Here are the figures for the Luxury Condo Market in Scottsdale, Phoenix and Tempe, Arizona for the month of November 2009. The luxury condo market is defined as condos for sale with list prices in excess of $1 million.
Inventory has been increasing over the last few months. In September, there were 65 units for sale valleywide and in October, there were 68. By the end of November, there were 73 units on the market priced in excess of $1 million. Scottsdale had the highest number of units on the market with 37, followed closely by Phoenix with 30 and then Tempe, with 6.
November was a positive month for luxury condos. At the end of the month two units had sold and two units were pending. The two sales were in luxury developments in Scottsdale. One of them was a two bedroom, two bathroom, 2,566 square foot unit at The Landmark near Kierland for $1 million even. The second sale was at Optima Camelview and it was a brand new, three bedroom, two bathroom, 3,217 square foot penthouse for $1,610,000.
The pending sales were split between Scottsdale and Phoenix. One of the units is located at the Scottsdale Waterfront. It is a three bedroom, three and one-half bathroom, 2,500 square foot unit listed for $1,399,000. The other pending sale is at Esplanade Place in Phoenix and is a two bedroom, three bathroom, 3,000 square foot unit listed for $1,695,000.
Click to learn more about the various luxury condo communities in the greater Phoenix valley.Again, November was a good month for the luxury condo market in Scottsdale, Phoenix and Tempe. Ideally, the two pending sales will close escrow in December, allowing a strong ending to the year.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2009 and can change at any time. The analysis looks at single-family resale condos in Scottsdale, Tempe and Phoenix 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.
Copyright © 2009 Heather Tawes Nelson
