The Luxian Scottsdale takes the concept of luxury ownership to a new level. Offering shared ownership of three estate homes within a private enclave with five-star amenities, Luxian is sure to not to disappoint.
Located on Camelback Road adjacent to the Phoenician Resort's golf course with spectacular views of Camelback Mountain, the exclusive Luxian enclave will consist of three homes, each over 6,000 square feet situated on acre lots.
Each of the fully-furnished homes will feature 5 bedrooms and 6 baths, gourmet kitchens with caterer's facilities, top-of-the line finishes and details, elevators, an exercise room, owner's vault, wine cellar, a media room, a private pool and spa, daily maid service and more. Views from the homes consist of Camelback Mountain and the Phoenician golf course. Luxian was designed with family gatherings and friends in mind. The large homes will accommodate many generations and the elevators ensure members who may be a little older or a little young have access to the entire home and all of the amenities. Additionally, ownership includes a membership to the Sanctuary Resort and Spa and access to Troon Golf VIP passes.
The gated development will have a 24-hour, live-in concierge to cater to the owners' every need before during and after the stay. It will also have an interactive business center with conference room on site. The Luxian is located in Downtown Scottsdale, in the midst of the finest shopping, dining and entertainment Arizona has to offer and Sky Harbor Airport is only 15 minutes away.
The Luxian concept is an alternative to traditional home ownership, providing 'Best-of-Class' living and amenities without the time, effort and additional expense of owning a second home outright. Luxian's inclusive cost concept means that for the first five years, any additional expense associated with the home is included in the purchase price. This includes taxes, insurance, maintenance, concierge and maid services, and any other costs associated with ownership. Since many second home owners only use their second homes a fraction of the year, but have to maintain them the entire year, Luxian truly allows you to pay for only what you use.
There are only 11 Equity Resort Ownership interests available for this exclusive opportunity. Each owner will receive a 1/4 deeded interest in one of the estate homes and will select either a Winter Season interest consisting of two 4-week stays, for a total of 8 weeks, or a 24-week Summer Season interest. Ownership interests are currently priced at $1,850,000 per unit.
For more information or to schedule a visit to the Luxian Experience Center, please contact Heather Tawes Nelson of Realty Executives Mountain View by phone at (602) 751-1675 or by email.
The Luxian Scottsdale - Luxury's New Landscape...
This is not intended to solicit a currently listed home. Information herein deemed reliable but not guaranteed. Prices subject to change. Square footages approximate. Photos and model depict what the look and feel of finished project and finishes will look like. This project is not associated with The Phoenician.
Previously, I wrote a post on the million-dollar plus condo market in Scottsdale and the surrounding areas. Curious to see how the luxury condo segment has been performing in 2008, I pulled some data* to review.
Phoenix Valley Overview
To start, I looked at the information from a Valleywide perspective. Currently, there are 103 condos for sale in the Valley priced and $1,000,000 and above. Of those, 50 of them are in Scottsdale, 40 of them are in Phoenix and the last 13 are in Tempe.
2008 Valleywide Performance:
Active Units on the Market: 103
Sale Pending: 8
Sold: 15
Average Sold Asking Price: $1,672,966
Average Sales Price: $1,609,112
Asking Price to Sales Price: 96.2%
Average Cost per Square Foot: $579.03
Scottsdale
Almost half of the luxury condominiums on the market are located in Scottsdale. They range in price from $1,075,000 for a 3 bed/2 bath, 5th floor unit at Optima Camelview to a 3 bed/2.5 bath penthouse at the Scottsdale Waterfront Residences for $4,599,000.
2008 Scottsdale Performance Year-to-Date:
Active Units on the Market: 50
Sale Pending: 2
Sold: 5
Average Sold Asking Price: $1,205,100
Average Sales Price: $1,114,000
Asking Price to Sales Price: 92.4%
Average Cost per Square Foot: $541.83
Many of the completed, luxury high-rise projects are located in Scottsdale, and almost all of them are nearby the newly developed Scottsdale Waterfront area with its shops, dining and entertainment.
