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Phoenix and Scottsdale AZ Luxury Condo Sales – March 2022

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– Luxury Condo Sales in Scottsdale and Phoenix – March 2022 –

March’s luxury condo sales activity in Scottsdale and Phoenix was pretty close to what we saw in February. Sales were strong and pending activity keeps increasing, most in communities currently being built out.

This report covers the luxury condo market in Scottsdale and Phoenix. Each of the units in this report were on the market with asking prices of $1 million or more.

ACTIVE LISTINGS AT THE END OF MARCH

Inventory dropped by quite a bit between the end of February and the end of March. At the close of February, there were 54 luxury condos for sale. At the end of March, there were only 44. Forty of these units were in Scottsdale and only four were in Phoenix.

The highest-priced unit is a 6,288 square foot penthouse with four bedrooms and four and one-half bathrooms. It was being offered at $6,200,000. It can be found in the luxurious ICON community in Silverleaf.

The least expensive condo for sale was in Scottsdale’s Main Street Plaza. Listed for $1,100,000, this unit has two bedrooms, two and one-half bathrooms and 2,498 square feet.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

The number of UCB contracts was up slightly at the end of March. There were five of them and they were all located in Scottsdale.

UCB Condos in Scottsdale

  • Optima Camelview – Three bedrooms, two bathrooms, 2,129 square feet. Asking price was $1,299,000.
  • ICON in Silverleaf – Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.
  • Plaza Lofts at Kierland – Two bedrooms and bathrooms, 1,592 square feet. Asking price was $1,395,000.
  • Optima Kierland – Two bedrooms, two and one-half bathrooms, 1,579 square feet. Asking price was $1,750,000.
  • Scottsdale Waterfront Residences –
    Three bedrooms, three and one-half bathrooms, 2,503 square feet. Asking price was $2,700,000.

PENDING LUXURY
CONDO SALES IN SCOTTSDALE AND PHOENIX

Pending sales moved even higher in March, closing out the month at forty! Thirty-two of them were located in Scottsdale. A large number of these are in communities under development including Seven in Desert Mountain, The Reserve and Ascent at the Phoenician.

Scottsdale Pending Luxury Condos

  • Scottsdale Waterfront Residences
    • Two bedrooms and bathrooms, 1,457 square feet. Asking price was $1,150,000.
    • Two bedrooms, two and one-half bathrooms, 2,265 square feet. Asking price was $1,577,700.
    • Three bedrooms, three and one-half bathrooms and 2,503 square feet. Asking price was
      $2,462,500.
  • The Reserve – This community is under construction.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,011,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,012,450.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,016,000.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,026,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,063,000.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,159,000.
  • Scottsdale Waterfront Residences
    • Two bedrooms, two bathrooms, 1,692 square feet. Asking price was $1,335,000.
  • Ascent at the Phoenician – This is another fantastic development underway.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 2,374 square feet. Asking price was $2,050,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
    • Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000.
    • Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
  • Seven at Desert Mountain – This community is also under construction.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,505,002.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,515,800.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,530,700.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,536,004.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,612,768.
    • Two bedrooms, three and one-half bathrooms, 2,702 square feet. Asking price was $1,705,300.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,774,200.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,787,350.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,809,900.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,835,850.
  • ICON in Silverleaf
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
    • Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,718,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $8,350,000.
  • Main Street Place
    • Two bedrooms, two and one-half bathrooms, 2,537 square feet. Asking price was $1,953,500.
    • Three bedrooms, three and one-half bathrooms, 4,122 square feet. Asking price was $2,795,000.

Phoenix Pending Luxury Condos

  • One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was
    $1,295,000.
  • Portland on the Park – Three bedrooms and bathrooms, 1,941 square feet. Asking price was $1,200,000.
  • Portland on the Park – Three bedrooms and bathrooms, 2,486 square feet. Asking price was $1,565,000.
  • Portland on the Park – Two bedrooms, two and one-half bathrooms, 2,185 square feet. Asking price was $1,575,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Eleven luxury condos sold during the month of March. Seven were in Scottsdale and the remaining four were in Phoenix.

