Scottsdale AZ Real Estate & Lifestyle
Live Better in Scottsdale - eXp Realty
Terravita, a lovely golf community in North Scottsdale is a great place to enjoy outdoor living. Many homes are located on Terravita’s golf course and have lovely mountain or boulder views.
Here are the results for luxury condo sales in Scottsdale and Phoenix for May 2010. For the purposes of this analysis, I am defining the luxury condo market as condos on the market with asking prices in excess of $1 million.
Luxury condo sales in Scottsdale and Phoenix have been doing well so far in 2010, with about 2 units per month selling. At the end of May 2010, there were four pending sales of these condos. All four of the pending sales were located in Scottsdale and were spread over three communities – Optima Camelview, Scottsdale Waterfront Residences (two pending sales) and Kierland Plaza lofts. The lowest priced pending unit is a 2 bedroom, 2.5 bathroom, 2,114 square foot unit at Optima Camelview that is listed for $1,107,000. The highest priced pending condo is at Kierland Plaza. It is a 3 bedroom, 2.5 bathroom, 3,567 square foot unit that is listed for $2,225,000.
There were two luxury condo sales in Scottsdalein May 2010. The first was in Optima Camelview Village and it was a brand new penthouse unit with Camelback Mountain views, 3 bedrooms, 2.5 bathrooms and 2,037 square feet. It sold at over $705 per square foot at $1,437,454. The other sale was at The Landmark. This unit was also a penthouse and has 4 bedrooms, 3.5 bathrooms and 3,533 square feet. It sold at over $594 per square foot at $2,100,000.
Overall, the Phoenix and Scottsdale luxury condo market had another solid month. It is encouraging to see units in the $2 million and up range sell or go into pending sale status since many of the luxury condo sale prices in the last little bit have been closer to the $1 million mark. With four pending sales at the end of May, June should be another good month.
Search Scottsdale and Phoenix Luxury Condos for Sale
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 6/1/2010 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2010 Heather Tawes Nelson
Here is a photo of a lovely custom golf home at Grayhawk in Scottsdale, Arizona. The Grayhawk golf courses, Talon and Raptor, are public and have been the site of many professional golf events.
A very special, rare saguaro cactus can be found just outside the Apache Clubhouse at Desert Mountain in Scottsdale, Arizona.
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Jalepeno Inferno, or “Jalapenos,” is a North Scottsdale Arizona favorite for Mexican and Tex-Mex food. There is an exensive menu, the chips are great and there is a lot of patio seating for dining al fresco. There is also an attached bar that offers a wide variety of margaritas and other beverages. There is often live entertainment and there are plently of TV’s scattered around to catch your favorite sport events.
Here are the results for luxury home sales in Scottsdale AZ for May 2010. I have defined the luxury home market as single-family resale homes in Scottsdale with list prices of $1,000,000 and above. This analysis looks back over the last 12 months.
– May 2010 Scottsdale AZ Luxury Home Sales –
Scottsdale Luxury Homes Priced Between $1,000,000 – $1,499,999
– Actives: At the end of May, there were 313 homes on the market in this price segment. This figure has been trending down since March and the 12 month average is 367 homes on the market.
– Pendings: Thirty-five homes were pending sale at the end of the month, a 9.4% increase over April’s pending sales. This is well ahead of the 12 month average for pending sales at 29.
– Sold: There were 21 home sales in this price range in May. This was a huge improvement over April’s 11 sales. This is tracking slightly ahead of the 12 month average of 20 home sales per month.
– Sales Price to Listed Price: 89.0% – This is pretty typical for this price range.
Scottsdale Luxury Homes Priced Between $1,500,000 – $1,999,999
– Actives: At the end of the month, 200 homes were on the market in this price range. This number has been decreasing since February and the last time it was close to being this low was September of 2009. The twelve month average for this segment is 232 homes.
– Pendings: A very impressive 22 homes were pending sale at the end of May, a 29.4% increase over April. The last time this figure was that high was September 2009. The twelve month average for pending sales is 18.
– Sold: Ten homes sold in May. This is better than April’s 8 sales, but is still behind the 12 month average of 11 homes sold per month.
– Sales Price to Listed Price: 84.8% – This is a little lower than what we typically see and is the second lowest it has been over the last 12 months.
Scottsdale Luxury Homes Priced Between $2,000,000 – $2,999,999
– Actives: This figure fell again last month to 174 homes on the market. It has been decreasing each month since November 2009. The 12 month average for homes in this price range is 223.
– Pendings: Eleven homes were pending at the end of the month, which is the best we have seen since January of this year. The 12 month average is 9.
– Sold: Seven homes sold in May in the $2 million dollar range. This is the same amount that sold in April and is on track with the 12 month average of 7.
– Sales Price to Listed Price: 90.1% – This is the first time this ratio has been in the 90%’s since October of 2009.
Scottsdale Luxury Homes Priced $3,000,000+
– Actives: There were 132 homes on the market in excess of $3 million at the end of May. This was up slightly from April’s 130, but is still lower than the 12 month average of 148.
– Pendings: Six homes were pending at the end of the month. This is the same as it was last month and is twice the 12 month average of 3 pending home sales.
– Sold: There were six home sales in April over $3 million. This is this highest this figure has been in the last 12 months. The average sales per month is 3.
– Sales Price to Listed Price: 89.3% – This is the highest this figure has been since June of 2009.
As you can see, the results vary quite a bit between the price segments, but May was a good month for the Scottsdale luxury home market. We are seeing steady inventory reduction in all of the price bands but one. Pending sales are all ahead of their respective 12 month averages and home sales were strong.
To see the detailed data behind this report, please visit my Scottsdale luxury real estate market reports page and click on the “Scottsdale Market Trends” report.
Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 6/1/2010 and can change at any time. The analysis looks at single-family resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2010 Heather Tawes Nelson
