Scottsdale AZ Real Estate & Lifestyle

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Scottsdale Real Estate Market

Overview of the Greater Phoenix Luxury Condo Developments

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– Luxury Condos in Scottsdale and Phoenix –

Esplanade Place Phoenix Luxury CondosA relatively recent addition to Greater Phoenix and Scottsdale has been the introduction of large luxury condo developments offering top-of-the-line amenities and a new way to enjoy desert living. The most notable developments have gone up in the new Scottsdale Waterfront area as well in the heart of the Biltmore corridor.

These luxury condo developments are perfect for locals who want to downsize their larger homes or for seasonal visitors who want to “lock and leave” their Arizona homes. While the list below is not exhaustive, here is a brief overview of some of the developments that have caught my attention.

Downtown Scottsdale and the Scottsdale Waterfront feature some spectacular developments. And, with the growth of the area, there is plenty to do within walking distance to keep yourself entertained. Optima Camelview is a collection of contemporary and visually-stunning mid-rise buildings featuring steel, glass and abundant plant life. It was designed by the award-winning architect David Hovey and has elevated condo living to a new level.

Scottsdale Waterfront Luxury CondosAnother major project of note is the Scottsdale Waterfront Residences. Overlooking the waterfront and in the heart of the new dining, shopping and entertainment district, these luxury condos are right in the middle of all of the action and the views are fabulous.

The Landmark at Kierland in North Scottsdale is another outstanding luxury community. The onsite amenities are best-in-class and the Landmark is within walking distance to all of the shopping, dining and nightlife at Kierland Commons.

Other Scottsdale luxury condo communities include The Mark, Safari Drive and Main Street Plaza in downtown Scottsdale and the Plaza Lofts at Kierland in North Scottsdale.

In the Biltmore Corridor (around 24th Street and Camelback Road), there are several luxury condo developments that have been attracting buyers from all over. Some of the more notable communities include The Residences at 2211 Camelback, Optima Biltmore (sister property to Optima Camelview) and Esplanade Place.

In the Biltmore resort area, Two Biltmore Estates and Fairway Lodge (8 Biltmore) are adding even more luxury to an already beautiful area.

Not to be excluded, Tempe also has three luxury condo communities that are centered around the developing Tempe Town Lake area. These communities are Northshore at Tempe Town Lake, Edgewater at Hayden Ferry and Bridgeview at Hayden Ferry.

For more information on the luxury condo market in Scottsdale and Greater Phoenix, please contact me or browse some posts on local condo living.

Copyright © 2008 Heather Tawes Nelson

Greater Phoenix Luxury Condo Market – August 2008

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Optima Camelview Luxury Condos ScottsdaleHere are August’s numbers for the luxury condo market in Greater Phoenix. I am defining the luxury market as condos for sale for more than $1 million.

At the end of August, there were 105 luxury condos for sale throughout the valley. Fifty-three of these condos were in Scottsdale, thirty-six of them were in Phoenix, and sixteen were in Tempe.

As of the end of August 2008, three luxury condos had sold and another three were pending. The three condos sold were from three different developments – Scottsdale Waterfront, The Residences at 2211 Camelback and Two Biltmore Estates. The pending condos were in the Scottsdale Waterfront, Optima Camelview and Esplanade Place developments.

Here is an overview of August 2008’s numbers:

Valleywide – August 2008*
For Sale: 105
Pending: 3
Sold: 3
Average Sale Price: $1,695,167
Sales Price to List Price 95%
Average Price/Sq. Ft. Sold: $553.49
Scottsdale – August 2008*
For Sale: 53
Pending: 2
Sold: 1
Average Sale Price: $1,237,500
Sales Price to List Price 83%
Average Price/Sq. Ft. Sold: $555.68
Communities: Scottsdale Waterfront
Phoenix – August 2008*
For Sale: 38
Pending: 1
Sold: 2
Average Sale Price: $1,924,000
Sales Price to List Price 100%
Average Price/Sq. Ft. Sold: $552.39
Communities: Two Biltmore Estates
2211 Camelback
Tempe- August 2008*
For Sale: 16
Pending: 0
Sold: 0
Average Sale Price: N/A
Sales Price to List Price N/A
Average Price/Sq. Ft. Sold: N/A
Community: N/A

For more information on the luxury condo market in Scottsdale, Phoenix and Tempe, please visit this page.

