The performance of the Phoenix and Scottsdale luxury condo market in September 2011 was on track with what we would expect based on the year's performance.
This report covers Scottsdale and Phoenix luxury condo sales activity. I am defining the luxury market as space and for the purposes of this analysis, I am defining the luxury condo market as those condos with asking prices in excess of $1 million.
Pending Luxury Condo Sales - At the end of September, there was one pending sale. This condo has been pending since the beginning of the year, more or less. It is a 4,000 square foot unit at The Residences at 2211 Camelback in Phoenix. It has 3 bedrooms and 3.5 bathrooms.
September 2011 Luxury Condo Sales -Besides the one pending sale, Phoenix is also the location for the single luxury condo sale in September. The sale was at Esplanade Place. It was a 3,550 square foot unit with two bedrooms and three bathrooms. It had been listed at $1,475,000 and sold at $1,300,000. It had only been on the market for 40 days.
Here are the quarterly statistics for the first three quarters of 2011 for Scottsdale and Phoenix Luxury Condos. As you can see, sales activity has been pretty steady quarter over quarter:
September 2011 was another solid month for Scottsdale and Phoenix Luxury Condo sales. The one concern looking forward is that we do not have any pending sales with the exception of the one that has been pending for many months. It will be interesting to see what October holds.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2010 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2011 Heather Tawes Nelson