Luxury Condo Sales in Scottsdale and Phoenix – February 2017 –
February was another strong sales month for the luxury condo market in Scottsdale and Phoenix.
ACTIVE LISTINGS AT THE END OF FEBRUARY
Inventory was down slightly to 59 at the end of the month. Of the condos for sale, almost two-thirds were located in Scottsdale.
The lowest priced luxury condo for sale was also a carryover from the previous month. This 2,417 square foot home in Phoenix’s Esplanade Place was listed for $1,000,000.
UCB LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
UCB status means a condo has gone under contract, but the seller has requested that they are accepting backup offers. Most times you will see this status when the contract is in the inspection/due diligence period.
There were seven condos in UCB status at the end of February. Six of them were located in Scottsdale and the remaining one was in Phoenix.
Scottsdale UCB Sales
- Scottsdale Waterfront Residences had two UCB condos with list prices of $1,495,000 (2,050 square feet) and $1,595,000 (2,265 square feet).
- Optima Camelview had a 3,680 square foot UCB that was priced at $1,300,000.
- Kierland Plaza Lofts had two UCBs. A 2,086 square foot unit was listed for $1,249,000 and a 2,884 square foot loft was listed for $1,749,000.
- The final UCB was a carryover from the coming soon Main Street Place community. It is a 3,563 square foot unit that was listed for $1,975,000.
Phoenix UCB Sales
- The lone UCB in Phoenix was in the 8 Biltmore Fairway Lodge community. This condo had 2,329 square feet and was priced at $1,149,000.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
February ended the month with eleven pending sales. Many of these are units that are under construction and are just awaiting completion. However, there were also quite a few new pending sales. Seven of the pending sales were located in Phoenix and the remaining four were located in Scottsdale.
Scottsdale Pending Sales
- All three of Scottsdale’s pending sales were in the upcoming Main Street Place – Two of the units had 2,345 square feet. When they went pending, they were listed for $1,165,000 (3rd floor) and $1,975,000 (4th floor). The third pending sale had 2,161 square feet and had been priced at $1,150,000.
Phoenix Pending Sales
- Two Biltmore Estates – At the end of February, there were three pending sales in the Two Biltmore Estates community. These are carryovers from previous months as they are finishing out the build for these units. They are all three and four bedroom units and they range in size from 3,950 to 4,877 square feet. The list prices for these condos came in between $2,148,000 to $3,178,000.
- Portland on the Park – This one has also has been in the pending state for many months as the construction is completed. Its was on the market for $1,031,500 and comes with 2,105 square feet, two bedrooms and three bathrooms.
- The Residences at 2211 Camelback – This is another carryover from February. This condo has two bedrooms, two and three-quarters bathrooms and 2,988 square feet and was on the market for $1,300,000.
LUXURY CONDO SALES FOR FEBRUARY 2017
There were five luxury condos sold in Scottsdale and Phoenix in February.
Scottsdale Luxury Condo Sales
- Optima Camelview Village was home to one of Scottsdale’s sales. It was a three bedroom, two and one-half bathroom unit with 2,286. It had been on the market for $1,149,000 and sold for $921,500.
- Scottsdale’s other sale was in the Scottsdale Waterfront Residences. It had two bedrooms, two and one-half bathrooms and 2,227 square feet. It had been listed for $1,420,000 and sold for $1,375,000.
Phoenix Luxury Condo Sales
- Esplanade Place -This 3,048 square foot condo with three bedrooms and bathrooms and 3,048 square feet was listed for $1,495,000. It ended up selling for $1,330,000.
- The last two sales were just completed condos in Two Biltmore. Thew first was a three bedroom, three and one-half bathroom with 3,953 square feet. It had been marketed at $2,288,000 and sold for $2,330,000 once the buyer upgrades were calculated in. The other sale was a 4,877 square foot unit with three bedrooms and four and one-half bathrooms. It was on the market for $2,588,000 and sold for $2,622,000.
Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2017 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 © 2017 Heather Tawes Nelson | Joyce Tawes