Previously, I wrote a post on the million-dollar plus condo market in Scottsdale and the surrounding areas. Curious to see how the luxury condo segment has been performing in 2008, I pulled some data* to review.
Phoenix Valley Overview
To start, I looked at the information from a Valleywide perspective. Currently, there are 103 condos for sale in the Valley priced and $1,000,000 and above. Of those, 50 of them are in Scottsdale, 40 of them are in Phoenix and the last 13 are in Tempe.
2008 Valleywide Performance:
Active Units on the Market: 103
Sale Pending: 8
Sold: 15
Average Sold Asking Price: $1,672,966
Average Sales Price: $1,609,112
Asking Price to Sales Price: 96.2%
Average Cost per Square Foot: $579.03
Scottsdale
Almost half of the luxury condominiums on the market are located in Scottsdale. They range in price from $1,075,000 for a 3 bed/2 bath, 5th floor unit at Optima Camelview to a 3 bed/2.5 bath penthouse at the Scottsdale Waterfront Residences for $4,599,000.
2008 Scottsdale Performance Year-to-Date:
Active Units on the Market: 50
Sale Pending: 2
Sold: 5
Average Sold Asking Price: $1,205,100
Average Sales Price: $1,114,000
Asking Price to Sales Price: 92.4%
Average Cost per Square Foot: $541.83
Many of the completed, luxury high-rise projects are located in Scottsdale, and almost all of them are nearby the newly developed Scottsdale Waterfront area with its shops, dining and entertainment.
The developments these luxury condos are located in are as follows:
-
Optima Camelview (Scottsdale Road just north of Camelback Road)
-
Scottsdale Waterfront Residences (Scottsdale Road and Camelback Road)
-
The Mark (Under Development – Indian School Road at Goldwater Boulevard)
-
Main Street Plaza (Goldwater Boulevard and Main Street- Old Town Scottsdale)
-
The Landmark at Kierland (Scottsdale Road and Kierland Boulevard)
Phoenix
Phoenix also has a large number of luxury condos for sale, with 40 of the 103 listed. Additionally, nine of the fifteen sales year-to-date were in Phoenix. The average sales price for these luxury condos was $1,933,368.
2008 Phoenix Performance Year-to-Date:
Active Units on the Market: 40
Sale Pending: 5
Sold: 9
Average Sold Asking Price: $1,993,666
Average Sales Price: $1,933,368
Asking Price to Sales Price: 97.0%
Average Cost per Square Foot: $591.06
In Phoenix, the majority of the units for sale are located in the following communities:
-
The Residences at 2211 Camelback (24th and Camelback corridor)
-
The Fairway Lodge at Biltmore Estates (The Biltmore/ 24th & Camelback corridor)
-
Esplanade Place (24th and Camelback corridor)
-
Optima Biltmore Towers (24th and Camelback)
-
Crystal Point (Osborn and 10th Street)
Tempe
The Tempe luxury condominiums for sale are all located in three new, beautiful developments in the Tempe Town Lake area, which is just a few miles south of Downtown Scottsdale. Only one of the fifteen sales in 2008 was in Tempe and as you can see below, it was for a 3 bed/3 bath unit at Northshore for $1,166,368.
2008 Tempe Performance Year-to-Date:
Active Units on the Market: 13
Sale Pending: 1
Sold: 1
Average Sold Asking Price: $1,125,990
Average Sold Price: $1,166,368
Asking Price to Sales Price: 103.6% (Premium above asking price)
Average Cost per Square Foot: $598.78
The upscale communities these condos are located in are:
-
Northshore at Tempe Town Lake
-
Edgewater at Hayden Ferry
-
Bridgeview at Hayden Ferry
I will continue to track the luxury condo market in Scottsdale and the surrounding areas and share my finding here. If you would like more detailed information or more information on any of the communities mentioned above, please email me and I will be happy to help you.
*Disclaimer:Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional MLS (ARMLS) on 5/9/08 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson
