– Luxury Condo Sales in Scottsdale and Phoenix – November 2015 –
November sales activity for the Scottsdale and Phoenix luxury condo market had a solid sales month. As we have seen for the past few months, the number of condos for sale was up a little bit and pending sales are backlogged awaiting the completion of new condo units.
In this analysis, we will taking an in-depth look at the sales activity for condos with asking prices of $1 million and above.
ACTIVE LISTINGS AT THE END OF NOVEMBER
Inventory was up two units to forty-seven at the end of the month. Most of the units, twenty-nine, were located in Scottsdale. The remaining eighteen units were in Phoenix.
The highest priced condo for sale was $2,950,000. This one has been at the top of the list for quite a while now. It is the entire top floor of a commercial building adjacent to Scottsdale Fashion Square. It has been gutted.
And, as we saw at the end of October, there was a tie for the least expensive units for sale. Both were priced at $1,050,000. The first condo was located in the Biltmore’s Fairway Lodge community. It had 2,329 square feet, two bedrooms and two and one-half bathrooms. The second condo was located in Kierland Plaza Lofts. It came with 1,536 square feet, two bedrooms and two bathrooms.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were nine pending condo sales by the end of November. Eight of the pendings were located in Phoenix and the last one was located in Scottsdale.
Scottsdale Pending Sale
- Scottsdale’s pending sale was a carryover as it is a new build expected to be completed in Spring 2016. It was located in the Envy Residences. The asking price was $1,075,000 and it has 2 bedrooms, 2.25 bathrooms and 1,995 square feet.
Phoenix Pending Sales
- We now have seven pending sales in Two Biltmore Estates awaiting completion. They are three bedroom units that range in square feet from 3,000 to 4,877. The prices for these units run between $1,750,000 to $3,178,00.
- And another unit to be completed at Portland on the Park is still on the list. It was priced at $1,301,500 and has two bedrooms, three bathrooms and 2,105 square feet.
LUXURY CONDO SALES FOR NOVEMBER 2015
Two of November’s three sales were in Phoenix. The first was in Esplanade Place in the Biltmore area. It had three bedrooms and bathrooms and 3,542 square feet. It had been on the market at $1,749,000 and sold for $1,675,000. The other sale was in Two Biltmore Estates. This unit had four bedrooms, four and one-half bathrooms and 3,580 square feet. It sold for its asking price at $1,778,000.
Scottsdale’s sale took place in the Scottsdale Waterfront Residences. It was a three bedroom, two and one-half bathroom unit with 3,842 square feet. It had been listed for $2,350,000 and sold for $2,300,000.
Overall, the month of November was a decent one for the luxury condo market in Scottsdale and Phoenix. Sales were steady and inventory was only up slightly. At this point, it is waiting game to see when all of the under construction pending units will 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 12/1/2015 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 November 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