Troon Village homes, located just moments from Pinnacle Peak, are nestled into the mountains providing some spectacular views.
Troon Village Golf Homes, Scottsdale AZ
Scottsdale Real Estate Market
Luxury Loft Living in Greater Phoenix – 2009 Performance
The tough economy over the last couple of years really took a toll on the luxury loft market in Greater Phoenix. For the purposes of this analysis, I am defining luxury lofts as those with list prices in excess of $1 million. There are several luxury loft projects sprinkled throughout the Valley, including downtown Phoenix, downtown Scottsdale and Kierland.
In 2008, luxury loft sales were significantly stronger and included projects in Phoenix and Scottsdale. However, in 2009, all of the sales activity was concentrated in Scottsdale. Sales figures dropped off sharply due to reduced demand and decreases in list prices to below the $1 million mark, removing the units from this analysis. As you can see, price per square foot was much lower in 2009, while the average size of the loft purchased increased by almost 800 square feet.
– Kierland Plaza Lofts – Scottsdale, AZ – Two of the three 2009 loft sales were in this development. The 2009 luxury loft sales in Scottsdale took place in two developments, Kierland Plaza Lofts and Third Avenue Lofts.
– Average Sales Price: $1,812,500
– Asking Price to List Price: 94%
– Average Square Footage: 3,144
– Average Price/Sq. Foot: $568.96
– Third Avenue Lofts- Scottsdale, AZ – The final 2009 loft sale was in this development.
– Average Sales Price: $1,210,000
– Asking Price to List Price: 100%
– Average Square Footage: 3,540
– Average Price/Sq. Foot: $341.81
At the end of the first quarter of 2010, there had been no luxury loft sales for 2010. A total of 8 luxury lofts were on the market. Half of the units for sale were located at the Kierland Lofts in Scottsdale. Three of the eight are located at the Hotel Valley Ho in downtown Scottsdale. The final luxury loft unit for sale was located in Phoenix at the Artisan Lofts complex.
Valleywide Units for Sale at the end of Q1 2010: 8
Average Asking Price: $1,605,188
Average Square Feet: 2,657
Average Asking Price/Sq. Foot: $644.52
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information are pulled from the Arizona Regional MLS (ARMLS) as of 1/1/2010 and 4/1/2010 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2010 Heather Tawes Nelson
Phoenix and Scottsdale AZ Luxury Condo Market Sales- March 2010
Here are March’s sales results for the luxury condo market in Scottsdale, Phoenix and Tempe. I define the luxury condo market as condos with list prices in excess of $1 million.
March was another decent month for luxury condo sales in Scottsdale and Phoenix, with three closed units and another two pending sales at the end of the month. At the end of March, there were 71 luxury condos on the market. The bulk of the offerings, 94% of them, were located in Phoenix and Scottsdale and the remaining 6% were located in Tempe.
There were three luxury condo sales in March, one in Scottsdale and the other two in Phoenix. The Scottsdale sale was a three bedroom, two and one-half bathroom, 2,389 square foot unit on the 6th floor at Optima Camelview. It sold for $1,150,000. The other two sales were at The Residences at 2211 Camelback and Esplanade Place. The 2211 Camelback sale was a two bedroom, three and one-half bathroom, 3,650 square foot unit for $1,210,000. The Esplanade sale was a two bedroom, three bathroom, 3,000 square foot unit for $1,600,000.
The two pending sales at the end of March were divided equally between Scottsdale and Phoenix. The Scottsdale pending sale is for a two bedroom, two bathroom unit at the Scottsdale Waterfront Residences and the Phoenix pending sale is at Esplanade Place and it is for a two bedroom, three bathroom unit.
Here is a quick overview of sales activity for these condos for the first quarter of 2010. There were no sales in Tempe.