The developments these luxury condos are located in are as follows:
Optima Camelview (Scottsdale Road just north of Camelback Road)
Scottsdale Waterfront Residences (Scottsdale Road and Camelback Road)
The Mark (Under Development - Indian School Road at Goldwater Boulevard)
Main Street Plaza (Goldwater Boulevard and Main Street- Old Town Scottsdale)
The Landmark at Kierland (Scottsdale Road and Kierland Boulevard)
Phoenix
Phoenix also has a large number of luxury condos for sale, with 40 of the 103 listed. Additionally, nine of the fifteen sales year-to-date were in Phoenix. The average sales price for these luxury condos was $1,933,368.
2008 Phoenix Performance Year-to-Date:
Active Units on the Market: 40
Sale Pending: 5
Sold: 9
Average Sold Asking Price: $1,993,666
Average Sales Price: $1,933,368
Asking Price to Sales Price: 97.0%
Average Cost per Square Foot: $591.06
In Phoenix, the majority of the units for sale are located in the following communities:
The Residences at 2211 Camelback (24th and Camelback corridor)
The Fairway Lodge at Biltmore Estates (The Biltmore/ 24th & Camelback corridor)
Esplanade Place (24th and Camelback corridor)
Optima Biltmore Towers (24th and Camelback)
Crystal Point (Osborn and 10th Street)
Tempe
The Tempe luxury condominiums for sale are all located in three new, beautiful developments in the Tempe Town Lake area, which is just a few miles south of Downtown Scottsdale. Only one of the fifteen sales in 2008 was in Tempe and as you can see below, it was for a 3 bed/3 bath unit at Northshore for $1,166,368.
2008 Tempe Performance Year-to-Date:
Active Units on the Market: 13
Sale Pending: 1
Sold: 1
Average Sold Asking Price: $1,125,990
Average Sold Price: $1,166,368
Asking Price to Sales Price: 103.6% (Premium above asking price)
Average Cost per Square Foot: $598.78
The upscale communities these condos are located in are:
Northshore at Tempe Town Lake
Edgewater at Hayden Ferry
Bridgeview at Hayden Ferry
I will continue to track the luxury condo market in Scottsdale and the surrounding areas and share my finding here. If you would like more detailed information or more information on any of the communities mentioned above, please email me and I will be happy to help you.
* Data courtesy of the Arizona Regional Multiple System (ARMLS.) Information was pulled 5/9/08.
The April numbers have posted and the results for Scottsdale single-family resale homes April 2008 continue to improve.
| Trend Analysis - Scottsdale Single-Family Homes - Resale | | | |
| All Price Points | | | | | | | | |
| 2007 | | 2008 | | | |
| Sept. | Oct. | Nov. | Dec. | Jan. | Feb. | Mar. | Apr. | Avg. |
| Active | 3,761 | 3,876 | 3,950 | 3,743 | 4,154 | 4,254 | 4,304 | 4,249 | 4,036 |
| Pending | 251 | 150 | 235 | 191 | 262 | 287 | 312 | 349 | 255 |
| Sold | 177 | 236 | 168 | 190 | 187 | 227 | 246 | 270 | 213 |
| | | | | | | | | |
| Percent Change- Month Over Month | | | | | | |
| 2007 | | 2008 | | | |
| Sept. | Oct. | Nov. | Dec. | Jan. | Feb. | Mar. | Apr. | |
| Active | N/A | 3.1% | 1.9% | -5.2% | 11.0% | 2.4% | 1.2% | -1.3% | |
| Pending | N/A | -40.2% | 56.7% | -18.7% | 37.2% | 9.5% | 8.7% | 11.9% | |
| Sold | N/A | 33.3% | -28.8% | 13.1% | -1.6% | 21.4% | 8.4% | 9.8% | |
| Data Courtesy of the Arizona Regional Multiple Listing Service (ARMLS) | | |
Findings:
- The average sales price in Scottsdale for single-family resale homes was $754,008. The lowest priced sale was a 2 bedroom/1 bath, 864 square foot home for $165,000. The highest priced sale was $6,250,000 and that was for a 6 bedroom/7 bath, 11,200 square foot home.
