Phoenix Light Rail: Landmark Towers Market Snapshot (9/1/2010)

By
Real Estate Agent with LRA Real Estate Group

Landmark Towers on Central Ave in Phoenix 

Landmark Towers Market Snapshot (9/1/2010)

Landmark Towers is a condominium project situated at 4750 N. Central Ave, Phoenix 85012. Built in 1963, the Landmark offers 16 floors (13th Floor does not exist, of course) of condo residences with either 14, 15, or 16 units per floor, for a total of 244 condo units. Typically, the average configuration is 2 Beds and 1-2 Baths.

Current HOA dues are estimated at $0.66/SF per month. This includes exterior maintenance, roof repair, roof replacement, blanket insurance policy, water, sewer, garbage collection, pest control, air conditioning/heating, electric, gas, common area maintenance, street maintenance.

Amenities: pool, clubhouse, recreation center, community laundry, concierge, near bus and light rail. Pets are o.k. up to a certain size, check with management.

Interesting Comment: When the fire alarm sounds, the elevators automatically go to the basement, and all residents must walk down the stairs. If a resident is in a wheel chair, the fire department must carry him/her down the stairs.

Condo SF Overview:

Condo Size # of units
442 SF 31 units
602 SF 28 units
702 SF 125 units
788 SF 29 units
825 SF 1 unit
980 SF 30 units               

 

Market Snapshot as of 9/1/2010

Active Listings
MLS reports 23 current Active Listings, with a low list price of $19,900, the average list is $43,643, and the high list topped off at $79,000. Respectively, the List Price/SF is $45, $64, and $100.

The MLS also reports that the Landmark has 4 listings designated at ‘AWC' (Active with contingency), probably waiting for a short sale to be approved. And, 8 listings are ‘Pending' status, with probably means the inspection and loan process is underway with a close date defined.

Days on Market
Days on Market for Active listings currently ranges from 14 to 299, with the average of 118 (4 months). For Closed Sales, Days on Market was only 2 days for the unit that sold for $25,900, and 340 days (over 11 months!) for the unit that sold for $98,000.

Sales Price (last 6 months)
The number of closed sales for the last 6 months was only 20. The lowest Sale Price was $25,900, the average $44,975, and the high was $75,000.

Notable Perspective:  Back in 2006-2007, tax records show that Sales Prices were often in the range of $300-400/SF. And, according to the tax records, units sold in 2006/2007 at $1,425/SF, $1,131/SF, $995/SF, and $847/SF.

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Bryan Watkins sells real estate in the Phoenix-Tempe-Mesa light rail corridor. He co-owns the specialty niche website www.LightRailConnect.com. You can search the official MLS just like Agents do at www.LRARealEstate.com today. Data courtesy of ARMLS.

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Posted by

Bryan Watkins
Designated Broker
LRA Real Estate Group
www.LRARealEstate.com
Phoenix-Tempe-Mesa Metro
480.734.7878 text/cell

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