– Luxury Condo Sales in Scottsdale and Phoenix – December 2015 –
The luxury condo market in Scottsdale and Phoenix ended the year on a decent note. Two condos sold and there was a healthy inventory of pending units in the pipeline.
This report delves into the luxury condo market in the cities of Scottsdale and Phoenix. All of these units have asking prices of $1 million or more.
ACTIVE LISTINGS AT THE END OF DECEMBER
Inventory dropped by a few units to forty-four. Of these, twenty-eight were located in Scottsdale and the balance of sixteen were located in Phoenix.
As we closed out 2015, the most expensive unit on the market was still the top floor of a commercial building in downtown Scottsdale. The gutted space has about 8,500 square feet of living area and over 5,500 square feet of patio space. Its asking price was $2,950,000.
The lowest priced luxury unit for sale was a penthouse in Optima Camelview. Listed for $1,049,000, it had two bedrooms, two bathrooms and 1,781 square feet.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of the year, there were ten condos in pending status. Three in Scottsdale and seven in Phoenix.
Scottsdale Pending Sales
- This first one is a holdover from previous months. Is is an under construction two bedroom condo at Envy Residences. The asking price was $1,075,000 and it has 1,995 square feet.
- The Landmark finished out December with a pending sale. This was for a three bedroom unit with 2,690 square feet. It had been listed for $1,185,000.
- The final pending sale for the month was at Scottsdale Waterfront Residences. This unit was listed for $1,695,000 and had two bedrooms and 2,265 square feet.
Phoenix Pending Sales
- There were six pending sales in Two Biltmore Estates. These units are still being built, but they are three bedroom units that range in square feet from 3,000 to 4,877. Asking prices range from $1,750,000 to $3,178,00.
- The final pending sale was in Portland on the Park. This unit is also under construction and awaiting completion. It has two bedrooms, three bathrooms and 2,105 square feet. The asking price was $1,031,500.
LUXURY CONDO SALES FOR DECEMBER 2015
There were two sales in December.
- In Phoenix, one of the Two Biltmore Estates units finally closed. This unit had three bedrooms, four bathrooms and 3,860 square feet. It was listed for $1,785,000 and closed over asking at $1,822,500. This is something you see often when a unit is being built. When the buyers request customizations or different finishes/fixtures and so on during the build out, they simply add that to the price of the unit.
- Scottsdale’s sale was in Optima Camelview. This penthouse unit had three bedrooms, two bathrooms and 2,149 square feet. It had been on the market for $1,349,000 and closed for $1,325,000.
The final month of the year was a decent one for the Scottsdale and Phoenix luxury condo market. Pendings are still strong and sales were good. Now that one of the Two Biltmore units has closed, it is possible we will see some of the others follow suit in early 2016.
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 1/1/2016 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 December 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 © 2016 Heather Tawes Nelson | Joyce Tawes