– Luxury Condo Sales in Scottsdale and Phoenix – June 2016 –
The luxury condo market in Scottsdale and Phoenix turned in another solid month in June, with three sales.
In this report, the luxury market is being defined as condos on the market with asking prices over $1 million.
ACTIVE LISTINGS AT THE END OF JUNE
Inventory was up by three units at the end of June, bringing the total to 43 units for sale. Thirteen of these condos were in Phoenix and the remaining thirty were in Scottsdale.
The most expensive unit for sale came onto the market last month in the Scottsdale Waterfront Residences community. It is an expansive penthouse with fantastic views and three bedrooms, three and one-half bathrooms and 3,940 square feet. It is currently listed for $4,995,000.
The least expensive luxury condo also came onto the market last month. It is a 1,940 square foot unit with three bedrooms and three bathrooms. It is listed for $1,000,600 and is located in Phoenix’s Portland on the Park community.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
As June wrapped, there were eight pending sales. Two were in Scottsdale and the balance were in Phoenix. All of the pending sales are located within communities that are under construction and many of them have been on the books for months, awaiting completion.
Scottsdale Pending Sales
- The two units under contract have been in that status for a while. Both homes are located in the Envy Residences community. Each of them have two bedrooms and square footage ranges between 1,764 and 1,995. Prices for these were $1,075,000 and $1,100,000.
Phoenix Pending Sales
- Two Biltmore Estates ended the month with four pending sales that have been in the pipeline for quite a while. These three and four bedroom homes range in price from $1,750,000 to $3,178,000 and the square footage range is between 3,000 to 4,877.
- Portland on the Park also had the same two pending homes on the books at the end of June. The two bedroom, three bathroom unit with 2,105 square feet was listed for $1,031,500. The three bedroom, three bathroom unit with 2,486 square feet was listed for $1,235,500.
LUXURY CONDO SALES FOR JUNE 2016
June saw three luxury sales over the course of the month.
- Both sales in June were in the Optima Camelview community in downtown Scottsdale.
- The first sale was a three bedroom, two bathroom unit with 2,228 square feet. It had been listed for $1,279,000 and sold for $1,229,000.
- The second sale was a three bedroom, two bathroom unit with 2,149 square feet. It had been listed for $1,349,000 and sold for $1,300,000.
- One of the units awaiting completion at Two Biltmore Estates finally closed. It was a 3 bedroom, 3.5 bathroom home with 3,000 square feet. It had been listed for $1,750,000 and sold for over asking at $1,814,900 in a cash transaction. (The over asking price was most likely due to upgrades selected during the final construction process.)
With three sales over the course of the month, June turned in a solid performance.
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 7/1/2016 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