– Luxury Condo Sales in Scottsdale and Phoenix – October 2016 –
October was a decent month for the luxury condo segment in Scottsdale and Phoenix. After a very quiet last couple of months, it was nice to see sales pick back up again.
For the purposes of this report, we will be looking at condos with list prices at or above $1 million.
ACTIVE LISTINGS AT THE END OF OCTOBER
Inventory was up again to 43. This is up from the 40 at the end of September and 35 at the end of August. Of the condos on the market, twenty-nine were in Scottsdale and the remaining fourteen were in Phoenix.
The most expensive condo for sale is in the Scottsdale Waterfront Residences. The penthouse’s list price is now $4,599,000, down from $4,995,000. It comes with 4,471 square feet, three bedrooms and three and one-half bathrooms.
The lease expensive luxury condo for sale is in Phoenix and remains the same as last month. It is a 1,904 square foot unit wuth two bedrooms and two bathrooms. Priced at $1,000,000, the condo can be found in the Esplanade Place community.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were eight luxury condos in pending status at the end of October. Five in Phoenix and three in Scottsdale. Many of these are carryovers in communities still under construction.
Scottsdale Pending Sales
- Scottsdale’s first pending sale is in a new development called Main Street Place in Downtown Scottsdale. This community will feature twelve units. The unit under contract is a two bedroom, two and one-half bathroom home with 2,345 square feet. It was priced at $1,65,000.
- The second pending sale is in the popular Kierland Plaza Lofts. It has 2,162 square feet and is equipped with two bedrooms and two and one-half bathrooms. The list price for this one was $1,745,000.
- The final pending sale is a very interesting one that was the most expensive unit on the market for a long time. It is a gutted 8,500 square foot space on that occupies the entire top floor of a commercial building in the heart of Downtown Scottsdale. It was priced at $2,950,000 when it went under contract.
Phoenix Pending Sales
- Two Biltmore Estates continued to have four condos under contract. They are all three and four bedroom units. and square footage ranged between 3,950 and4,877. Asking prices for these units came in between $2,148,000 to $3,178,000.
- Portland on the Park was down to a single pending sale as it looks like one fell out after many months. The remaining unit under contract was priced at $1,031,500 and has two bedrooms, three bathrooms and 2,105 square feet.
LUXURY CONDO SALES FOR OCTOBER 2016
There were three sales of luxury condos in the the month of October.
- Phoenix’s one sale was in the Esplanade Place community. This three bedroom, three bathroom, 3,550 square foot unit sold for $1,700,000, which is what it was on the market for.
- Scottsdale’s two sales came from the recently completed Envy Residences and both closed well over asking due to upgraded options selected during the building process.
- The first was a two bedroom, two and one-half bathroom, 1,764 square feet condo. Its asking price was $1,100,000. It closed above asking at $1,151,728.
- The second was a two bedroom, 2.25 bathroom, 1,995 square foot unit. It had been listed for $1,075,000 and closed at $1,206,000.
October was a good month for this market segment. Hopefully, we will see something similar in the month of November.
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 11/1/2016 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