For the purposes of this report, I am defining luxury condos as those with list prices of $1 million and above. The information will be shown in summary form as well as broken down by each of the cities.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX – Through Q2 2013
2013 has been an excellent year so far for the Scottsdale and Phoenix luxury condo market. By the end of the second quarter, there had been 18 sales of these units, just slightly behind the 19 sales we saw at this point in 2012.
Sales activity jumped in the second quarter as we saw elsewhere in the Valley. We did see average price and price per square foot decrease in Q2, but the average time on market decreased by almost a month.
The highest priced sale this year was for a penthouse unit at the Scottsdale Waterfront Residences in downtown Scottsdale. This 4,437 square foot unit came with four bedrooms, four and one-half bathrooms, expansive outdoor areas and a separate guest unit with kitchen and laundry. It was on the market for 13 days and sold for $3,600,000. The asking price had been $3,800,000.
The lowest priced sale of 2013 so far was a unit at The Mark, in Old Town Scottsdale. This was also a penthouse and came with three bedrooms, three and one-half bathrooms and 2,122 square feet. It had been listed for $1,060,000 and sold for cash for $950,000.
SCOTTSDALE LUXURY CONDO SALES – Through Q2 2013
This is the same information, but it only looks at condo sales in Scottsdale. The vast majority of 2013 sales took place in Scottsdale.
Sales at this point in 2012 were 16, so we are a single sale behind last year’s pace and holding strong. As we saw above, average sales price and cost per square foot decreased between Q1 and Q2, but average time on market decreased.
The highest and lowest priced sales of the year both took place in Scottsdale and are described above.
PHOENIX LUXURY CONDO SALES – Through Q2 2013
Here is the identical information for Phoenix.
Year-to-date, the most expensive condo sale was at the Two Biltmore Estates community. This penthouse unit had 4,877 square feet and three bedrooms and three and one-half bathrooms. It had been listed for $2,200,000 and sold for $2,000,000 cash.
Phoenix’s least expensive luxury condo sale was at The Fairway Lodge at the Biltmore community, next door to Two Biltmore Estates. The unit was an end unit located on the top floor. It had two bedrooms, two and one-half bathrooms and 2,992 square feet. The asking price had been $1,150,000 and it ultimately sold for $1,000,000 cash.
The Scottsdale and Phoenix luxury condo market is having another solid year in 2013. Q2 saw the bulk of the activity and my hope is that the momentum continues into the last half of the year, although I do expect to see a seasonal slowdown for the next few months.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 7/1/2013 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 © 2013 Heather Tawes Nelson