Overall, luxury condo sales in Scottsdale and Phoenix performed well in March and over the first quarter of 2010. There were six sales by the end of March, which is twice what is was for Q1 2009 at three sales. The pending sales indicate that April should also be a decent month as well. Inventory was also down by a few units. Tempe continues to see little or no activity.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2010 and can change at any time. The analysis looks at resale condos in Scottsdale, Tempe 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. This is the final month that Tempe will be included in this analysis. Going forward, only luxury condos in Scottsdale and Phoenix will be tracked.
Copyright © 2010 Heather Tawes Nelson
Scottsdale AZ Luxury Home Market – March 2010
Here are the figures for March 2010’s luxury home sales in Scottsdale AZ. This analysis defines the luxury home market as single-family resale homes in Scottsdale priced at $1,000,000 and above and looks at a time period covering the last 12 months.
– March 2010 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Actives: At the end of March, there were 384 active homes on the market in this price point. This number has been increasing since December when there were 341 homes on the market. This comes in just under the 12 month average of 388 homes for sale.
– Pendings: Pending sales were down from February to 24, although February’s 32 was the highest we have seen this number since August of 2009. This is trailing behind the 12 month average of 29 pending home sales in Scottsdale.
– Sold: Twenty-five homes sold in March, which was a strong performance. The last time we saw a figure this high was in September of 2009 when there were 29 home sales. This number is ahead of the 12 month average of 21 home sales.
– Sales Price to Listed Price: 88.9% – This is pretty standard for this figure.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 237 homes for sale at the end of March, down slightly from February’s 240. The 12 month average is 246 homes for sale, so we are slightly under that.
– Pendings: Seventeen homes were pending at the end of the month, which is lower than the last four months. The 12 month average for pending sales in this price point is also 17.
– Sold: March was the best performance this segment has seen in the last 12 months. There were 16 home sales, a 166% increase over February’s 10 sales. The 12 month average for home sales is 10.
– Sales Price to Listed Price: 88.6% – This is the highest this ratio has been this year.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Actives: Active Scottsdale homes for sale in this segment continue to drop. This figure has been decreasing since November of 2009 and is now down to 207 active homes. The 12 month average is 248.
– Pendings: Only six homes were pending at the end of the month, which was a very poor performance. The last time we saw pending sales this low was August of 2009. The 12 month average for pending home sales in this segment is 9.
– Sold: Ten homes sold in March, which continues a three month trend of strong home sales numbers. It was down one sale from February’s 11 sales, but well ahead of the 12 month average of 6.
– Sales Price to Listed Price: 87.9% – This is the highest this ratio has been this year.
Scottsdale Homes Priced $3,000,000+
– Actives: There were 134 homes for sale in Scottsdale in excess of $3 million at the end of the month. This figure has been decreasing since January and is well below the 12 month average of 163.
– Pendings: Four homes were pending at the end of the month, which is a major improvement over the zero pending sales at the end of February. The 12 month average is 3 pending sales.
– Sold: Two homes sold in March, which is excellent news as there were zero pending sales at the end of the prior month. This is slightly behind the 12 month average of 3 home sales.
– Sales Price to Listed Price: 86.9% – This is a pretty good result for this ratio and is the highest it has been all year.
Overall, March was a decent month for the Scottsdale AZ luxury home market. For the most part, inventory is down and sales were strong. There are a few pending sales issues in some of the price segments which may be a concern for April home sales activity though.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2010 and can change at any time. The analysis looks at single-family resale homes in Scottsdale 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
Scottsdale AZ Real Estate Market Sales Activity- First Quarter 2010- Includes Short Sales and Foreclosures
Here are the results for the first three months of the year for Scottsdale AZ Real Estate Market Sales Activity, including Short Sales and Foreclosures. This analysis looks at Scottsdale home sales and breaks them out into regular sales and distress sales, which include short sales and foreclosures. I also looked specifically in two North Scottsdale zip codes, 85255 and 85262 to see how they performed by sales type as well. For comparison purposes, here is the link to the “2009 Scottsdale AZ Real Estate Market Sales Activity – Includes Short Sales and Foreclosures” post I did at the beginning of year.
