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Scottsdale Real Estate Market

Scottsdale Golf Communities- Market Snapshot – October 2008

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One of the main areas I focus on is Scottsdale Golf Communities. I typically look at individual community performance, but wanted to look at a side-by-side comparison of the communities I serve.

Looking at the chart below, you can see the prices between each of the communities as well as within each the individual communities vary greatly. This list includes communities that represent everything from the top luxury properties in Scottsdale to more affordable communities that feature fabulous golf as an amenity.

Golf membership varies by community. For instance, a majority of the property sold at Desert Mountain, a fabulous community with six Jack Nicklaus courses, comes with a deferred-equity golf membership. In some of the other communities, golf membership is by invitation only or can be acquired separately.

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One good indicator to look at is price per square foot. This figure will assist you in comparing the price of the home in question to other homes in the community as well as other similar homes in the area.

If you have any questions about any of the communities listed above or about real estate in general, please feel free to contact me.

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Disclaimer: Information herein deemed reliable but not guaranteed. Data pulled from the Arizona Regional MLS (ARMLS) as of 10/20/08 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

Greater Phoenix Luxury Condo Market – September 2008

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Scottsdale Phoenix Luxury Condos for SaleSeptember was a challenging month for the Greater Phoenix luxury condo market, which is defined as condos for sale for more than $1 million. Activity tapered off, resulting in zero sales for the month.

As of the end of September, there were 102 luxury condos for sale throughout the valley. Forty-seven luxury condos were for sale in Scottsdale, thirty-nine were in Phoenix, and sixteen were in Tempe. There were no sales in the month of September in this market segment. However, there were three sales pending. Scottsdale had two of the pending sales with one unit at the Scottsdale Waterfront and one unit at Optima Camelview. In Phoenix, one unit at Esplanade Place was pending.

 

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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

Scottsdale Luxury Home Market Performance – September 2008

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– SEPTEMBER 2008 –

Homes Priced Between $1,000,000 – $1,499,999
– Actives: In September, the number of active homes in this price point was up 3.2% to 548. This number has been declining month-over-month since March. We are still well below the average of the last 12 months of 597.
– Pendings: There were 24 pending homes, a large drop for the 30- 40 pending homes we have been seeing throughout the year. This figure is the lowest it has been since around last October.
– Sold: There were 18 sales in September, the same as August. The average monthly sales for the last twelve months has been is 24.
– Sales Price to Listed Price: 95.5%. This is the highest this ratio has been since I started tracking the information 13 months ago. Usually, it is in the low 90%’s.

 Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 273 actives in September, an uptick of 3 homes over August. However, this number is still trending lower than the 12 month average of 285 active homes.
– Pendings: There were 9 homes pending in September, one more than August. The average pending figure for the last twelve months is 11.
– Sold: Eight homes sold in September. The average for this segment is 9 home sales per month.
– Sales Price to Listed Price: 90.0%

Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 341 active homes in this price segment in September, a jump of 4% from the 328 in August. This is the first increase we have seen in this segment since April of this year.
– Pendings: For a second month in a row, there were only 4 homes pending. This is tracking way behind the 12 month average of 10 pending homes. This small number of pending sales will certainly impact October’s numbers.
– Sold: Only one home sold in this price segment in September. This represents an -87.5% change from August, when 8 homes sold. This number is also well behind the 12 month average of 7 home sales.
– Sales Price to Listed Price: 89.2%.

Homes Priced $3,000,000+
– Actives: 268 homes were for sale in this price segment in September. This is up 5 over the month prior. This figure had previously been declining since March of this year.
– Pendings: There were 7 pending homes in this price segment, which is ahead of the 12 month average of 6.
– Sold: Six homes sold for over $3,000,000 in September. Most notably, there was a $7,000,000 sale in Desert Mountain, an upscale community in far North Scottsdale. Four sales per month is the average over the last 12 months.
– Sales Price to Listed Price: 95.5%, this is the highest this ratio has been since around November of 2007.

