– Luxury Condo Sales in Scottsdale and Phoenix – July 2015 –
The sales of luxury condos in Scottsdale and Phoenix were solid during the month of July. We closed out the month with two sales and five in the pipeline.
This report looks at condos priced $1 million or more in Scottsdale and Phoenix, Arizona.
ACTIVE LISTINGS AT THE END OF JULY
Inventory dropped quite a bit from June’s 43 units to 34 at the end of July. The listings were evenly split between Scottsdale and Phoenix.
The highest priced condo on the market was the same one that has held the spot for several months. However, in July, there was a price reduction from $3,500,000 to $2,950,00. This gutted, 8,500 square foot unit occupies the entire top floor of a Downtown Scottsdale commercial building.
The lowest priced luxury condo was located in the Fairway Lodge community, or 8 Biltmore, in Phoenix. This unit had 2,616 square feet, two bedrooms and two and one-half bathrooms. The asking price was $1,045,000.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were five pending luxury home sales at the end of July. Four of them were located in Phoenix and the final one was in Scottsdale.
Phoenix Pending Sales
Three of the four pending sales in Phoenix have been in this status for several months.
- The newest pending sale was at Esplanade Place in the Biltmore area. This was a three bedroom, thee bathroom, 3,542 square foot unit. It was listed for $1,435,000 at the time of contract.
- Of the carry-overs, one is found in Portland on the Park. With two bedrooms, three bathrooms and 1,646 square feet, it was listed for $1,031,500.
- The other two pending sales that carried over were located in Two Biltmore Estates. The first was on the market for $1,838,000 and had 3,330 square feet, three bedrooms and three and one-half bathrooms. The second one was on the market for $2,588,000, and had 4,877 square feet, three bedrooms and four and one-half bathrooms.
Scottsdale Pending Sales
- The single pending sale was is a new entrant to the luxury condo market. This condo is found in the new Envy development in Downtown Scottsdale. Although the community is still under construction, they are doing pre-sales at this time. This particular unit was a two bedroom, two bathroom, 2,441 square foot unit. Its asking price was $1,236,500.
LUXURY CONDO SALES FOR JULY 2015
The two luxury condo sales in July took place in Scottsdale.
- The first sale was located in The Landmark, near Kierland. This unit had two bedrooms, two and one-half bathrooms and 2,688 square feet. It had been listed for $1,100,000 and sold for $1,005,000.
- The second sale of the month was in the Scottsdale Waterfront Residences. This two bedroom and bathroom condo with 1,788 square feet was listed for $1,075,000 and sold for $1 million even.
The market for Scottsdale and Phoenix luxury condos had another decent month.
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 8/1/2015 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 July 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 © 2015 Heather Tawes Nelson | Joyce Tawes