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* Disclaimer:
Information herein deemed reliable but not guaranteed. Data pulled the Arizona Regional MLS (ARMLS) and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson
Realty Executives Mountain View

Scottsdale Single-Family Home Market Performance – August 2008

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The numbers for August 2008 are in and they are not as strong as they have been in recent months. For several months, we had positive sales momentum, but that seems to be tapering off.

Trend Analysis – Scottsdale Resale Single-Family Homes. All Price Points.
2007 2008
Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Avg.
Active     3,761     3,876     3,950     3,743  4,154  4,254  4,304  4,249  4,063  3,941  3,872  3,839  4,001
Pending       251       150       235       191     262     287     312     349     364 338 327 300     281
Sold       177       236       168       190     187     227     246     270     300 321 286 274     240
Percent Change Month Over Month
Active  N/A 3.1% 1.9% -5.2% 11.0% 2.4% 1.2% -1.3% -4.4% -3.0% -1.8% -0.9%
Pending  N/A -40.2% 56.7% -18.7% 37.2% 9.5% 8.7% 11.9% 4.3% -7.1% -3.3% -8.3%
Sold  N/A 33.3% -28.8% 13.1% -1.6% 21.4% 8.4% 9.8% 11.1% 7.0% -10.9% -4.2%
Data from the Arizona Regional MLS (ARMLS).
Numbers subject to change.

 

August Highlights:

  • Active listings dropped slightly to 3,839, a 0.9% decrease over July. While not a huge drop, this number has been decreasing every month since March of 2008 when there were 4,304 active listings on the market. This can be seen as good news in that some of the excess inventory is getting absorbed by the market each month.
  • Pending sales dropped again to 300 or a -8.3% change over July. After seeing this number increase for several months, we are now close to the levels of pending sales we saw in February and March of this year. This is the third month in a row we have seen this number decline, which will have an impact on September’s sales numbers.
  • 274 homes sold in August, down from 286 in July and a high of 321 in June. As I mentioned last month, the drop in pendings would most likely impact this month’s numbers.

Overall, August was not as positive a month as we have been seeing recently. We did see a slight dip in active homes for sale, which is positive. However, another monthly drop in sales and pending sales was discouraging.

 

 

Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information are pulled from many sources and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

Scottsdale Luxury Home Market Performance- August 2008

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Silverleaf Home Scottsdale AZAugust 2008 resulted in a mixed performance for the Scottsdale single-family resale luxury home market.

– AUGUST 2008 –

Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 531 actives, which is lowest level we have seen since before I started tracking this information last September. The average over the last 12 months has been 602.
– Pendings: There were 32 pending homes, which is below the average of 39 we have seen over the last twelve months.  This is the lowest it has been since around December of 2007.
– Sold: There were 18 sales in August – a very large drop-off from what we have been seeing. The average monthly sales figure is 24.
– Sales Price to Listed Price: 90.3%

 Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 270 actives in August which is one more than July. This figure is still trending lower than the 12 month average of 283 active homes.
– Pendings: There were 8 homes pending in July, down from a high of 16 in June. The average pending figure for the last twelve months is 11.
– Sold: Nine homes sold in August, which is right on the 12 month average. However, the pending sales for August are down, so we can anticipate that September sales for this price segment will be impacted.
– Sales Price to Listed Price: 91.4%

Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 328 homes for sale in this price point in August. This figure has been declining month-over-month since April, when there were 379 homes on the market in this price segment.
– Pendings: There were only 4 homes pending. This is a dramatic drop from the 11 average over the last 12 months. This small number of pending sales will have a large impact on September’s sale’s numbers.
– Sold: There were 8 home sales, a jump up from July’s 5 sales, an increase of 60%. This figure is on target with the average of 8 sales per month over the last 12 months.
– Sales Price to Listed Price: 89.9%.