As you can see, the results for September were not as promising as the trends we have been seeing. Homes on the lower end of the luxury price range are seeing the biggest impact. Certainly, some of this can be attributed to the financial market volatility and the drying up of funds for larger loan amounts. The $3 million and above segment is still healthy, although active listings were up by almost 2% in September. Based on the events of the last couple of weeks, it is hard to predict what October will look like for the Scottsdale luxury home market.

To view a spreadsheet that shows you the last 12 months of data for the Scottsdale real estate luxury market, please visit my Luxury Market Reports and download the Market Trends report.

Disclaimer:
Information herein deemed reliable but not guaranteed. This data looks at single-family, resale home information only. Data was pulled from the Arizona Regional Multiple Listing System (ARMLS) on 10/1/2008 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 Single-Family Home Market Performance – September 2008

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September 2008’s numbers for the Scottsdale single-family resale market are in. September was another month where we saw a decline in sales and pending sales, but inventory is still not increasing, which is a positive.

 

September Highlights:

  • The number of active homes for sale was flat from August at 3,839, which is still lower than the 12 month average of 4,007 homes for sale.
  • Pending sales were down slightly to 297 from 300, a 1% decrease. However, this decrease is much smaller than we have seen over the last three months where the decrease in pending sales has ranged from 3.3% to 8.3%. Plus, this number is still tracking ahead of the average of 284 pendings.
  • The number of homes that sold in September dropped again to 235, posting the largest month-over-month drop we have seen (-14.2%) since November of 2007. Additionally, this number has now dropped below the 12 month average of 245. This weakened performance could be partially attributed to the volatility we have seen in the financial sector which may be keeping people on the sidelines or preventing them from getting financing.

Overall, September was not the best month we have seen with sales and pending sales on pace with where we were in February of this year. Based on trends, October should be more of the same. Looking forward, a key factor will be whether or not buyers will be able to obtain financing, which will have a direct impact on these numbers.

 

Copyright © 2008 Heather Tawes Nelson

The Luxury Loft Market in Greater Phoenix – 2008 Performance

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Kierland Plaza LoftsWhile loft living has been a tradition in many metropolitan areas for years, we are starting to see a lot of recent growth in the Greater Phoenix area. I define luxury lofts as those for sale for more than $1 million.

There are several luxury loft projects sprinkled throughout the area, including downtown Phoenix, downtown Scottsdale and Kierland.

I took a look at the performance from January through August and noted which luxury developments are seeing the most activity.

Valleywide Units for Sale: 30
Average Asking Price: $1,650,133
Average Square Feet: 2,430
Average Asking Price/Sq. Foot: $699.30

Units Sold in 2008: 9
Average Sales Price: $1,369,159
List Price to Sales Price: 95%
Average Square Feet: 2,040
Average Price/Sq. Foot: $691.56

The developments where these luxury lofts have sold are as follows:
– Kierland Plaza Lofts – Scottsdale, AZ – 6 of the 9 units total units sold were at the Kierland Plaza Lofts
– Average Sales Price: $1,532,905
– Asking Price to List Price: 100%
– Average Square Footage: 1,934
– Average Price/Sq. Foot: $798.51

– Third Avenue Lofts- Scottsdale, AZ – 1 Unit Sold
– Average Sales Price: $1,250,000
– Asking Price to List Price: 89%
– Average Square Footage: 2,097
– Average Price/Sq. Foot: $596.09

– Orpheum Lofts – Phoenix, AZ – 1 Unit Sold
– Average Sales Price: $825,000 (Original list price was $1,075,000)
– Asking Price to List Price: 77%
– Average Square Footage: 2,668
– Average Price/Sq. Foot: $309.22

– Summit At Copper Square – Phoenix, AZ – 1 Unit Sold
– Average Sales Price: $1,050,000
– Asking Price to List Price: 83%
– Average Square Footage: 1,990
– Average Price/Sq. Foot: $527.64

I will continue to check back periodically to see how this market is performing and update these figures accordingly. If you have any questions about any of the developments mentioned above, please contact me.

 

Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) and can change at any time. Data represents activity from 1/1/2008 through 8/31/2008. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

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

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