Here are definitions of the three classifications:
– Non-Distressed Sales – These are your traditional, “regular” home sales.
– Short Sales – These are where the homeowners are trying to sell the home for less than is owed with their lender’s approval.
– Foreclosures – These are homes the lender has foreclosed upon and now owns. You will see them referenced as “Lender-Owned”. You may also hear them called “REO'” homes.
Overall Findings for Q1 2010 – Scottsdale Single-Family Home Market
Active Homes For Sale: The bulk of homes on the market (78%) were non-distressed or “regular” sales. Short sales came in a distant second at 15% and foreclosures at only 7%.
Pending Homes for Sale: Pending sales between non-distressed sales and distress sales were split almost equally at 48% and 52%.
Scottsdale Home Sales: Regular sales were over half of the market at 56%. And foreclosures, which represent only 7% of the active listings were 24% of the home sales, showing the demand for foreclosure homes.
Home Prices: As we have seen in previous analyses, non-distressed sales sold for the highest average price, followed by short sales and lender-owned homes.
Days on Market: It took the longest for short sales to sell, which is not surprising since short sales can take anywhere from 3-6 months or longer to negotiate and close. Foreclosures have the lowest days on market due to the demand for these homes and they often close relatively quickly once the lender has approved the terms of the sale.
Discount Off of List Price: The largest discounts were seen on regular sales at 91% or an average of 9% off of the asking price of the homes. Short sales were pretty similar at 92%. The least discount was seen on lender-owned homes (96%) since these homes are priced under market value already.
Q1 2010 Findings for Scottsdale Zip Codes 85255 and 85262 – Scottsdale Single-Family Home Market
85255 and 85262 Homes For Sale: In 85255, just over 60% of homes were non-distress sales, which is slightly higher than Scottsdale as a whole’s 56%. The remaining 39% were comprised of 85255 foreclosures and short sales. In 85262, only 45% of homes on the market were non-distress sales. 85262 foreclosures for sale were high at 35% of the market.
Days on Market: Again, short sales have the longest days on market figure. In 85255, regular sales and foreclosures were pretty close in days on market at 149 for regular sales and 146 for short sales.
Discounts Off of List Price: Interestingly, discounts on short sales in 85255 were very small in the first quarter, only 3%. In 85262, non-distressed sales saw a very large average discount of 15%.
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) on 4/1/2010 and can change at any time. The analysis looks at single-family resale homes for sale and sales 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. Information deemed reliable but not guaranteed.
Copyright © 2010 Heather Tawes Nelson
Scottsdale AZ Single-Family Homes For Sale – March 2010
March 2010 was a strong month for Scottsdale AZ homes for sale. This was a nice follow-up to the promising figures we saw in February’s Scottsdale home sales data.
The inventory of Scottsdale homes for sale continued its downward trend, pending sales hit the 600 mark, and home sales jumped to 442.
March 2010 Highlights for Scottsdale Homes for Sale:
- Active Homes for Sale: At the end of March, there were 2,896 single-family homes for sale in Scottsdale AZ. This is below the 12 month average of 2,957.
- Pending Home Sales: Pending home sales were up again. At the end of March, there were 600 pending home sales in Scottsdale. This is the first time this figure has hit the 600 target since I started tracking this data in September 2007. The 12 month average for pending sales is 522.
- Homes Sold: 442 Scottsdale homes sold in the month of March. a 46.8% increase over the month of February. This is good news as this is the highest this figure has been since I started tracking this information in September of 2007. The closest we have been to this is 429 sales in June of 2009. The 12 month average for this figure is 352.
March was another positive month for Scottsdale AZ homes for sale and sales activity. Sales were up dramatically, pending sales are at the highest they have been in over 2 years and the inventory of homes for sale continues to decrease. Based on March’s pending sales, April should be another good sales month for Scottsdale homes.
