We saw a little movement in the Scottsdale and Phoenix luxury condo market, (which is being defined as units on the market with list prices of $1 million and above,) in August.
ACTIVE LISTINGS AT THE END OF AUGUST
The number of luxury condos for sale was up again in August to 29, up three from July.
At the end of August, the least expensive luxury condo on the market was listed for $1,025,000. It was located at The Mark in the heart of Old Town Scottsdale and had two bedrooms, two and one-half bathrooms and 2,165 square feet.
The most expensive condo is still coming in at $3,695,000. Located in the exclusive Scottsdale Waterfront Residences, this penthouse has two bedrooms, two and one-half bathrooms and is 3,3,63 square feet.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were three pending sales at the end of August, with one being located in Scottsdale and the other two in Phoenix.
The pending sale in Scottsdale was in the Scottsdale Waterfront Residences and went under contract very quickly. It is a two bedroom, two and one-half bathroom unit on the 8th floor with 2,469 square feet. The asking price was $1,600,000.
The two pending Phoenix condos are holdovers from last month located in the in Two Biltmore Estates community. (Two Biltmore Estates is in the midst of building six new units.) The lowest priced of these was $1,798,000 for a three bedroom, four bathroom, 3,860 square foot residence. The other, listed for $1,878,000 has four bedrooms, four and one-half bathrooms and 3,860 square feet.
LUXURY CONDO SALES FOR AUGUST
Both sales in August were in Scottsdale.
The first was a fourth floor unit at The Mark. It was a two bedroom, two and one-half bathroom, 2,451 square foot home that had been listed for $1,125,000 and sold for $920,000.
The other sale was at the Kierland Plaza Lofts. This one had 2,162 square feet and two bedrooms with two and one-half bathrooms. It has been listed for $1,297,500 and ultimately sold for $1,260,000.
Overall, August was a better month for luxury condo sales activity in Scottsdale and Phoenix as we saw some sales activity.
Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2013 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 August be new condo 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 © 2013 Heather Tawes Nelson