- The average sales price was $754,008, versus the average asking price of $817,628, which represents a sales price to list price percentage of 92.2%.
- Active listings were down slightly to 4,249 from 4,304 in March. However, this is still higher than the 8 month average of 4,036.
- Pending sales jumped to 349, the highest level we have seen since I started tracking the results in September of 2007. This is an increase of 11.9% over March 2008.
- Sales were up to 270, well above the 8 month average of 213. Month-over-month improvement was 9.8%.
This is positive news for the Scottsdale AZ real estate market and if the pending homes from April successfully close, we are on track for strong May results.
I hope you found this information helpful. If you would like to see my full market trends report, which breaks out the information above into price bands, please click here and download the report called "Scottsdale Resale Market Trend Analysis". And, if you are interested in a custom report, I am happy to create one for you.
The Optima Camelview Village is a luxurious, unique development located in the heart of Scottsdale and stands out because of its blend of modern and "green" design. As you approach the development, you see floor-to-ceiling glass windows, stone panels, steel and verdant greenery cascading down from each level. Located on a prime 14 acres on the corner of Scottsdale Road and Goldwater 
Boulevard, the Optima Camelview development is part of a luxury portfolio designed and built by David Hovey, an award-winning architect from Chicago.
The homes are stunning with 9 foot ceilings, granite countertops and high-end appliances. Each unit has its own private terraces that come with a selection of pre-planted foliage that is set up on a drip-watering system for minimal maintenance. This abundance of greenery, including plant-filled "eco-roofs" for each building was an intentional design element to reduce the effects of urban heat islands.
The amenities at Optima Camelview are wonderful and hard-to-top. There are two outdoor pools, spas and BBQ areas. There is also a spectacular fitness center with an Olympic-sized indoor pool, workout area, locker rooms and courts for racquetball and basketball. There is also a business center and an upscale party room that has a catering kitchen. Other amenities include an outdoor putting green, dog park, water features, outdoor art and upcoming retail and dining on-site.
From a lifestyle perspective, Optima Camelview has it all. You can stay on-site and socialize with friends while enjoying the city-light views from one of your terraces. Or, you can take a short walk and be at the Scottsdale Waterfront, a vibrant new area with tons of dining and shopping options. Old Town Scottsdale with all of its galleries and restaurants and the Scottsdale Fashion Square Mall are also both just a quick walk away.
When it is complete, there will be about 750 units in all sizes and configurations. Currently, there are 55 units for sale at Optima Camelview. Prices range from $399,000 for a 780 square foot, 1 bed/1 bath unit to $2,750,000 for a 3,350 square foot 3 bedroom/4 bath penthouse.
If you would like more information on Optima Camelview Village, please contact me.
Every month, I look over the previous month's active, pending and sold data to see if I can identify any trends in the Scottsdale single-family existing-homes market. I look at it from a global perspective as well as a "price band" perspective. March's information uncovered some promising-looking trends when compared to previous months.
Here is a snapshot of the Scottsdale single-family home market performance with the March figures included:
| Trend Analysis - Scottsdale Single-Family Homes - Resale | | |
| All Price Points | | | | | | | |
| 2007 | | 2008 | | |
| Sept. | Oct. | Nov. | Dec. | Jan. | Feb. | Mar. | Avg. |
| Active | 3,761 | 3,876 | 3,950 | 3,743 | 4,154 | 4,254 | 4,304 | 4,006 |
| Pending | 251 | 150 | 235 | 191 | 262 | 287 | 312 | 241 |
| Sold | 177 | 236 | 168 | 190 | 187 | 227 | 246 | 204 |
| | | | | | | | |
| Percent Change- Month Over Month | | | | | |
| 2007 | | 2008 | | |
| Sept. | Oct. | Nov. | Dec. | Jan. | Feb. | Mar. | |
| Active | N/A | 3.1% | 1.9% | -5.2% | 11.0% | 2.4% | 1.2% | |
| Pending | N/A | -40.2% | 56.7% | -18.7% | 37.2% | 9.5% | 8.7% | |
| Sold | N/A | 33.3% | -28.8% | 13.1% | -1.6% | 21.4% | 8.4% | |
| Data Courtesy of the Arizona Regional Multiple Listing Service (ARMLS) | |
Findings:
Inventory levels are still going up on a month-over-month basis, but the rate at which they are increasing is slowing. We saw a large jump of 11% between December and January, but the increases over the last two months have been 2.4% and 1.2% respectively.
