Here are November’s figures for the Phoenix and Scottsdale luxury condo market. For the purposes of this report, I am defining the luxury condominium market as condos on the market with list prices of $1 million or more.
November was a dismal month for the Scottsdale and Phoenix area luxury condo market. There were no luxury condo sales and there were not even any pending sales at the end of the month. This means December should be another poor month for this market segment, which is a disappointing way to end the year after we had seen some promising movement earlier in the year.
The bulk of Scottsdale luxury condos for sale can be found in two communities: Scottsdale Waterfront Residences and Optima Camelview. Both of these complexes are located in Downtown Scottsdale and are steps from exciting dining. shopping and entertainment. In Phoenix, most of the luxury condos for sale can be found in the Biltmore neighborhood and specifically in Esplanade Place. The Biltmore is home to upscale dining and shopping as well as the famous Arizona Biltmore Resort.
November’s lack of activity was disappointing to say the least. Earlier in the year, Phoenix and Scottsdale luxury condos were selling and an average of just over 2 per month. December looks to be on track for zero sales as well unless a cash offer and quick close of escrow come into play.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2010 and can change at any time. The analysis looks at resale luxury condos in Scottsdale 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 © 2010 Heather Tawes Nelson