-2015 Results for Phoenix and Scottsdale Luxury Condo Sales –
Here is an overview of the luxury condo market in Scottsdale and Phoenix in 2015. To be included in this analysis, the asking prices of the units had to exceed $1 million.
There are four sections in this report. First, we will look at all luxury condo sales in Scottsdale and Phoenix. Then, it breaks out sales activity for each city. The final section is a look at sales and average sales price on a year-over-year basis.
2015 LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
Luxury condo sales in 2015 were solid, but down one compared to 2014. There were 30 sales over the course of the year, which is about where this figure has trended since 2012.
A large number of luxury condo communities had sales last year. They include the Scottsdale communities of Scottsdale Waterfront Residences, Optima Camelview and the Landmark Condominiums. In Phoenix, sales happened in the following communities: Two Biltmore Estates, Fairway Lodge, The Residences at 2211 Camelback and Esplanade Place.
The most expensive sale of the year was $2,300,000. It was for a penthouse unit at Landmark with three bedrooms, two and one-half baths, 3,842 square feet and four balconies. It had been listed for $2,350,000 and sold via a cash transaction.
The least expensive luxury condo sale of 2015 was $1,000,000 in the Scottsdale Waterfront Residences. It had two bedrooms, two bathrooms and 1,788 square feet. It had been listed for $1,075,000.
2015 SCOTTSDALE LUXURY CONDO SALES
This section covers sales activity for Scottsdale luxury condos. Of the thirty sales in 2015, seventeen of them were in Scottsdale.
Q1 and Q4 were the strongest quarters for sales, whereas we normally see Q2 as the dominant quarter.
Luxury Sales by Community:
- Scottsdale Waterfront Residences – 7 sales
- Optima Camelview Village – 6 sales
- The Landmark – 4 sales
Both the highest and lowest priced sales during 2015 were in Scottsdale.
2015 PHOENIX LUXURY CONDO SALES
This next section covers Phoenix luxury condos. Thirteen of the thirty sales in 2015 were in Phoenix.
Luxury Sales by Community:
- Two Biltmore Estates- 5 sales
- Esplanade Place – 3 sales
- Fairway Lodge at the Biltmore Estates – 2 sales
- The Residences at 2211 Camelback – 2 sales
Phoenix’s most expensive sale was at the Two Biltmore Estates community. It was a three bedroom, three and one-half bathroom condo with 4,817 square feet. It had been listed for $2,275,000 and sold for cash for $2,200,000.
Phoenix’s least expensive luxury condo sale took place at the Fairway Lodge at Biltmore Estates. This three bedroom, two and one-half bathroom unit had 2,329 square feet sold for $1,035,000. It had been listed for $1,150,000 and sold for cash.
LUXURY CONDO SALES YEAR OVER YEAR – 2009-2015
Below is a chart showing sales activity and average sales price from 2009 through 2015. Sales activity has been pretty steady since 2012.
Overall, the Phoenix and Scottsdale luxury condo market had a solid year of sales and prices were up. Looking forward, many new luxury condominiums are slated to be completed in 2016 and the demand is there, so 2016 should be a good year as well.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 1/30/2016 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2016 Heather Tawes Nelson | Joyce Tawes