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2010 and can change at any time. The analysis looks at single-family resale homes for sale and sales 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.
Copyright © 2010 Heather Tawes Nelson
Terravita of North Scottsdale AZ – A True Community in a Beautiful Setting
Terravita is a well-established golf community in North Scottsdale, Arizona. Spread over 823 acres, Terravita is bordered by Scottsdale Road to the east and Carefree Highway to the north.
The natural beauty of Terravita is hard to beat. The landscape is desert and boulders with a manicured golf course weaving in and out of the various neighborhoods. To the north, Black Mountain and The Boulders golf community afford some stunning views for residents.
Developed by Del Webb in 1993, there are 23 distinct neighborhoods within Terravita where homes of similar square footage and style are grouped together. The smallest floorplan starts at 1,500 square feet and the largest is 3,800 square feet. Many of these homes have golf course views as well as views of Black Mountain or The Boulders. Street names like “Evening Glow,” “Shooting Star Way” and “Crested Saguaro” capture the lifestyle Terravita’s residents enjoy.
One of the benefits of purchasing a home at Terravita is that homeownership comes with a membership to the Terravita Country Club. The Terravita Country Club has a fitness center with cardio and free weights as well as classes, a large, sparkling pool, tennis facilities with six courts and the Desert Pavilion Community Center where residents can host an event or attend a number of group activities.
The Terravita clubhouse is an expansive 34,000 square feet with many large patios to enjoy the beautiful desert vistas and breathtaking sunsets. Dining options include The Sunset Dining Room, The Grille, a more informal Snack Bar and the Poolside Grille. Terravita has a year-round calendar of events for members allowing residents to get to know each other whether they are living there full-time or they are seasonal residents. In addition, Terrravita is a guard-gated community.
Residents also have the option to join the private Terravita Golf Club. The pristine course was designed by Billy Casper and Greg Nash and delights members all year long. Capped at 325 members, membership options include a Full Golf Membership and an Invitational Membership.
It is hard not to enjoy the lifestyle at a community as wonderful as Terravita.
Click to view Terravita Scottsdale Homes for Sale
The Residences at 2211 Camelback – Luxury High-Rise Living in Phoenix AZ
The Residences at 2211 Camelback in Phoenix AZ combine luxury high-rise living with a wonderful Biltmore location. The 12-story tower provides some of the best panoramic views around, whether it be Camelback Mountain or the skyline of downtown Phoenix.
Your elegant experience at 2211 Camelback begins the moment you pull up to the valet-staffed porte-cochere. Or if you prefer, you can simply park in the secured underground parking with passkey elevator access to the various floors. The lobby is elegant and is staffed with a knowledgeable, professional and friendly concierge staff who are more than happy to answer questions or assist you with your needs.
The main level is also home to a modern fitness center with cardio machines and weights. Adjacent to the fitness center are changing rooms for men and women with steam rooms for post-workout relaxation. Additionally, there is a business center located just off the lobby for residents. If you are a dog owner, The Residences at 2211 Camelback has you covered with a grassy pet recreation and rest area off of the lobby, saving you from having to leave the complex.
If you are looking to do some laps or dine al fresco, simply go up to the roof of 2211 Camelback. Up there you will find a lovely pool and spa with panoramic views of Phoenix, Scottsdale and beyond. In addition to the pool area, there are two gas grills and dining areas. On the north side of the roof deck is another patio for entertaining or cocktails or simply just enjoying the view. From here, you can overlook the Biltmore and Camelback Mountain.
The condominium choices at 2211 Camelback range from a few small studios on the lobby level to three bedroom units with over 5,000 square feet of living space and incredible views. The majority of the units have two to three bedrooms with terraces.
If you are looking for elegance defined in an amazing location, walking distance from world-class shopping and dining at the Biltmore, The Residences at 2211 Camelback are for you.
Click to see Condos for Sale at The Residences at 2211 Camelback.
