Below are the results for February 2012 for the Phoenix and Scottsdale luxury condo market. In this report, the luxury condo market is being defined as condos on the market with a list price of $1 million or above.
Pending Luxury Condo Sales – At the end of February, there were no pending sales of luxury condominiums in Scottsdale or Phoenix.
At the conclusion of the month, there were two luxury condos under contract and both of them were at the Kierland Plaza Lofts. The first unit was a 2 bedroom, 2.5 bathroom condo on the 8th floor with 2,090 square feet. The asking price was $1,375,000. The second pending sale was a condo on the 9th floor. It had 3 bedrooms, 2.5 bathrooms and 3,483 square feet. The list price was $2,225,000.
February 2012 Luxury Condo Sales – There were four luxury condo sales in the month February, when at the end of January, there were only two pending sales. This kind of sales number illustrates some of the demand that is now coming back into the market after having been tempered over the last few years.
Two of the four sales were at Kierland Plaza Lofts. The first sale was for a 9th floor, three bedroom, two and one-half bathroom unit with 3,483 square feet. It was listed for 2,225,000 and sold for 2,200,000. The second sale was a two bedroom, two and one-half bathroom unit on the 8th floor with 2,090 square feet. The list price was $1,375,000 and it sold at that price.
The two other sales were in the Downtown Scottsdale/Old Town Scottsdale area and these are the two that closed very quickly. The first was at Optima Camelview. It was a three bedroom, two and one-half bathroom condo with 2,194 square feet. It had been listed for $1,175,000 and sold for $1 million. The other unit was at the Scottsdale Waterfront Residences. This condo had 2,296 square feet, three bedrooms and three and one-half bathrooms. The asking price was $1,250,000 and it sold for $1,150,000.
February 2012 had a great month from a sales standpoint. The two pending units closed and two more went under contract and closed within the month. Of these sales,one sold for list price and the others did not see huge discounts. The Kierland area is still very active after being somewhat quiet in the luxury sales side. And, Downtown Scottsdale got back into the luxury action with sales at Optima Camelview and Scottsdale Waterfront Residences.Unfortunately, the Phoenix luxury condo market remains quiet.
It will be interesting to look at sales activity next month as we entered this month without any pending sales. We may see something similar to February where the sales closed quickly, or we may end the month with a pending sale or two.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2012 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2012 Heather Tawes Nelson