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Greater Phoenix Luxury Condo Market – May 2009

Here are the results for May for the Phoenix area luxury condo market. I define luxury condos as those with list prices in excess of $1 million.

At the end of May, there were 69 luxury condos for sale throughout the valley. Forty-three condos were located in Scottsdale, twenty-four were in Phoenix, and two were located in Tempe. Only one luxury condo sold in May. It was a penthouse unit at Esplanade Place in the Biltmore area of Phoenix. The three bedroom, three bathroom, 3,350 square foot unit sold for $1,725,000. There was also one pending sale at the Scottsdale Waterfront for a three bedroom, three and-one-half bathroom, 2,975 square foot unit .

Here is a quick overview of May 2009’s numbers:

Valleywide – May 2009*

For Sale:

69

Pending:

1

Sold: 

1

Average Sale Price:

$1,725,000

Average Price/Sq. Ft. Sold:

$514.93 

Scottsdale – May 2009*

For Sale:

43

Pending:

1

Sold: 

0

Average Asking Price:

$1,808,035

Average Asking Price/Sq. Ft.

$683.79

Communities:

N/A

Phoenix – May 2009*

For Sale:

24

Pending:

0

Sold: 

1

Average Sale Price:

$1,725,000

Average Price/Sq. Ft. Sold:

$514.93

Communities:

Esplanade Place

Tempe- May 2009*

For Sale:

2

Pending:

0

Sold: 

0

Average Asking Price:

$1,595,000

Average Asking Price/Sq. Ft.

$605.77

Communities:

 N/A

Please visit my website for more information on Scottsdale AZ real estate and the surrounding areas.

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2009 and can change at any time. The analysis looks at single-family resale condos in Scottsdale, Tempe and Phoenix over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2009 Heather Tawes Nelson

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