Scottsdale Luxury Condo Sales

  • Optima Kierland
    • Two bedrooms and bathrooms, 1,261 square feet. Asking price was $1,295,000 and it sold for
      $1,275,000.
    • Two bedrooms, two and one-half bathrooms, 2,069 square feet. Asking price was $1,900,000 and it sold for list price.
  • Landmark Condominiums – Three bedrooms, three and one-half bathrooms, 4,037 square feet. Asking price was $2,499,000 and it sold for $2,400,000.
  • Scottsdale Waterfront Residences
    • Two bedrooms, two and one-half bathrooms, 2,092 square feet. Asking price was $1,750,000 and it sold for $1,675,000.
    • Two bedrooms, two and one-half bathrooms, 2,092 square feet. Asking price was $1,599,000 and it sold for list price.
  • Optima Camelview
    • Two bedrooms and bathrooms, 1,356 square feet. Asking price was $1,500,000 and it sold for
      $1,490,000.
    • Two bedrooms and bathrooms, 1,417 square feet. Asking price was $1,495,000 and it sold for
      list price.

Phoenix Luxury Condo Sales

  • Optima Biltmore – Three bedrooms and bathrooms, 2,681 square feet. Asking price was $1,060,000 and it sold for list price.
  • Optima Biltmore – Three bedrooms, three and one-half bathrooms, 2,679 square feet. Asking price was $1,050,000 and it sold for $1,045,000.
  • Fairway Lodge at the Biltmore – Two bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,395,000 and it sold for $1,460,000.
  • Fairway Lodge at the Biltmore – Two bedrooms, two and one-half bathrooms, 1,979 square feet. Asking price was $1,375,000 and it sold for $1,400,000.

March’s luxury condo sales activity in Scottsdale and Phoenix was pretty close to what we saw in February. Sales were strong and pending activity keeps increasing, most in communities currently being built out.

This report covers the luxury condo market in Scottsdale and Phoenix. Each of the units in this report were on the market with asking prices of $1 million or more.


ACTIVE LISTINGS AT THE END OF MARCH

Inventory dropped by quite a bit between the end of February and the end of March. At the close of February, there were 54 luxury condos for sale. At the end of March, there were only 44. Forty of these units were in Scottsdale and only four were in Phoenix.

The highest-priced unit was a 6,288 square foot penthouse with four bedrooms and four and one-half bathrooms. It was being offered at $6,200,000. It can be found in the luxurious ICON community in Silverleaf.

The least expensive condo for sale was in Scottsdale’s Main Street Plaza. Listed for $1,100,000, this unit has two bedrooms, two and one-half bathrooms and 2,498 square feet.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

The number of UCB contracts was up slightly at the end of March. There were
five of them and they were all located in Scottsdale.

UCB Condos in Scottsdale

  • Optima Camelview – Three bedrooms, two bathrooms, 2,129 square feet. Asking price was $1,299,000.
  • ICON in Silverleaf – Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.
  • Plaza Lofts at Kierland– Two bedrooms and bathrooms, 1,592 square feet. Asking price was  $1,395,000.
  • Optima Kierland – Two bedrooms, two and one-half bathrooms, 1,579 square feet. Asking price was $1,750,000.
  • Scottsdale Waterfront Residences– Three bedrooms, three and one-half bathrooms, 2,503 square feet. Asking price was $2,700,000.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Pending sales moved even higher in March, closing out the month at forty! Thirty-two of them were located in Scottsdale. A large number of these are in communities under development including Seven in Desert Mountain, The Reserve and Ascent at the Phoenician.

Scottsdale Pending Luxury Condos

  • Scottsdale Waterfront Residences
    • Two bedrooms and bathrooms, 1,457 square feet. Asking price was $1,150,000.
    • Two bedrooms, two and one-half bathrooms, 2,265 square feet. Asking price was $1,577,700.
    • Three bedrooms, three and one-half bathrooms and 2,503 square feet. Asking price was
      $2,462,500.
  • The Reserve – This community is under construction.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,011,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,012,450.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,016,000.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,026,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,063,000.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,159,000.
  • Ascent at the Phoenician – This is another fantastic development underway.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 2,374 square feet. Asking price was $2,050,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
    • Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000. 
    • Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
  • Seven at Desert Mountain  – This community is also under construction.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,505,002. 
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,515,800.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,530,700.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,536,004.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,612,768.
    • Two bedrooms, three and one-half bathrooms, 2,702 square feet. Asking price was $1,705,300.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,774,200. 
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,787,350.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,809,900.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,835,850.
  • ICON in Silverleaf
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
    • Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,718,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $8,350,000.
  • Main Street Place
    • Two bedrooms, two and one-half bathrooms, 2,537 square feet. Asking price was $1,953,500.
    • Three bedrooms, three and one-half bathrooms, 4,122 square feet. Asking price was $2,795,000.

