– Phoenix and Scottsdale AZ Luxury Condo Sales – October 2013 –
What an amazing month for the Scottsdale and Phoenix luxury condo market. The month of October posted the highest number of sales I can remember seeing, and the month alone exceeded all of the sales made in Q1 2013.
For the purposes of this report, any condo unit listed for sale with an asking price of $1 million or above, is considered a luxury condo.
ACTIVE LISTINGS AT THE END OF OCTOBER
Inventory moved up a little by the end of October to 28 luxury condos for sale. Of these, sixteen were located in Scottsdale and the remaining 12 were located in Phoenix.
The most expensive condo for sale remains the elegant penthouse unit at the Scottsdale Waterfront Residences in downtown Scottsdale. This penthouse has two bedrooms, two and one-half bathrooms and 3,3,63 square feet. The asking price is $3,695,000.
The least expensive condo for sale at the end of the month was a penthouse unit on top of the Hotel Valley Ho in Old Town Scottsdale. This unit has two bedrooms, two and three-quarters bathrooms and 1,786 square feet. The asking price is $1,175,000.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
As the month of October came to a close, there were two pending sales and both were located in Scottsdale.
The first was located at the Scottsdale Waterfront Residences. It had been listed for $1,299,000 and had two bedrooms and a den, two and one-half bathrooms and 2,227 square feet.
The second luxury condo was at the Kierland Plaza Lofts. It had been listed for $1,689,000 and had three bedrooms, three bathrooms and 2,802 square feet.
LUXURY CONDO SALES FOR OCTOBER
There were eight luxury condo sales in October, which well exceeds the 1-3 sales you may see in any given month. Five of these sales were in Scottsdale and the other three were in Phoenix.
Scottsdale’s October luxury condo sales include:
- Optima Camelview – The list price on this three bedroom, two bathroom condo with 2,469 square feet was $1,100,000. It ended up selling for $1,000,000.>
- The Landmark (Kierland) -There were two sales in Landmark for over $1 million in October. The first was a three bedroom, two and one-half bathroom unit with 2,630 square feet. It ended up selling for $1,005,000, off a little from the $1,050,000 asking price.
- The Landmark (Kierland) – The other Landmark sale was for a 2,591 square foot, three bedroom, 2.75 bathroom unit. It has been listed for $1,199,000 and ultimately sold for $1,100,000.
- Optima Camelview – A second sale took place in Optima Camelview and this was a 3,680 square foot condo with four bedrooms and three and one-half bathrooms. It was on the market for $1,495,000 and sold for $1,380,000.
- Scottsdale Waterfront Residences – The final Scottsdale sale in October was for a 2,469 square foot unit with two bedrooms and two and one-half bathrooms. This unit sold for its asking price of $1,600,000.
The three luxury condo sales in Phoenix were as follows:
- The two pending sales at Two Biltmore Estates ended up closing in October. These were new build units and both closed well over asking. This is most likely due to builder upgrades the owners requested that pushed the prices above list. The first one was a 3,860 square foot unit with three bedrooms and four bathrooms. The asking price had been $1,798,000 and it closed for $1,900,095. The second unit had 3,860 square feet, four bedrooms, and four and one-half bathrooms. It had been listed for $1,878,000 and it sold for $2,139,840.
- The final Phoenix sale was a rare unit from downtown Phoenix’s Orpheum Lofts. It had 2,777 square feet, two bedrooms and two and one-half bathrooms. The asking price had been $1,495,000 and it ultimately sold for $1,374,900.
Overall, October was an excellent month for the Phoenix and Scottsdale luxury condo market. Sales were very high and there were two pending sales to carry us into the month of November. Inventory was up modestly, unlike Scottsdale’s single family home market, where inventory has been spiking upward recently.
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 11/1/2013 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 October 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