- Luxury Condo Sales in Scottsdale and Phoenix – June 2014 -
For the purposes of this analysis, I am considering the luxury condo market as condos with asking prices of $1 million and above.
ACTIVE LISTINGS AT THE END OF JUNE
There was another large decrease in inventory. Between the ends of May and June, active listings dropped from 30 to 23. Some of this was sales activity, but another portion can be attributed to people taking their homes off the market during the summer months.
Of the condos on the market, 12 were in Scottsdale and the remaining 11 were in Phoenix.
The Landmark penthouse remains the most expensive unit on the market at $3.7 million. This penthouse comes with three bedrooms, three and one-half bathrooms and 4,877 square feet.
The Mark condo in Old Town Scottsdale also remained the lowest priced unit. It measures 2,451 square feet and has two bedrooms and two and one-half bathrooms. The asking price is $1,000,000.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of June, only one luxury condo was pending sale. It was a 2,978 square foot unit at Esplanade Place in the Camelback Corridor in Phoenix. It had two bedrooms and two and one-half bathrooms. Its price at the time of contract was $1,055,000.
LUXURY CONDO SALES FOR JUNE
There were four sales over the course of June, evenly divided between Scottsdale and Phoenix. Sales prices ranged from $1,035,000 to $1,882,000.
- Esplanade Place - This unit had two bedrooms, two and one-half bathrooms and 3,000 square feet. It had been listed for $1,175,000 and sold for $1,055,000.
- Two Biltmore Estates - This unit had three bedrooms and four bathrooms. The asking price had been $1,978,000 and it ultimately sold for $1,882,000.
- The Mark - This first sale for Scottsdale had 2,435 square feet, two bedrooms and two and one-half bathrooms. List price had been $1,095,000 and the sales price was $1,035,000.
- Scottsdale Waterfront Residences - The other sale in Scottsdale was a two bedroom and two and one-half bathroom unit with 2,117 square feed. It was on the market for $1,399,000 and sold for $1,280,000.
June brought us another excellent month of sales in the luxury condo market in Scottsdale and Phoenix. The pace looks like it will be a lot slower in July though with only a single pending sale. Decreased inventory may also hamper sales efforts.
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 7/1/2014 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 © 2014 Heather Tawes Nelson | Joyce Tawes