Luxury Condo Sales in Scottsdale and Phoenix – May 2022
Even though we are seeing a cooling off in the general real estate market in Scottsdale and Greater Phoenix, luxury condo sales continue to post very strong results.
This report analyzes the sales performance of luxury condos in Scottsdale and Phoenix. If the condo was listed for $1 million or more, it will be included in this report.
| Luxury Condo Market - May 2022 | |||
| Phoenix and Scottsdale AZ | |||
| All Luxury Condos | Scottsdale Luxury Condos | Phoenix Luxury Condos | |
| Units on the Market | |||
| - Number of Units for Sale | 46 | 40 | 6 |
| - Average Asking Price | $2,421,848 | $2,571,175 | $1,426,333 |
| - Average Asking Price Per Sq. Ft. | $924.37 | $975.84 | $581.22 |
| - Average Days on Market*- Active | 59 | 66 | 13 |
| UCB Sales (Under Contract - Accepting Backup Offers) | |||
| - Number of Units UCB | 12 | 10 | 2 |
| - Average UCB Price | $2,348,833 | $1,981,100 | $4,187,500 |
| - Average UCB Price Per Sq. Ft. | $857.50 | $873.58 | $777.09 |
| Pending Sales | |||
| - Number of Units Pending | 52 | 48 | 4 |
| - Average Pending Price | $2,396,705 | $2,477,399 | $1,428,375 |
| - Average Pending Price Per Sq. Ft. | $782.27 | $797.41 | $600.51 |
| Luxury Condo Sales | |||
| - Number of Units Sold | 13 | 10 | 3 |
| - Average Sales Price | $1,851,923 | $1,960,000 | $1,491,667 |
| - Sales Price to List Price | 94.7% | 96.0% | 89.1% |
| - Average Sold Sq. Feet | 2,327 | 2,200 | 2,750 |
| - Average Sales Price per Sq. Ft. | $862.51 | $956.89 | $547.91 |
| - Average Days on Market* - Sold | 72 | 90 | 13 |
| - Highest Sale Price | $3,050,000 | $3,050,000 | $1,750,000 |
| - Lowest Sale Price | $1,050,000 | $1,050,000 | $1,200,000 |
| - Percentage of Total Sales | 100% | 77% | 23% |
ACTIVE LISTINGS AT THE END OF MAY
The number of units for sale dropped again. April closed out with forty units for sale, which is quite a bit lower than the fifty-four condos for sale at the end of February.
The highest-priced unit is located in the new development called Ascent at the Phoenician. This unit has three bedrooms, three and one-half bathrooms and is 3,996 square feet. It was listed for $4,850,000.
The least expensive luxury condo for sale was in Scottsdale’s Eagle’s Pass. It has three bedrooms and bathrooms and 2,386 square feet and was listed for $1 million.
UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
The number of UCB contracts continues to climb. April ended up with ten UCBs and May ended with twelve. Ten of the twelve were located in Scottsdale.
UCB Condos in Scottsdale
- Landmark Condominiums – Three units went into UCB status in April.
- Three bedrooms and bathrooms, 3,045 square feet. Asking price was $1,600,000.
- Two bedrooms, three bathrooms, 2,690 square feet. Asking price was $1,699,000.
- Four bedrooms, three bathrooms, 3,946 square feet. Asking price was
$2,575,000.
- Tower Residences at Hotel Valley Ho – Two bedrooms and bathrooms, 1,363 square feet. Asking price was $1,200,000.
- Optima Kierland
- Two bedrooms, two and one-half bathrooms, 1,754 square feet. Asking price was $1,695,000.
- Two bedrooms and bathrooms, 1,686 square feet. Asking price was $1,750,000.
- Two bedrooms and bathrooms, 1,366 square feet. Asking price was $1,797,000.
- Three bedrooms and bathrooms, 1,686 square feet. Asking price was $1,250,000.
- Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 3,139 square feet. Asking price was $3,495,000.
- ICON in Silverleaf – Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,750,000.
UCB Condos in Phoenix
- Esplanade Place – Three bedrooms and bathrooms, 3,334 square feet. Asking price was $2,175,000.
