We saw a big change in the Scottsdale and Phoenix luxury condo market in August 2012.We went from zero activity at the end of July to four pending sales and two sales by the end of August.
For the purposes of this report, I am considering the luxury condo market as condos for sale with list prices of $1 million and above. The information is broken into a summary of the market and then into the individual cities.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of August, there were four pending sales of luxury condos. Three of them were in Scottsdale and the remaining one was in Phoenix.
- The first pending sale was a 3 bedroom, 3 bathroom unit at Safari Drive in Downtown Scottsdale. The unit has 2,610 square feet and the asking price was $1,050,000.
- The next pending sale was a The Landmark in the Kierland area of Scottsdale. This was a 3 bedroom, 3.5 bathroom unit on the fifth floor with 4,065 square feet. It was listed for $2,550,000.
- The final pending sale in Scottsdale was at the East Camelback Condominiums. This unique property is a foreclosure that encompasses the entire top floor of the building. It has 5 bedrooms, 8 bathrooms and 7,254 square feet. The asking price was $1,250,000, but there will also need to be quite a large sum put into it to get the unit closed.
- The one pending luxury condo sale in Phoenix was located at the elegant Esplanade Place. It was a 3 bedroom, 3.5 bathroom unit with 4,286 square feet. It had been listed for $2,450,000.
AUGUST 2012 LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were two sales that took place quickly in August. They were both cash sales.
- The first sale took place at 2 Biltmore Estates in Phoenix. This sale was for a 3 bedroom, 3.5 bathroom unit on the second floor with 3,931 square feet. It had been listed for $1,745,000 and sold for $1,500,000,
- The second sale was in Scottsdale at The Landmark. It had 2,591 square feet, three bedrooms and three bathrooms. The asking price had been $1,350,000 and it ultimately sold for $1,225,000.
After a disappointing July, it was really nice to see things change so much for the Scottsdale and Phoenix luxury condo market during the month of August. Having four pending sales on the books in August means we should hope to see good sales in September.
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Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2012 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2012 Heather Tawes Nelson