Phoenix Pending Luxury Condos

  • One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was
    $1,295,000.
  • Portland on the Park –  Three bedrooms and bathrooms, 1,941 square feet. Asking price was $1,200,000.
  • Portland on the Park – Three bedrooms and bathrooms, 2,486 square feet. Asking price was $1,565,000.
  • Portland on the Park – Two bedrooms, two and one-half bathrooms, 2,185 square feet. Asking price was $1,575,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Eleven luxury condos sold during the month of March. Seven were in Scottsdale and the remaining four were in Phoenix.

Scottsdale Luxury Condo Sales

  • Optima Kierland
    • Two bedrooms and bathrooms, 1,261 square feet. Asking price was $1,295,000 and it sold for $1,275,000.
    • Two bedrooms, two and one-half bathrooms, 2,069 square feet. Asking price was $1,900,000 and it sold for list price.
  • Landmark Condominiums – Three bedrooms, three and one-half bathrooms, 4,037 square feet. Asking price was $2,499,000 and it sold for $2,400,000.
  • Scottsdale Waterfront Residences
    • Two bedrooms, two and one-half bathrooms, 2,092 square feet. Asking price was $1,750,000 and it sold for $1,675,000.
    • Two bedrooms, two and one-half bathrooms, 2,092 square feet. Asking price was $1,599,000 and it sold for list price.
  • Optima Camelview
    • Two bedrooms and bathrooms, 1,356 square feet. Asking price was $1,500,000 and it sold for $1,490,000.
    • Two bedrooms and bathrooms, 1,417 square feet. Asking price was $1,495,000 and it sold for list price.

Phoenix Luxury Condo Sales

  • Optima Biltmore – Three bedrooms and bathrooms, 2,681 square feet. Asking price was $1,060,000 and ti sold for list price.
  • Optima Biltmore – Three bedrooms, three and one-half bathrooms, 2,679 square feet. Asking price was $1,050,000 and it sold for $1,045,000.
  • Fairway Lodge at the Biltmore – Two bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,395,000 and it sold for $1,460,000.
  • Fairway Lodge at the Biltmore – Two bedrooms, two and one-half bathrooms, 1,979 square feet. Asking price was $1,375,000 and it sold for $1,400,000.

Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale

Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2022 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed.  There may be new condo inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright ©2022 Heather Tawes Nelson | Joyce Tawes

Where Are Mortgage Rates Headed?

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Where Are Mortgage Rates Headed? | MyKCM

There’s never been a truer statement regarding forecasting mortgage rates than the one offered last year by Mark Fleming, Chief Economist at First American:

“You know, the fallacy of economic forecasting is: Don’t ever try and forecast interest rates and or, more specifically, if you’re a real estate economist mortgage rates, because you will always invariably be wrong.”

Coming into this year, most experts projected mortgage rates would gradually increase and end 2022 in the high three-percent range. It’s only April, and rates have already blown past those numbers. Freddie Mac announced last week that the 30-year fixed-rate mortgage is already at 4.72%.

Danielle Hale, Chief Economist at realtor.com, tweeted on March 31:

“Continuing on the recent trajectory, would have mortgage rates hitting 5% within a matter of weeks. . . .”

Just five days later, on April 5, the Mortgage News Daily quoted a rate of 5.02%.

No one knows how swiftly mortgage rates will rise moving forward. However, at least to this point, they haven’t significantly impacted purchaser demand. Ali Wolf, Chief Economist at Zonda, explains:

“Mortgage rates jumped much quicker and much higher than even the most aggressive forecasts called for at the end of last year, and yet housing demand appears to be holding steady.”

Through February, home prices, the number of showings, and the number of homes receiving multiple offers all saw a substantial increase. However, much of the spike in mortgage rates occurred in March. We will not know the true impact of the increase in mortgage rates until the March housing numbers become available in early May.

Rick Sharga, EVP of Market Intelligence at ATTOM Data, recently put rising rates into context:

“Historically low mortgage rates and higher wages helped offset rising home prices over the past few years, but as home prices continue to soar and interest rates approach five percent on a 30-year fixed rate loan, more consumers are going to struggle to find a property they can comfortably afford.”

While no one knows exactly where rates are headed, experts do think they’ll continue to rise in the months ahead. In the meantime, if you’re looking to buy a home, know that rising rates do have an impact. As rates rise, it’ll cost you more when you purchase a house. If you’re ready to buy, it may make sense to do so sooner rather than later.

Bottom Line

Mark Fleming got it right. Forecasting mortgage rates is an impossible task. However, it’s probably safe to assume the days of attaining a 3% mortgage rate are over. The question is whether that will soon be true for 4% rates as well.

Quick Video Update of the Scottsdale Real Estate Market – March 2022

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– March 2022 Scottsdale Housing Market Video –

Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of March.

