Here are the results for Phoenix and Scottsdale luxury condo sales for the month of February 2011. For this analysis, I am defining luxury condos as those with a list price of $1 million or more.
At the end of February, there were two pending luxury condo sales, one in Phoenix and the other in Scottsdale. The Phoenix unit was only on the market for a couple of days when it went under contract. This unit is a 3 bedroom, 3.5 bathroom, 4,000 square foot penthouse at The Residences at 2211 Camelback in the Biltmore neighborhood. It was priced at $1.1 million and is a short sale. The second pending sale was the Scottsdale Waterfront Residences in the heart of Downtown Scottsdale. This unit was a 3 bedroom, 3.5 bathroom, 2,503 square foot unit that was listed for $1,025,000.
The two sales were both units in Scottsdale and both were cash sales. The first sale was a penthouse at Safari Drive in Downtown Scottsdale. It was only on the market for a week and sold at the asking price of $1,050,000. This unit had 3 bedrooms, 3.5 bathrooms and was 2,279 square feet. The second sale was a little further north in Scottsdale in the Kierland neighborhood. This unit was located at The Landmark and had 2 bedrooms, 2.5 bathrooms and 2,566 square feet. It sold for $1,160,000.
Overall, February was another good month for the luxury condo market in Scottsdale and Phoenix. We now have two new pending luxury condo sales and the two that were pending at the end of the month should ideally close in March. It was also nice to see some sales and pending sales in developments that have not had a lot of movement in the million dollar plus range recently.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2010 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 © 2011 Heather Tawes Nelson