November 2012’s luxury condo market in Scottsdale and Phoenix turned in some good results. Although sales were not huge, there were three new pending sales to add to the two that were already underway from previous months.
I an defining the luxury condo market in Scottsdale and Phoenix as those condos listed for $1 million or over. The chart below shows sales activity in a summary form and then for each of the cities.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
By the end of November, five luxury condos were pending sale and all of them were located in Scottsdale. Three of these were new contracts and two were holdovers from previous months.
- Two units were pending at Optima Camelview. The first was a holdover. It was a fifth floor condo with three bedrooms, two bathrooms and 1,906 square feet. The list price at the time of contract was $1,035,000. The second unit under contract was a penthouse with three bedrooms, two and one-half bathrooms and 3,354 square feet. The asking price was $1,399,999.
- Another new pending sale was at the Scottsdale Waterfront Residences. This was a two bedroom, two and one-half bath unit on the 8th floor with 2,265 square feet. It had been listed for $1,295,000.
- Safari Drive in downtown Scottsdale also had a pending sale at the end of November. With 2,610 square feet and three bedrooms and bathrooms, this unit was on the market for $1,050,000.
- This final pending sale has been carried over for a few months at this point. It is a penthouse foreclosure the East Camelback Condominiums, adjacent to Scottsdale Fashion Square. The unit encompasses the top floor of the building and comes with 5 bedrooms, 8 bathrooms and 7,254 square feet. The list price was $1,250,000 when it went pending, but the buyer will need to come up with additional funds to close.
NOVEMBER 2012 LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There was only a single sale of a luxury condo in November and it took place in Phoenix.
- The sale was for a unit at the Esplanade Place community. It had 3,542 square feet and two bedrooms and bathrooms. It was a 6th floor condo and it sold in under two months. It has been listed for $1,200,000 and sold for $1,175,000 or 98% of the asking price.
So while sales activity was not very high in November, we saw a good number of new luxury condos go under contract. This bodes well for December sales as many of them should close by the end of the year.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2012 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2012 Heather Tawes Nelson