March 2022 – Video


Scottsdale Active Listings

Scottsdale homes for sale March 2022

Once again, inventory continues to be our market’s extreme pain point. Pent-up demand and buyers wanting to lock in low rates before they go up have very few homes to choose from.

There was a 30% decrease in the number of homes available between March 2022 and 2021. And March 2021’s inventory was already very low.

There was a 5% decrease in homes for sale between the end of March and the end of February.

Median List Price for Scottsdale Homes

Scottsdale homes median list price March 2022

As far as home prices of homes for sale, the median listing price shows you the exact midpoint of Scottsdale’s asking prices.

In March, the median list price came in at $1.68 million, which is up slightly compared to last month and up pretty substantially compared to March 2021.

Days on Market

Scottsdale homes days on market March 2022

Days on Market, (also known as DOM), is a quick metric to give you a sense of a particular market, whether it is by location, price point and so on.

If the DOM is a higher number, then it is taking longer for homes to sell. If the DOM is a lower number, things are selling more quickly.

March’s Days on Market was a mere 32 days. It was not uncommon a few years ago for this figure to be a lot closer to 100. And, it came in 41% lower than last March.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price March 2022

We explored the median listing price above and now we will look at the median sales price for Scottsdale homes in March.

March’s median sales price was $1.1 million. This was $100K higher than February’s median sales price and much higher than March 2021’s median sales price of $875K.

Number of Homes Sold

This last section will examine home sales in Scottsdale.

If we look at year-over-year sales activity, sales were down 19%. One factor holding this number back is the inventory issue I mentioned at the beginning of the post.

Scottsdale Home Sales March 2022 versus 2021

Looking at month-over-month sales activity, there was a 21% increase over February’s sales number. This is impressive and many homes are selling as soon as they hit the market.

Scottsdale home sales February versus March 2022

We hope that you found this video and commentary helpful as you gather more information to make smart informed real estate decisions.

For more Scottsdale real estate information or if you have any questions about the local area, feel free to contact Joyce at (480) 209-7843 or Joyce@LiveBetterinScottsdale.com.

Click to watch other videos on our Live Better in Scottsdale YouTube Channel.

Interested in other stats for our market? Visit our Real Estate Market Update page.

Disclaimer: Data deemed to be accurate, but is not guaranteed.

Seller’s Checklist: A Timeline to Prep Your Home for Sale

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We’re still in a seller’s market, but that doesn’t mean your home is guaranteed to easily sell.1 If you want to maximize your sale price, it’s still important to prepare your home before putting it on the market.

Start by connecting with a real estate agent as soon as possible. Having the eyes and ears of an insightful real estate professional on your side can help you boost your home’s appeal to buyers. What’s more, beginning the preparation process early allows you to tackle repairs and upgrades that can increase your property’s value.

Use the checklist below to figure out what other tasks you should complete in the months leading up to listing your home. While everyone’s situation is unique, these guidelines will help you make sure you’re ready to sell when the time is right. Of course, you can always call us if you’re not sure where to start or what to tackle first. We can help customize a plan that works for you.

AS SOON AS YOU THINK OF SELLING

Some home sellers want to plan their future move far in advance, while others will be required to pack up on very short notice. Whatever your circumstances, these first steps will help assure you’ll be ahead of the listing game.

  • Contact Your Real Estate Agent

We go the extra mile when it comes to servicing our clients, and that includes a series of complimentary, pre-listing consultations to help you prepare your home for the market.

Some sellers make the mistake of waiting until they are ready to list their home to contact a real estate agent. But we’ve found that the earlier we’re brought into the process, the better the result. That often means a faster sale—and more money in your pocket after closing.

We know what buyers want in today’s market and we can help devise a plan to maximize your property’s appeal. We can also connect you with our trusted network of contractors, vendors, and service professionals, so you’ll be sure to get the VIP treatment. This network of support can alleviate stress and help ensure you get everything done in the weeks or months leading up to listing your home for sale.

  • Address Major Issues and Upgrades

In most cases, you won’t need to make any major renovations before you list. But if you’re selling an older home, or if you have any doubt about its condition, it’s best to get us involved as soon as possible so we can help you assess any necessary repairs.

In some instances, we may recommend a pre-listing inspection. Although it’s less common in a seller’s market, a pre-listing inspection can help you avoid potential surprises down the road. We can discuss the pros and cons during our initial meeting.

