– Luxury Condo Sales in Scottsdale and Phoenix – May 2016 –
May was a solid month for the Scottsdale and Phoenix luxury condo market. I am defining the luxury market as condos for sale with list prices of $1 million or more.
ACTIVE LISTINGS AT THE END OF MAY
The number of units on the market was up slightly to 40. Of these, 27 were located in Scottsdale and the remaining 13 were in Phoenix.
The most expensive unit on the market is a new one. This 3,940 square foot penthouse at the Scottsdale Waterfront Residences is being offered for $4,995,000. It has three bedrooms, three and one-half bathrooms and incredible downtown Scottsdale views.
The least expensive luxury condo offering is also a new one. This unit is located in the Portland on the Park community in Phoenix. It is a three bedroom, three bathroom, 1,940 square foot condo and the asking price is $1,000,600.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of May, ten condos were in pending status. Of these, nine are awaiting completion and have been in the pipeline for many months.
Scottsdale Pending Sales
- Three of the pending sales were located in Scottsdale, and two of these are carryovers waiting for construction to complete.
- The two carryovers are at the Envy Residences community. The first is a two bedroom, two bathroom condo with 1,995 square feet. It was listed for $1,075,000. The second is a two bedroom and two and one-half bath unit with 1,764 square feet. It was listed for $1,100,000.
- The final pending sale is in the Optima Camelview community. This unit has three bedrooms, two bathrooms, 2,228 square feet and was on the market for $1,389,000.
Phoenix Pending Sales
- Seven of the ten condos in pending status were located in Phoenix and all of them are carryovers due to construction.
- The same five from the previous months are found in the Two Biltmore Estates community. Asking prices for these three and four bedroom homes range from $1,750,000 to $3,178,0100 and square footage ranges from 3,000 to 4,877.
- And we also had the same two carryovers in the Portland on the Park community. The first was listed for $1,031,500. It is a two bedroom, three bathroom condo with 2,105 square feet. The second was listed for $1,235,500. It is a three bedroom, three bathroom, 2,486 square foot unit.
LUXURY CONDO SALES FOR MAY 2016
Three condos sold during the month and all three were in pending status at the end of April.
- Two condos sold in the Kierland Plaza Lofts community.
- The first condo had two bedrooms, two and one-half bathrooms and 2,054 square feet. It had been listed for $1,245,000 and sold for $1,200,000.
- The second was a 3,567 square foot penthouse with three bedrooms and two and one-half bathrooms. It had been listed for $3,250,000 and sold for $3,200,000.
- Phoenix’s luxury condo sale took place in the Fairway Lodge (8 Biltmore) community. It had three bedrooms, three and one-half bathrooms and 3,033 square feet. It had been on the market for $1,325,000 and sold for $1,260,000.
May was a decent month for condo sales in Scottsdale and Phoenix with three sales. We should hopefully start to see more movement as the under construction units are completed.
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 6/1/2016 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 May 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