There are several upscale condo communities in 85254 that have been built in the last 10 years. Lately, multi-family projects have sprung up all over the Phoenix Metro Area, but those in 85254 are on the perimeter, where retail and office space exist.
This zip code is frequently called "the magic zip code" and has some unique attributes. 85254 is on the west side of Scottsdale road, mid-Scottsdale. Technically, it should be a Phoenix address, but thanks to the Post Office, this zip code is provided with a Scottsdale address. Phoenix does provide utilities and the schools are in the Paradise Valley School District, another bonus for 85254.
Inventory for this report is for prices between $600,000 - $800,000 in 85254 and is limited to condos. So far this year 22 condos have sold in this price range and there are currently 3 for sale. With such low inventory, reporting is challenging!
Sales have been strong since mid 2019, steadily rising, but dipped a few sales the last couple of months. New high rises are under construction. As prices rise, there are fewer in this price range, even in the same buildings.
The price per square foot for condos in 85254 for the price range of $600,000 to $800,000 appears to jump dramatically, but that's because there is limited inventory for reporting. If you start at the left and draw a straight line angled toward the last reported price per square foot, you'll see a steady increase in prices!
List Price Versus Sales Price reflects over-list contract prices. The list price per square foot for condos in 85254 priced between $600,000 and $800,000 is $425.98; while the under contract price is $442.21.
Data is provided by the Cromford Report and is by subscription. Please don't remove the charts, but simply share the blog. Thank you!
If you would like more information about this area or any area in Scottsdale, please reach out to me. As a full time residential realtor in Scottsdale since January, 2003, this is my backyard!
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