This is the time to address major structural, systems, safety or cosmetic issues that could hurt the sale of your home down the line. For example, problems with the frame, foundation, or roof are likely to be flagged on an inspection report. Issues with the HVAC system, electrical wiring, or plumbing may cause the home to be unsafe. And sometimes outdated or unpopular design features can limit a home’s sales potential.

Remember, when you’re dealing with major repairs or renovations, it’s best to give yourself as much time as possible. Given rampant labor and material shortages, starting right away can help you avoid costly delays.2 Contact us so we can guide you on the updates that are worth your time and investment.

1 MONTH (OR MORE) BEFORE YOU LIST

Once any large-scale renovations have been addressed, you can turn your attention to the more minor updates that still play a major role in how buyers perceive your home.

  • Make Minor Repairs

Look for any unaddressed maintenance or repair issues, such as water spots, pest activity, and rotten siding. This is the time to take care of those small annoyances like squeaky hinges, sticking doors, and leaky faucets, too.

Many of these issues can be handled by going the DIY route and using a few simple tools. Tackle the ones you can and be sure to call a professional for the ones you’re not comfortable doing yourself. We can refer you to local service providers who can help.

Remember that it’s easy to overlook these small issues because you live with them. When you work with us, you get a fresh set of eyes on your home—so you don’t miss any important repairs that could make a big difference to buyers.

  • Refresh Your Design

This is a great time to think about some simple design updates that can make a significant impression on buyers. For example, a fresh coat of paint is an easy and affordable way to spruce up your home. One survey found that interior paint offered a 107% return on investment.3 For broad appeal, opt for warm, neutral colors.

And never underestimate the importance of good curb appeal. Homes with good curb appeal sell for 7% more, on average, than similar homes with an “uninviting exterior.”4 If weather permits, lay fresh sod where needed, plant colorful flowers, and add some new mulch to your beds.

Even just repositioning your furniture can make a huge difference to buyers. A survey by the Real Estate Staging Association found that staged homes sold faster, and 73% sold over list price.5 We can refer you to a local stager or offer our insights and suggestions if you prefer the DIY route.

  • Declutter and Depersonalize

Doing a little bit of decluttering every day is a lot easier than trying to take care of it all at once right before your home hits the market. A simple strategy is to do this one room at a time, working your way through each space whenever you have a bit of free time.

Start by donating or discarding items that you no longer want or need. Then pack up any seasonal items, family photos, and personal collections you can live without for the next few weeks. Bonus: This will give you a head start on packing for your move!

1 WEEK BEFORE YOU GO TO MARKET

With just one week before your home becomes available for sale, all major items should be crossed off your to-do list. Now it’s time to focus on the small details that will really make your home shine. Here are a few key areas to focus on during this last week.

  • Check-In With Your Agent

We’ll connect again to make sure we’re aligned on the listing price, marketing plan, and any remaining prep. We will be there every step of the way, ensuring you’re fully prepared to maximize the sale of your home.

  • Tidy Your Exterior

You’ve already done the major landscaping—now it’s time to tackle the last few details. Make sure your lawn is freshly mowed, hedges are trimmed, and flower beds are weeded.

In addition, now is the time to clean your home’s exterior if you haven’t already. Power wash your siding, empty the gutters, and wash all your windows and screens.

  • Deep Clean Your Interior

Your house should be deep cleaned before listing, including a thorough deodorizing of the home’s interior and steam cleaning for all carpets. Consider hiring a professional cleaning company to ensure the space smells and looks as fresh as possible.

In addition to cleaning, take some time to tidy up. Buyers will look inside your closets, pantries, and cabinets, so make sure they are neat and organized. Small appliances and toiletries should be cleared off the countertops.

DAY OF SHOWING

Now you’re all set to go and there are just a few small things you need to handle on the day of showings or open houses. Do a final walk-through and take care of these finishing touches to give potential buyers the best possible impression.

  • Pre-Showing Prep

Happy and comfortable buyers are more likely to submit offers! Make them feel at home by adjusting the thermostat to a comfortable temperature. Open any blinds and curtains throughout the house, and turn on all lights so buyers can see all the potential in your home.

Then tidy up by vacuuming and sweeping floors, emptying (or hiding) trash cans, and wiping down countertops. In the bathrooms, close toilet lids and hang clean hand towels.

Don’t forget to secure firearms, jewelry, sensitive documents, prescription medications, and any other items of value in a safe or store them off-site.

Finally, it’s best to have pets out of the house during showings. If possible, you should also remove evidence of pets (litter box, dog beds, etc.), which can be a turn-off for some buyers.

