The Scottsdale and Phoenix luxury condo market had a decent September 2012. By the end of the month, one of the highest-priced condo sales of the year had taken place and there were two pending sales that had carried over from the month of August.
I am defining the luxury condo market in Scottsdale and Phoenix as those units with an asking prices in excess of $1 million. You will see the sales information in summary form as well as by city.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
By the end of September, there were two pending sales of luxury condos. Both of these are carryovers from the month of August and there was one in each city.
- For Scottsdale, the pending sale still being worked on was the foreclosure unit at the East Camelback Condominiums, right near Scottsdale Fashion Square. This property encompasses the entire top floor of the building and has 5 bedrooms, 8 bathrooms and 7,254 square feet. The asking price was $1,250,000, but significant additional funds will need to be added to the price to get the unit sold.
- For Phoenix, the ongoing sale was at Esplanade Place. The condo had 3 bedrooms, 3.5 bathrooms and 4,286 square feet. The listing price when it went under contract was $2,450,000.
SEPTEMBER 2012 LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There was a single luxury condo sale that took place in September and the sales price is one of the highest we have seen in 2012.
This sale was a 3 bedroom, 3.5 bathroom, 4,065 square foot condo at The Landmark in the vibrant Kierland area of Scottsdale. The list price was $2,550,000 and it ultimately sold for $2,225,000 or 13% off of asking.
So, while September was not a month full of big activity for the luxury condo market in Scottsdale and Phoenix, we did see a large dollar amount sale and two more sales are in the pipeline. Ideally, some new condos will go under contract in October to keep the pace going.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2012 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