Homes Priced $3,000,000+
– Actives: There were 263 homes for sale in this price point in August. This figure continues to drop and has been decreasing since February 2008.
– Pendings: There were 9 pending homes, a 28.6% increase from July’s 7. This should have a positive impact on September’s sales figures in this price point.
– Sold: There were 4 home sales for over $3,000,000 in August. Four sales per month is also the average for this price point over the last 12 months.
– Sales Price to Listed Price: 92.8%

As you can see, the results vary by price band. The positive news is that active listings in all price points have been trending down or are flat. This indicates that some of the excess inventory is getting absorbed by the market. However, pending sales and home sales are not performing as strongly in some of the segments. Hopefully, the number of active homes for sale will continue to decrease and we will see a rebound in pending sales and actual sales as we move into the high season.

For more Scottsdale area market statistics, please visit my Luxury Market Reports page.

 

Disclaimer:
Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional Multiple Listing System (ARMLS) and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

Scottsdale Market Snapshot – Desert Mountain

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Here is a  snapshot of the year-to-date sales information for Desert Mountain in Scottsdale, Arizona. Data is as of 8/26/08 and was pulled via the Arizona Regional MLS (ARMLS).

 Homes for Sale 160
– Average Asking Price $2,682,733
– Average Square Feet 5,018
– Average Asking Price per Sq. Foot $506.63
– Average Days on Market* 308
Pending Homes 4
– Average Asking Price $3,870,000
– Average Square Feet 6,572
– Average Asking Price per Sq. Foot $541.39
– Average Days on Market* 377
Home Sales 44
– Average Sales Price $2,215,525
– Sales Price to List Price 91%
– Average Square Feet 4,736
– Average Sales Price per Sq. Foot $439.06
– Average Days on Market* 291
– Highest Sale Price $6,250,000
– Lowest Sale Price $685,000

About Desert Mountain:
Desert Mountain is a luxurious, private golf community located in far north Scottsdale. Spread over 8,000 acres, it features 7 Jack Nicklaus courses, 6 clubhouses, a tennis complex and so much more. There are several neighborhoods within Desert Mountain, many of them framing one of the six courses. Because Desert Mountain is located so far north, the views from this fabulous community are hard to beat. Homes range from $749,000 for a 3 bedroom/3 bathroom cottage up to a $9,200,000 estate. View Desert Mountain Homes for Sale.

Click here to see more market snapshots of Scottsdale communities.

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Disclaimer: Information herein deemed reliable but not guaranteed. Data pulled from the Arizona Regional MLS (ARMLS) as of 8/26/08. Figures can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

Four offers in this market?

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Last week, I had something happen that I had not seen in a long time – 4 offers in on a house my client had made an offer on! Now, this is Arizona, one of the states that makes headlines regularly about the dismal state of the real estate market. Needless to say, I was not anticipating the frenzy of offers…

The house was in a nice subdivision in Chandler, priced in the $330’s (within the local FHA mortgage limits) and well-maintained. It had a cute backyard and was on a corner lot. It would be easy to move right in to.

My client liked it and decided to make an offer a couple of days after seeing it. I called the agent to see if there was any interest and she said she was expecting another offer besides the one I was going to submit. By the end of the day, there were three live offers in play and a fourth one on the way in.

Sadly, my client did not get the home, but this scenario clearly illustrates some key things at work – If your property is in a good location, is in good condition and is priced properly, it is going to get a lot of interest, even in a market facing some tough challenges.

It particularly helps if the home is within FHA mortgage limits, as we are seeing a lot of movement locally in that price point as the popularity of FHA loans grows.

The Luxury Condo Market in Greater Phoenix – July 2008

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The numbers for July are in and the luxury condo market had a somewhat slow month in July. (Note: The luxury condo market is being defined as condos for sale for over $1 million.) These numbers are down quite a bit from May where there were 8 sales and 7 units pending.