DON’T WAIT TO PREP YOUR HOME FOR SELLING

If you want to get top dollar for your home, don’t put it on the market before it’s ready. The right preparation can make all the difference when it comes to maximizing the offers you get. The upgrades and changes you need to make will depend upon your home’s condition, so don’t wait to speak with an agent.

Call our team if you’re thinking about selling your home, even if you’re not sure when. It’s never too early to seek the guidance of your real estate agent and start preparing your home to sell.

Sources:

  1. Fortune –
    https://fortune.com/2022/02/08/should-i-buy-house-sellers-market-housing-real-estate-fannie-mae/
  2. Forbes –
    https://www.forbes.com/advisor/home-improvement/labor-materials-shortage-impacts-renovations/
  3. PR Web –
    https://www.prweb.com/releases/2012-homegain/home-improvement-survey/prweb9433460.htm
  4. Realtor Magazine –
    https://magazine.realtor/daily-news/2020/01/27/how-much-does-curb-appeal-affect-home-value
  5. Real Estate Staging Association –
    https://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548

Scottsdale AZ Single Family Home Sales – March 2022

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– March 2022 Scottsdale Homes for Sale and Home Sales –

The Scottsdale real estate market had a very fast-paced month in March. Sales skyrocketed even though inventory is incredibly low. And pricing pressure meant many of these sales went for more than asking price.

SCOTTSDALE HOME SALES ACTIVITY – MARCH 2022

We keep an eye on the following four sales metrics on a monthly basis:

– Single-family homes for sale – Orange Line – How many homes were for sale at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – How many homes were in UCB status at the end of the month.*
– Pending home sales – Yellow Line – How many pending contracts there were at the end of the month.*
– Home Sales – Blue Line – How many homes sold during the month.
MARCH 2022 RESULTS

Scottsdale home sales March 2022
  • Scottsdale Homes for Sale: We saw a sorely needed increase in inventory in March. The number of homes for sale was up 9.8% over the end of February.
  • UCB (Under contract, accepting backup offers): The number of UCB contracts was down by one. I would have expected this figure to increase.
  • Pending Homes Sales in Scottsdale: Pending sales rebounded a little and closed the month out at 384.
  • Scottsdale Home Sales: Sales came roaring back in March. We have not seen sales this high since about this time last year.

Here are two more things we look at on a monthly basis.

Scottsdale real estate market March 2022

Percent Change Month Over Month – This metric gives us an idea about how things are performing relative to the month prior. As an example, home sales in Scottsdale were up 17.5% compared to February’s sales.

Sales Price to List Price – This is a simple way to gauge average pricing in a market. It compares what homes were listed for compared to what they actually sold for. On average in March, homebuyers paid a premium of 2% over the asking price.

*Figures for active homes for sale, UCB sales and pending sales are based on the numbers at the end of the month.

Curious about your buying power? Click on the link to learn more.

Search Scottsdale AZ Homes for Sale

Here is a sampling of some of the homes on the market, or click the link above to see all of the homes for sale.

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2022. Information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2022 Heather Tawes Nelson | Joyce Tawes

Scottsdale AZ Luxury Home Market – February 2022

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– Scottsdale Luxury Home Market Performance for February 2022 –

Sales came back in February after the seasonally quieter month of January. The incredibly low inventory is putting pressure on pricing. On average, homes priced between $1and $3 million were selling for over their asking prices.

This report takes a look at Scottsdale’s luxury home market, starting with homes priced at $1 million. I have broken down the sales data into four price bands to show additional detail.

We track the following four sales metrics on a monthly basis:
Active – The number of homes on the market at the end of the month.
UCB (Under Contract Accepting Backup Offers) – The number of homes that were under contract, but still accepting backup offers at the end of the month.
Pending – The number of pending sales.
Sold – How many homes sold over the course of the month.

– February 2022 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999

Scottsdale Homes for Sale between $1 and $1.5 million February 2022

– Active Scottsdale Homes on the Market: The number of homes for sale fell again to the lowest level we have seen them.
– UCB Scottsdale Home Sales: UCB contracts were down by one in February. Likely in response to low inventory.
– Pending Scottsdale Home Sales: Pendings rebounded in February, posting a 20% gain over January.
– Scottsdale Homes Sold: Home sales were also up, but they still lagged a bit compared to the end of 2021.
– Sales Price to Listed Price: 101.8%- On average, buyers paid a 1.8% premium over list price.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999