Pending homes have been increasing every month since December. In March, pending sales exceeded 300 for the first time since I began tracking them in September of 2007. Assuming most of these will close in April, we should see improved sales statistics for the month of April.
Home sales have been increasing since January. We saw a large jump of 21.4% between January and February. The increase between February and March was an additional 8.4%.
Overall, the data is promising and I hope that the positive trends we are seeing continue. Anecdotally, I have been seeing (and hearing from many other local Realtors) that there has been an increase in buyer activity at all levels and price points.
If you would like to see my full market trends report, broken out by price band, please click here and download the report called "Scottsdale Resale Market Trend Analysis". And, if you are interested in a custom report, I am happy to create one for you.
In my last post, I talked about the sharp increase in luxury condo developments in the Scottsdale/Phoenix area. I recently had the opportunity to tour one of these developments, The Landmark, located in Scottsdale, Arizona. 
The Landmark is located at Kierland in North Scottsdale. It fully embraces the "pedestrian lifestyle" and is a quick walk to Kierland Commons with all of its upscale dining, shopping and entertainment options. It is also adjacent to the Westin Kierland Resort and Golf Club, which means many of the homes overlook the golf course. Homes on the other side of the building have spectacular mountain views.
The tagline for this development is "A Distinguished Lifestyle at Kierland" and it certainly lives up to its name. We entered through the beautifully-appointed clubhouse and walked through it to the pool and spa area. Once outside, we took in the outdoor seating areas off of the clubhouse as well as a bar area for events. The pool has a lovely water feature and views of the golf course, but there is plenty of landscaping to afford some privacy. There are also several BBQ areas for residents to choose from.
Some of the other luxurious amenities The Landmark offers are:
Full-time concierge to handle your requests from tee times to travel planning
Wine storage for residents
Fitness center and steam room
24-hour guarded entry
Full-time porter
We then had the opportunity to view several of the remaining eleven units for sale. All of them are ready for move in and all of them have been designed by some of the Valley's top firms - among them, Robb and Stucky, Est Est and Inter Plan Design Group. The homes are simply beautiful and elegant while still being extremely livable. The styles range from traditional to transitional to contemporary and each unit has wonderful views, whether you are looking at the Mc Dowell Mountains, the Kierland Golf Course, the Scottsdale city lights or some of all of the above. A few of the homes are partially-furnished and the furnishings are included in the purchase price. Depending on the home, you will see beautiful tile and stone inlays, two-way fireplaces, paneled walls, "zen" touches and more. All of the homes have 10-11 foot ceilings and large patios that can accommodate seating for dining al fresco.
Prices start at just over $1.1 million for 2,566 square feet and go up to over $3.6 million for a 4,480 square foot penthouse.
All in all, I was very impressed with The Landmark. It is truly a unique and luxurious development. If you would like to learn more about it or to set up an appointment to see some of these spectacular homes, please contact me.
Yesterday, I had the opportunity to hear Ed Lewis, the developer for The Landmark, speak on the luxury condominium market in Scottsdale and the surrounding areas. The luxury condo market, loosely defined as a project where a condo has sold for $1 million or more, is relatively new to the Phoenix/Scottsdale area. According to Ed, six years ago, there was only one luxury condo development in the Phoenix valley. Today, there are 27 luxury condo developments either completed or under construction.
