The Luxury Condo Market in Scottsdale, Phoenix and Tempe - 2008 Performance
As we start a new year, I wanted to take a look back to see how the luxury condo market in Greater Phoenix performed in 2008. For this analysis, I looked at resale condominiums where the listed price was over $1,000,000.
Active Listings at the End of 2008
As of January 1, 2009, there were 98 luxury condos on the market with a list price of over $1 million. Forty-six of these condos were located in Scottsdale, primarily in the Optima Camelview and Scottsdale Waterfront developments. Thirty-six of the active listings were in Phoenix and the remaining 16 were in Tempe.
2008 Sales Performance
Thirty-four luxury condos sold in 2008. Prices ranged from $920,000 for a 3 bedroom, 2 bathroom unit at Optima Camelview to $3,900,000 for a 3 bedroom, 3 bathroom penthouse at the Scottsdale Waterfront Residences.
| Luxury Condo Market - 2008 Performance | | |
| | All Luxury Condos | Scottsdale | Phoenix | Tempe |
| Condo Sales | 34 | 17 | 14 | 3 |
| - Average Sales Price | $1,627,780 | $1,596,941 | $1,781,165 | $1,086,732 |
| - Sales Price to List Price | 93% | 90% | 97% | 97% |
| - Average Square Feet | 2,702 | 2,434 | 3,204 | 1,876 |
| - Average Sales Price per Sq. Ft. | $594.23 | $628.18 | $554.90 | $579.67 |
| - Average Days on Market* | 182 | 257 | 111 | 92 |
| - Highest Sale Price | $3,900,000 | $3,900,000 | $2,980,000 | $1,166,368 |
| - Lowest Sale Price | $920,000 | $920,000 | $1,050,000 | $995,000 |
| - Percentage of Total Sales | 100% | 50% | 41% | 9% |
| * Cumulative Days on Market | | | | |
The units sold were at the following communities:
Scottsdale - 17 Total Sales
Optima Camelview - 4
Scottsdale Waterfront Residences - 13
Phoenix - 14 Total Sales
Arizona Biltmore Hotel VI- 1
Esplanade Place - 2
Fairway Lodge at the Biltmore - 2
Optima Biltmore Towers - 1
The Residences at 2211 Camelback - 3
Two Biltmore Estates - 5
Tempe - 3 Total Sales
Edgewater at Hayden Ferry - 1
Northshore at Tempe Town Lake - 2
If you have any questions or would like to learn more about the Greater Phoenix luxury condo market, please contact me.
Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional Multiple Listing Service (ARMLS) on 1/1/2009 and can change at any time. Data is for resale condos as well as any new condos that were listed in ARMLS. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2009 Heather Tawes Nelson