October was a decent month for the Greater Phoenix luxury condo market. I define the luxury condo market as condos for sale with asking prices in excess of $1 million. While activity continues to be somewhat slow in this segment, there was one sale and one pending sale in October.
At the end of the month, there were 68 luxury condos for sale in the Greater Phoenix area. The majority of these units are in Scottsdale, with 33, and Phoenix, with 29. The remaining 6 are located in Tempe.
October’s sale was a penthouse unit at the Scottsdale Waterfront Residences for $2.7 million. This penthouse with panoramic views has four bedrooms, for and one-half bathrooms and is 4,847 square feet. The pending sale is located in Optima Camelview Village and it is a penthouse unit with three bedrooms, two bathrooms and 3,217 square feet.
| Luxury Condo Market – October 2009 | ||||
| All Luxury Condos | Scottsdale | Phoenix | Tempe | |
| Luxury Condo Sales | ||||
| – Number of Units for Sale | 68 | 33 | 29 | 6 |
| – Average Asking Price | $1,707,300 | $1,704,436 | $1,750,014 | $1,516,600 |
| – Average Asking Price Per Sq. Ft. | $609.06 | $689.50 | $547.36 | $464.79 |
| – Average Days on Market*- Active | 252 | 240 | 295 | 113 |
| – Number of Units Pending | 1 | 1 | 0 | 0 |
| – Average Sales Price | $2,700,000 | $2,700,000 | N/A | N/A |
| – Sales Price to List Price | 81% | 81% | N/A | N/A |
| – Average Sold Sq. Feet | 4,847 | 4,847 | N/A | N/A |
| – Average Sales Price per Sq. Ft. | $557.05 | $557.05 | N/A | N/A |
| – Average Days on Market* – Sold | 377 | 377 | N/A | N/A |
| – Highest Sale Price | $2,700,000 | $2,700,000 | N/A | N/A |
| – Lowest Sale Price | $2,700,000 | $2,700,000 | N/A | N/A |
| – Percentage of Total Sales | 100% | 100% | 0% | 0% |
| * Cumulative Days on Market |
To learn more about the luxury condo market in Scottsdale or Greater Phoenix, please feel free to contact us.
Disclaimer: Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional MLS (ARMLS) as of 11/1/09 can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2009 Heather Tawes Nelson
