– Luxury Condo Sales in Scottsdale and Phoenix – April 2020 –
This report covers the first full month of sales activity since the appearance of COVID-19 in Arizona and you can definitely see its impact on the luxury condo market in Scottsdale and Phoenix.
We are defining the luxury condo market as those condos that are on the market for $1 million or more.
ACTIVE LISTINGS AT THE END OF APRIL
Seventy-six luxury condos were for sale at the end of April, up from sixty-seven at the end of March. Fifty-eight of the condos were located in Scottsdale and the balance of eighteen were located in Phoenix.
- The highest-priced luxury condo on the market is the highest-priced condo the market has seen. It is an expansive penthouse at the Scottsdale Waterfront Residences. It has forever views, 4,493 square feet, four bedrooms, four and one-half bathrooms and a 640 square foot guest suite located on the ground floor. It was on the market for $5 million.
- The lowest-priced luxury condo on the market was located in Optima Camelview. It has two bedrooms, two bathrooms and 1,955 square feet. It was on the market for $1,000,000.
UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
April ended without any condos in UCB status. At the end of March, there was a single UCB.
*UCB status means a condo has an accepted contract, but that the seller has requested that they accept backup offers. Most times you will see this status when the contract is in the inspection/due diligence period.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were four condos in pending status at the end of the month and all of them were located in Scottsdale in the Optima Kierland community.
This is down a little bit from the six pending sales we had at the end of March.
Scottsdale Pending Luxury Condos
All of these condos have been in pending status for months due to Optima Kierland being under development.
- All of the pending sales were located in the new Optima Kierland community.
- Two bedrooms and two and one-half bathrooms with 1,956 square feet. It was listed for $1,750,000.
- Three bedrooms and bathrooms with 2,704 square feet. It was on the market for $1,816,000.
- Three bedrooms and bathrooms with 2,018 square feet. It was on the market for $1,939,000.
- Three bedrooms and bathrooms with 2,704 square feet. It was listed for $2,080,000.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
There were two sales in April – One in Scottsdale and one in Phoenix. This is down from the seven sales were saw in March.
- Optima Camelview in Scottsdale- Three bedroom, two and one-half bathroom unit with 2,481 square feet. It had been listed for $1,500,000 and sold for $1,475,000.
- Portland on the Park in Phoenix – 9th floor unit with three bedrooms, three bathrooms and 2,486 square feet. It was listed for $1,084,500 and sold for $1,000,000.
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 5/1/2020 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 ©2020 Heather Tawes Nelson | Joyce Tawes