At the end of July, there were 108 condos for sale throughout the valley. Fifty-three of these condos were in Scottsdale, thirty-eight of them were in Phoenix, and the remainder, seventeen, were in Tempe.

At the end of July 2008, two luxury condos were sold and four were pending. The two condos sold were located in the Scottsdale Waterfront and The Residences at 2211 Camelback. The pending condos are located in Scottsdale Waterfront, Esplanade Place and Two Biltmore Estates.

Here is a quick look at the July 2008’s numbers:

Valleywide – July 2008*
For Sale: 108
Pending: 4
Sold: 2
Average Sale Price: $1,544,000
Average Price/Sq. Ft. Sold: $504.63
Scottsdale – July 2008*
For Sale: 53
Pending: 2
Sold: 1
Average Sale Price: $1,688,000
Average Price/Sq. Ft. Sold: $683.68
Communities: Scottsdale Waterfront
Phoenix – July 2008*
For Sale: 38
Pending: 2
Sold: 1
Average Sale Price: $1,400,000
Average Price/Sq. Ft. Sold: $337.19
Communities: 2211 Camelback
Tempe- July 2008*
For Sale: 17
Pending: 0
Sold: 0
Average Sale Price: $N/A
Average Price/Sq. Ft. Sold: $N/A
Community:

If you have any questions about the luxury condo market or would like to learn more about any of the communities mentioned above, please feel free to contact me.

* Disclaimer:
Information herein deemed reliable but not guaranteed. Data pulled the Arizona Regional MLS (ARMLS) and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

Scottsdale Luxury Home Market – July 2008

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In September of 2007, I started compiling data on the Scottsdale luxury home market broken into price ranges. (Note: The data is for single-family resale homes.) As of July 2008, we are seeing some mixed results. However, some promising trends have been emerging, with results varying depending on the price range.

– JULY 2008 –
 

Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 543 actives, which is lowest level we have seen since before we started tracking this information last September.
– Pendings: There were 38 pending homes, which is just below the average of 39 we have seen over the last 11 months.
– Sold: There were 24 sales in July, which is down from a high of 31 in June.
– Sales Price to Listed Price: 91.3%

 Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 269 actives in July which is down 3.2% over June. The number of active homes for sale has been decreasing in this price segment since April when there were 321 actives.
– Pendings: There were 10 homes pending in July, down from 16 in June, a 38% decrease. The average pending figure for the last eleven months is 11.
– Sold: Ten homes sold in July which was a large jump from June’s 6, a 67% increase. However, the pending sales for July are down, so we can anticipate that the August sales number for this price segment will be impacted.
– Sales Price to Listed Price: 93.1%

Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 335 homes for sale in this price point in July. We have been seeing this number decrease since April, when there were 379 homes on the market in this price segment.
– Pendings: There were 8 homes pending, a 27% drop over June This figure is well below the average of 11 that we have been seeing for the last eleven months.
– Sold: There were 5 home sales, a sharp drop from the 10 sales in June and below the last eleven months’ average of 8 sales per month. .
– Sales Price to Listed Price: 91.7%.

Homes Priced $3,000,000+
– Actives: There were 277 homes for sale in this price point in July. The number of actives has been dropping steadily since the high of 341 in February. The last time we saw this number this low was around October of 2007.
– Pendings: There were 7 pending homes, a 40% increase from June’s 5.
– Sold: Only 2 homes sold in July which is half of the average of 4 sales per month over the last 11 months.
– Sales Price to Listed Price: 78.6%

As you can see, the results vary by price band. Active listings in all price points have been trending down which is good news. It indicates that some of the excess inventory is getting absorbed by the market. However, for the most part, sales and pending sales are down, with the $2,000,000-$2,999,999 price range being impacted the most significantly. Hopefully, we can continue the trend of decreased active listings and can turn things around from a sales and pending sales standpoint.

For more Scottsdale area market statistics, please visit my Real Estate Market Reports page.

 Disclaimer:
Information herein deemed reliable but not guaranteed. Data pulled the Arizona Regional MLS (ARMLS) and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

 

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