Scottsdale Homes for Sale between $1.5 and $2 million February 2022

– Active Scottsdale Homes on the Market: Inventory fell in the price point as well. The number of homes for sale was down 19.2% compared to January.
– UCB Scottsdale Home Sales: UCB activity fell as well to 24.
– Pending Scottsdale Home Sales: The number of pending sales was up slightly and was well ahead of the 12 month average.
– Scottsdale Homes Sold: Sales were back up in February. There were 56 sales, which is more than the 12 month average of 51 sales.
– Sales Price to Listed Price: 102.2% – On average, buyers paid a 2.2% premium over list price.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999

Scottsdale Homes for Sale between $2 and $3 million February 2022

– Active Scottsdale Homes on the Market: On a positive note, the number of homes for sale in this price range was at the end of the month.
– UCB Scottsdale Home Sales: UCB contracts saw a large jump of 44.8% compared to January,
– Pending Scottsdale Home Sales: Pendings were down slightly. This is likely due to the very low number of UCB contracts at the end of January.
– Scottsdale Homes Sold: Sales were up 18.4% compared to January and came in slightly ahead of the 12 month average.
– Sales Price to Listed Price: 101.0% – On average, buyers paid a 1% premium over list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million February 2022

– Active Scottsdale Homes on the Market: We saw inventory increase for the second month in a row, which is great news.
– UCB Scottsdale Home Sales: The number of UCBs was up slightly and came in higher than the 12 month average of 21.
– Pending Scottsdale Home Sales: Pending sales saw a decent increase, closing the month out at 48.
– Scottsdale Homes Sold: Twenty-eight homes sold in February in excess of $3 million.
– Sales Price to Listed Price: 99.1% – On average, buyers saw a discount of 0.9% off of list price.

If you would like additional detail on home sales activity, please visit our Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.

Search Scottsdale Luxury Homes for Sale

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2022 and can change at any time. The analysis looks at single-family luxury 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 expressed or implied.
Copyright ©2022 Heather Tawes Nelson | Joyce Tawes

Don’t Get Caught Off Guard by Closing Costs

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Don’t Get Caught Off Guard by Closing Costs | MyKCM

As a homebuyer, it’s important to plan and budget for the expenses you’ll encounter when you purchase a home. While most people understand the need to save for a down payment, a recent survey found 41% of homebuyers were surprised by their closing costs. Here’s some information to help you get started so you’re not caught off guard when it’s time to close on your home.

What Are Closing Costs?

One possible reason some people are surprised by closing costs may be because they don’t know what they are or what they cover. According to U.S. News and World Report:

“Closing costs encompass a variety of expenses above your property’s purchase price. They include things like lender fees, title insurance, government processing fees, upfront tax payments and homeowners insurance.”

In other words, your closing costs are a collection of fees and payments made to a variety of individuals and organizations who are involved with your transaction. According to Freddie Mac, while they can vary by location and situation, closing costs typically include:

  • Government recording costs
  • Appraisal fees
  • Credit report fees
  • Lender origination fees
  • Title services
  • Tax service fees
  • Survey fees
  • Attorney fees
  • Underwriting Fees

How Much Will You Need To Budget for Closing Costs?

Understanding what is included in closing costs is important, but knowing what you’ll need to budget to cover them is critical to achieving your homebuying goals. According to the Freddie Mac article mentioned above, the costs to close are typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to cover your closing costs.

Let’s say you find a home you want to purchase for the median price of $350,300. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,000 and $17,500.

Keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower.

What’s the Best Way To Make Sure You’re Prepared At Closing Time?

Freddie Mac provides great advice for homebuyers, saying:

“As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.”

The best way to understand what you’ll need at the closing table is to work with a team of trusted real estate professionals. An agent can help connect you with a lender, and together they can provide you with answers to the questions you might have.

Bottom Line

In today’s real estate market, it’s more important than ever to make sure your budget includes any fees and payments due at closing. Let’s connect so you have the knowledge you need to be confident going into the homebuying process.

Phoenix and Scottsdale AZ Luxury Condo Sales – February 2022

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– Luxury Condo Sales in Scottsdale and Phoenix –February 2022 –

The Scottsdale and Phoenix luxury condo markets saw solid sales activity in February, but sales were down slightly from January’s performance. Pending sales continue to be high due to most of the units being located in communities under development.

We will take a look at condo sales and sales activity of luxury condos in Scottsdale and Phoenix. All of these homes have list prices of $1 million or more.

ACTIVE LISTINGS AT THE END OF FEBRUARY

The number of luxury condos for sale was up by one at the end of February, closing out the month at 54. The vast majority, 50, of the homes were in Scottsdale and the other 4 were in Phoenix.

The highest-priced unit for sale remains the same. It is a 6,288 square foot penthouse with four bedrooms and four and one-half bathrooms. It is being marketed for $6,850,000 and it is located in the luxurious ICON community in Silverleaf.

