– Luxury Condo Sales in Scottsdale and Phoenix – September 2015 –
The Scottsdale and Phoenix luxury condo market had another quiet month in September from a sales perspective, but the pending sale pipeline is quite full.
In this report, we take a look at the Scottsdale and Phoenix condo sales in the luxury price point of $1 million and above.
ACTIVE LISTINGS AT THE END OF SEPTEMBER
Inventory was up quite a bit at the end of the month to forty-four. This is up nine units from August’s thirty-five. Twenty-four of these condos were located in Scottsdale and the remaining twenty were found in Phoenix.
As we have seen over the past several months, the highest priced condo for sale is a gutted 8,500 square foot space that makes up the entire top floor of a commercial building in downtown Scottsdale. The asking price for this space remains at $2,950,000.
On the opposite end of the spectrum, there were two luxury condos that came with the lowest asking price of $1,050,000 . The first was located in Scottsdale’s Optima Camelview and was 2,163 square feet with three bedrooms and two bathrooms and 2,163 square feet. The second unit was located in Phoenix’s Fairway Lodge community and was 2,329 square feet with two bedrooms and two and one-half bathrooms.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of September, pending inventory doubled to ten units. Four of them were located in Scottsdale and the balance of six were in Phoenix.
Scottsdale Pending Sales
- Two of Scottsdale’s pending sales were in Optima Camelview. Both were two bedroom, two bathroom units with square footages of 1,738 and 1,930. The list price on the smaller unit was $1,095,000 and the larger unit was listed for $1,150,000.
- Scottsdale Waterfront Residences was the location of another new pending. This unit had two bedrooms, two bathrooms and 2,441 square feet. It was priced at $1,279,000.
- The final pending sale in Scottsdale is in the new Envy Residences. The price of this unit was $1,236,500 and it will be ready in Spring of 2016.
Phoenix Pending Sales
- Half of the pending sales at the end of September were in the Two Biltmore Estates community. All of them were three bedrooms with three and one-half or four and one-half bathrooms. Asking prices on these units range from $1,750,000 for 3,000 square feet to $2,588,000 for 4,877 square feet. These units are still under construction, so the close date on these is pushed out a bit.
- And, as we saw last month, the unit in the Portland on the Park community is still pending based on completion date. It has two bedrooms, three bathrooms and 1,646 square feet. The asking price was $1,031,500.
LUXURY CONDO SALES FOR SEPTEMBER 2015
As we saw in August, there was only one condo sale in September. This unit was located in Optima Camelview and had three bedrooms, three and one-half bathrooms and 2,300 square feet. It had been on the market for $1,499,000 and sold for $1,400,000.
The luxury condo market in Scottsdale and Phoenix saw another quiet sales month. Inventory was up sharply and sales were level. The good news is the increase in pending sales, but many of these are still under construction and may take a bit to close.
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 10/1/2015 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 September 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