What is driving this growth? One thing is that many people are choosing to 'downsize' their larger homes and move into luxury condo projects that offer all of the amenities and fewer maintenance issues. And since the Scottsdale market is home to many second, third and higher homes that are frequently vacant, these luxury condos work well for folks who want to "lock and leave" their homes until the next visit. Another is the rise in mixed-use developments where people can live, work, shop and dine without ever having to get into their cars.
Ed outlined six value drivers for the condo market. They include:
- Costs - Prospective buyers will take into account the cost per square foot, the quality of the finishes, the condo's location within the project and other costs such as association dues. There are also some economies of scale when you buy into a multi-family project versus building a single-family home.
- Location - This is the big one for real estate since the location and area demographics are crucial in the decision-making process. Additionally, the popularity of the "pedestrian lifestyle", where you can walk to dining, shopping, entertainment and more is particularly attractive and gaining a lot of traction.
- Views- By buildings vertically, Ed likened it to artificially building several "hillside lots." The higher the floor the better the view from your "lot."
- Community Amenities - In luxury developments, the amenities are many. You will see spas, top-of-the-line fitness centers, resort-like pools, beautifully designed club rooms, business centers, private storage, wine storage, retail space and more.
- Community Services - These services can run the gamut from valet service, porters, round-the-clock concierges, security and onsite property managers and maintenance.
- Home Features - These are the actual characteristics of the condo itself from floor and location, finishes, views, floorplan and more.
It was a wonderful session and afterward we were invited to tour The Landmark. In my next post, I will describe The Landmark and some of the remaining units for sale. It is a spectacular development and truly lives up to the promise of a luxury condo development.
The housing industry has been on the forefront of most people’s minds over the last several months – and with good cause. Prices have been dropping, foreclosures are rising and credit has gotten tighter. Yet, while almost everyone is feeling the pinch, the bad news is not universal. Each market in terms of real estate is unique. And there can even be sub-markets within these markets that vary in performance levels.
Take the Phoenix Valley – Some areas have been severely impacted, while other areas have continued to appreciate in price. The Arizona Republic just released its 2007 Home Values by Zip Code report (through December 31, 2007) and with this tool, you can search and see year-over-year median price results and performance for new homes, resale homes or both broken out by zip code from the year 2002 on. And, it lets you get more detailed than that- You can even view the information down to the mail carrier route level.
To give you an overview, I have pulled some information on a few of the zip codes I work in.
Sample Zip Codes- Median Price Change Between 2006 and 2007 |
|
| New* | Resale | Overall |
Scottsdale | 85255 | 10.8% | 5.1% | 3.9% |
| 85262 | N/A | 5.4% | 6.7% |
| 85260 | N/A | 0.0% | 0.0% |
Carefree | 85377 | N/A | 6.3% | 6.7% |
Paradise Valley | 85253 | N/A | -5.2% | -4.8% |
* Data only available for years in which 50 or more homes were sold. |
|
As you can see, this is a great tool for anyone who wants to see where prices have been going- whether they are looking to buy, to sell or are just curious.
Please click to access The Arizona Republic's Home Values by Zip Code report.
For more market information on Scottsdale and the surrounding areas, please visit my real-time real estate market reports.
Ground-Floor Unit
• 1,038 sq. ft., 2 bath, 2 bdrm single story
$1,400 USD Monthly - Overlooks Greenbelt 
Racquet Club, Scottsdale - Beautiful 2 bedroom, 2 bathroom furnished condominium within the Racquet Club. Amenities include 9 championship tennis courts, 5 heated pools, 6 spas, greenbelts, fountains, fitness center and clubhouse.
This ground-floor unit with two covered patios faces a tranquil greenbelt and is within steps of a large heated community swimming pool and spa. The Racquet Club features activities galore beyond just tennis. There is an onsite Social Director, monthly calendar of events and clubhouse where you can meet up with friends old and new. This home is close to shopping, dining, med