The lowest-priced units for sale were in Optima Camelview. There were three condos listed for $1,000,000 each. They were all two bedroom, two bathroom units and they had square footage between 1,338 and 1,433.


UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were only three UCB contracts pending at the end of February and they were all in Scottsdale.

UCB Condos in Scottsdale

  • Optima Camelview – Three bedrooms, two bathrooms, 2,129 square feet. Asking price was $1,299,000.
  • Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 2,265 square feet. Asking price was $1,577,700.
  • ICON in Silverleaf – Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were a whopping thirty-seven pending sales at the end of February. This is the highest I believe I have ever seen this figure. Thirty-two of them were located in Scottsdale. A large number of these are in communities under development including Seven in Desert Mountain, The Reserve and Ascent at the Phoenician.

Scottsdale Pending Luxury Condos

  • The Reserve – This community is under construction.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,011,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,012,450.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,016,000.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,026,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,063,000.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,159,000.
  • Scottsdale Waterfront Residences
    • Two bedrooms, two bathrooms, 1,692 square feet. Asking price was $1,325,000.
    • Two bedrooms, two bathrooms, 1,417 square feet. Asking price was $1,495,000.
  • Ascent at the Phoenician – This is another fantastic development underway.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
    • Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000.
    • Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
  • Seven at Desert Mountain – This community is also under construction.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,505,002.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,515,800.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,530,700.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,536,004.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,612,768.
    • Two bedrooms, three and one-half bathrooms, 2,702 square feet. Asking price was $1,705,300.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,774,200.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,787,350.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,809,900.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,835,850.
  • Optima Kierland – Two bedrooms, two and one -half bathrooms, 2,069 square feet. Asking price was $1,900,000.
  • ICON in Silverleaf
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
    • Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
  • Landmark Condominiums – Three bedrooms, three and one-half bathrooms, 4,037 square feet. Asking price was $2,499,000.
  • Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 2,092 square feet. Asking price was $1,599,000.

Phoenix Pending Luxury Condos

  • Optima Biltmore – Three bedrooms and bathrooms, 2,681 square feet. Asking price was $1,060,000.
  • Optima Biltmore – Three bedrooms, three and one-half bathrooms, 2,679 square feet. Asking price was $1,050,000
  • Portland on the Park – Two bedrooms, two and one-half bathrooms, 2,185 square feet. Asking price was $1,575,000.
  • One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was $1,295,000.
  • Fairway Lodge at the Biltmore – Two bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,395,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

A total of twelve luxury units closed in February. Nine of the twelve were in Scottsdale.

Scottsdale Luxury Condo Sales

  • Scottsdale Waterfront Residences – Three bedrooms, two bathrooms, 1,668 square feet. Asking price was $1,299,000 and it sold for $1,245,000.
  • Optima Kierland
    • Two bedrooms and bathrooms, 1,754 square feet. Asking price was $1,149,000 and it closed for $1,150,000.
    • Two bedrooms and bathrooms, 1,261 square feet. Asking price was $1,090,000 and it closed for $1,095,000.
    • Two bedrooms and bathrooms, 1,261 square feet. Asking price was $1,100,000 and it closed for list price.
    • Two bedrooms and bathrooms, 1,258 square feet. Asking price was $1,250,000 and it closed for $1,175,000.
    • Three bedrooms and bathrooms, 2,018 square feet. Asking price was $1,500,000 and it closed for $1,510,000.
    • Four bedrooms, three bathrooms and 2,476 square feet. Askign price was $2,050,000 and it closed for list price.
  • Gateway at Main Street Plaza – Three bedrooms and bathrooms, 3,443 square feet. Asking price was $1,250,000 and it sold for $1,270,000.
  • Plaza Lofts at Kierland – Two bedrooms, two and one-half bathrooms, 2,086 square feet. Asking price was $1,750,000 and it closed for $1,821,000.

Phoenix Luxury Condo Sales

  • Portland on the Park – Three bedrooms, two and one-half bathrooms, 2,198 square feet. Asking price was $1,324,500 and it sold for $1,290,000.
  • Two Biltmore Estates – Four bedrooms, four and one-half bathrooms and 3,580 square feet. Asking price was $2,579,990 and it closed for $2,540,000.
  • Fairway Lodge at the Biltmore – Two bedrooms, two and one-half bathrooms, 3,041 square feet. Asking price was $1,850,000 and it sold for list price.


Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale

Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2022 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed.  There may be new condo inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright ©2022 Heather Tawes Nelson | Joyce Tawes

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