- The Residences at 2211 Camelback – Four bedrooms, four and one-half bathrooms, 6,875 square feet. Asking price was $6,200,000.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
Pending sales saw another jump in May. April closed out with forty-two pending sales and May ended with fifty-two. Again, this is the highest we have seen this figure. A majority of these homes are in communities being built out, which is causing this number to swell.
Forty-eight of the units were located in Scottsdale and the remaining four were in Phoenix.
Scottsdale Pending Luxury Condos
- Optima Camelview
- One bedroom and bathroom, 806 square feet. Asking price was $1,000,000.
- Two bedrooms and bathrooms, 1,275 square feet. Asking price was $1,088,800.
- Two bedrooms, two and one-half bathrooms, 1,911 square feet. Asking price was $1,299,000.
- Three bedrooms, two bathrooms, 1,710 square feet. Asking price was $1,375,000.
- Three bedrooms, two bathrooms, 2,465 square feet. Asking price was $1,750,000.
- Optima Kierland – Two bedrooms, two and one-half bathrooms, 1,980 square feet. Asking price was $2,250,000.
- SOHO Condos – Two bedrooms, two and one-half bathrooms, 2,330 square feet. Asking price was $1,400,000.
- 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.
- Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,271,450.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,279,900.
- 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, 2,374 square feet. Asking price was $2,050,000.
- 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, 3,996 square feet. Asking price was $4,100,000.
- 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 $1,530,700.
- 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.
- ICON at Silverleaf – Currently under construction.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $1,995,000.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,150,000.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,625,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,700,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,800,000.
- 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.
- Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $6,900,000.
- Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,700,000.
- Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,718,000.
- Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $8,350,000.
Phoenix Pending Luxury Condos
- One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was $1,295,000.
- Bridgewood – Two bedrooms and bathrooms, 1,968 square feet. Asking price was $1,295,000.
- Fairway Lodge at the Biltmore – Three bedrooms, two and one-half bathrooms, 2,329 square feet. Asking price was $1,425,000.
- Esplanade Place – Two bedrooms, three bathrooms, 3,000 square feet. Asking price was $1,698,500.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
Sales were down by one compared to April to end the month with thirteen sales. Ten of the thirteen were located in Scottsdale.
Scottsdale Luxury Condo Sales
- Optima Kierland
- Three bedrooms, two bathrooms, 1,763 square feet. Asking price was $1,770,000 and it sold for list price.
- Two bedrooms, two and one-half bathrooms, 1,579 square feet. Asking price was $1,750,000 and it sold for list price.
- Two bedrooms and bathrooms, 1,657 square feet. Asking price was $1,195,000 and it sold for $1,150,000.
- Two bedrooms, two and one-half bathrooms, 1,579 square feet. Asking price was $2,149,000 and it sold for $2,100,000.
- Three bedrooms and bathrooms, 2,018 square feet. Asking price was $3,195,000 and it sold for $3,050,000.
- Optima Camelview
- Two bedrooms and bathrooms, 1,327 square feet. Asking price was $1,099,900 and it sold for $1,050,000.
- Three bedrooms, two bathrooms, 1,727 square feet. Asking price was $1,500,000 and it sold for $1,375,000.
- Plaza Lofts at Kierland – Two bedrooms, two and one-half bathrooms, 2,162 square feet. Asking price was $1,770,000 and it closed for list price.
- Main Street Place – Three bedrooms, three and one-half bathrooms, 4,122 square feet. Asking price was $2,795,000 and it closed for $2,400,000.
- Landmark Condominiums – Four bedrooms and bathrooms, 4,065 square feet. Asking price was $2,499,000 and it closed for $2,495,000.
Phoenix Luxury Condo Sales
- The Residences at 2211 Camelback – Three bedrooms and bathrooms, 2,980 square feet. Asking price was $1,925,000 and it sold for $1,750,000.
- Fairway Lodge at the Biltmore – Three bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,500,000 and it sold for $1,525,000.
- The Residences at 2211 Camelback – Two bedrooms, three bathrooms, 2,894 square feet. Asking price was $1,595,000 and it sold for $1,200,000.
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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 6/1/2022 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
