq. Ft. | $915.67 | $942.96 | $574.52 |
| - Average Days on Market*- Active | 80 | 73 | 162 |
| UCB Sales (Under Contract - Accepting Backup Offers) | |||
| - Number of Units UCB | 3 | 3 | 0 |
| - Average UCB Price | $1,792,233 | $1,792,233 | N/A |
| - Average UCB Price Per Sq. Ft. | $738.38 | $738.38 | N/A |
| Pending Sales | |||
| - Number of Units Pending | 37 | 32 | 5 |
| - Average Pending Price | $1,848,752 | $1,938,401 | $1,275,000 |
| - Average Pending Price Per Sq. Ft. | $700.44 | $726.72 | $532.25 |
| Luxury Condo Sales | |||
| - Number of Units Sold | 12 | 9 | 3 |
| - Average Sales Price | $1,508,000 | $1,379,556 | $1,893,333 |
| - Sales Price to List Price | 99.5% | 99.8% | 98.7% |
| - Average Sold Sq. Feet | 2,170 | 1,914 | 2,940 |
| - Average Sales Price per Sq. Ft. | $733.23 | $766.09 | $634.92 |
| - Average Days on Market* - Sold | 29 | 28 | 34 |
| - Highest Sale Price | $2,540,000 | $2,050,000 | $1,290,000 |
| - Lowest Sale Price | $1,095,000 | $1,095,000 | $2,540,000 |
| - Percentage of Total Sales | 100% | 75% | 25% |
ACTIVE LISTINGS AT THE END OF FEBRUARY
The number of luxury condos for sale was up by one at the end of February, closing out the month at 54. The vast majority, 50, of the homes were in Scottsdale and the other 4 were in Phoenix.
The highest-priced unit for sale remains the same. It is a 6,288 square foot penthouse with four bedrooms and four and one-half bathrooms. It is being marketed for $6,850,000 and it is located in the luxurious ICON community in Silverleaf.
The lowest-priced units for sale were in Optima Camelview. There were three condos listed for $1,000,000 each. They were all two bedroom, two bathroom units and they had square footage between 1,338 and 1,433.
UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were only three UCB contracts pending at the end of February and they were all in Scottsdale.
UCB Condos in Scottsdale
- Optima Camelview – Three bedrooms, two bathrooms, 2,129 square feet. Asking price was $1,299,000.
- Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 2,265 square feet. Asking price was $1,577,700.
- ICON in Silverleaf – Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were a whopping thirty-seven pending sales at the end of February. This is the highest I believe I have ever seen this figure. Thirty-two of them were located in Scottsdale. A large number of these are in communities under development including Seven in Desert Mountain, The Reserve and Ascent at the Phoenician.
Scottsdale Pending Luxury Condos
- The Reserve – This community is under construction.
- Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500.
- Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,011,500.
- Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,012,450.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,016,000.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,026,500.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,063,000.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,159,000.
- Scottsdale Waterfront Residences
- Two bedrooms, two bathrooms, 1,692 square feet. Asking price was $1,325,000.
- Two bedrooms, two bathrooms, 1,417 square feet. Asking price was $1,495,000.
- Ascent at the Phoenician – This is another fantastic development underway.
- One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
- Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
- Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
- Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
- Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000.
- Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
- Seven at Desert Mountain – This community is also under construction.
- 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.
- Optima Kierland – Two bedrooms, two and one -half bathrooms, 2,069 square feet. Asking price was $1,900,000.
- ICON in Silverleaf
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
- Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
- Landmark Condominiums – Three bedrooms, three and one-half bathrooms, 4,037 square feet. Asking price was $2,499,000.
- Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 2,092 square feet. Asking price was $1,599,000.
Phoenix Pending Luxury Condos
- Optima Biltmore – Three bedrooms and bathrooms, 2,681 square feet. Asking price was $1,060,000.
- Optima Biltmore – Three bedrooms, three and one-half bathrooms, 2,679 square feet. Asking price was $1,050,000
- Portland on the Park – Two bedrooms, two and one-half bathrooms, 2,185 square feet. Asking price was $1,575,000.
- One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was $1,295,000.
- Fairway Lodge at the Biltmore – Two bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,395,000.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
A total of twelve luxury units closed in February. Nine of the twelve were in Scottsdale.
Scottsdale Luxury Condo Sales
- Scottsdale Waterfront Residences – Three bedrooms, two bathrooms, 1,668 square feet. Asking price was $1,299,000 and it sold for $1,245,000.
- Optima Kierland
- Two bedrooms and bathrooms, 1,754 square feet. Asking price was $1,149,000 and it closed for $1,150,000.
- Two bedrooms and bathrooms, 1,261 square feet. Asking price was $1,090,000 and it closed for $1,095,000.
- Two bedrooms and bathrooms, 1,261 square feet. Asking price was $1,100,000 and it closed for list price.
- Two bedrooms and bathrooms, 1,258 square feet. Asking price was $1,250,000 and it closed for $1,175,000.
- Three bedrooms and bathrooms, 2,018 square feet. Asking price was $1,500,000 and it closed for $1,510,000.
- Four bedrooms, three bathrooms and 2,476 square feet. Askign price was $2,050,000 and it closed for list price.
- Gateway at Main Street Plaza – Three bedrooms and bathrooms, 3,443 square feet. Asking price was $1,250,000 and it sold for $1,270,000.
- Plaza Lofts at Kierland – Two bedrooms, two and one-half bathrooms, 2,086 square feet. Asking price was $1,750,000 and it closed for $1,821,000.
Phoenix Luxury Condo Sales
- Portland on the Park – Three bedrooms, two and one-half bathrooms, 2,198 square feet. Asking price was $1,324,500 and it sold for $1,290,000.
- Two Biltmore Estates – Four bedrooms, four and one-half bathrooms and 3,580 square feet. Asking price was $2,579,990 and it closed for $2,540,000.
- Fairway Lodge at the Biltmore – Two bedrooms, two and one-half bathrooms, 3,041 square feet. Asking price was $1,850,000 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 3/1/2022 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 ©2022 Heather Tawes Nelson | Joyce Tawes
