– Luxury Condo Sales in Scottsdale and Phoenix – January 2016 –
Scottsdale and Phoenix’s luxury condo markets had a solid start to the year with three sales.
This report examines the over $1 million condo market in the cities of Scottsdale and Phoenix, Arizona.
ACTIVE LISTINGS AT THE END OF JANUARY
Inventory was down by one unit at the end of January to 43. Twenty-eight of these condos were in Scottsdale and the other fifteen were in Phoenix.
For the past several months, the highest priced luxury condo for sale is a 8,500 square foot gutted space that occupies the entire top floor of a commercial building in the heart of downtown Scottsdale. It was listed for $2,950,000.
The least expensive condo on the market was another carryover from December. It was priced at $1,049,000 and was located in downtown Scottsdale’s Optima Camelview. The unit has two bedrooms, two bathrooms and 1,781 square feet.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of January, there were eight pending sales. Seven of the eight were located in Phoenix. All eight are units that are currently under construction and have been in pending status for many months.
Scottsdale Pending Sales
- The single pending sale in Scottsdale was located in the Envy Residences community. It has two bedrooms, 1,995 square feet and was on the market for $1,075,000.
Phoenix Pending Sales
- Six units continued to be pending in the Two Biltmore Estates community. Asking prices for these three bedroom homes range from $1,750,000 to $3,178,0100 and square footage ranges from 3,000 to 4,877.
- Portland on the Park is the location of the last pending sale. It was listed for $1,031,500 and had two bedrooms, three bathrooms and 2,105 square feet.
LUXURY CONDO SALES FOR JANUARY 2016
All three sales in January took place in Scottsdale.
- Two units in the Scottsdale Waterfront Residences closed in January. The first was a two bedroom, two and one-half bathroom unit with 2,690 square feet. It had been listed for $1,695,000 and sold for $1,400,000. The other sale was a larger unit at 2,975 square feet with three bedrooms and three and one-half bathrooms. It had been on the market for $2,100,000 and sold for $1,900,000.
- The final sale was in The Landmark near Kierland. This unit had three bedrooms, two and one-half bathrooms and 2,690 square feet. It had been listed for $1,185,000 and sold for $1,117,500.
January was off to a good start. The one thing to note that was all of the pending activity was made up of under construction units that have been pending for months. We will need to see new pendings in February to help boost sales activity.
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 2/1/2016 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 January 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