Phoenix and Scottsdale AZ Luxury Condo Sales – August 2010
Here are August 2010’s figures for luxury condo sales in Scottsdale and Phoenix. In this report, I am defining the luxury condo market as condominiums on the market with asking prices of $1 million or more.
The Scottsdale and Phoenix area luxury condo market had another lackluster month in August. There was only a single sale after we had been moving along at an average of just over 2 sales per month. There were also no pending sales at the end of the month which does not bode well for September 2010.
The single luxury condo sale in August was at the luxury condo development of Esplanade Place in Phoenix. It was for a ninth floor unit that had two bedrooms plus a den, two bathrooms and 2,417 square feet. It had originally been listed at $1,425,000. When it sold, the asking price was $1,095,000 and the final sales price was $850,000.
| Luxury Condo Market - August 2010 | |
| Phoenix and Scottsdale AZ | | |
| | All Luxury Condos | Scottsdale Luxury Condos | Phoenix
Luxury Condos |
| Luxury Condo Sales | | | |
| - Number of Units for Sale | 54 | 37 | 17 |
| - Average Asking Price | $1,707,248 | $1,673,524 | $1,780,647 |
| - Average Asking Price Per Sq. Ft. | $584.22 | $619.92 | $506.51 |
| - Average Days on Market*- Active | 345 | 314 | 413 |
| - Number of Units Pending | 0 | 0 | 0 |
| - Average Pending Price | N/A | N/A | N/A |
| - Average Pending Price Per Sq. Ft. | N/A | N/A | N/A |
| - Number of Units Sold | 1 | 0 | 1 |
| - Average Sales Price | $850,000 | N/A | $850,000 |
| - Sales Price to List Price | 77.6% | N/A | 77.6% |
| - Average Sold Sq. Feet | 2,417 | N/A | 2,417 |
| - Average Sales Price per Sq. Ft. | $351.68 | N/A | $351.68 |
| - Average Days on Market* - Sold | $1,175 | N/A | $1,175 |
| - Highest Sale Price | $850,000 | N/A | $850,000 |
| - Lowest Sale Price | $850,000 | N/A | $850,000 |
| - Percentage of Total Sales | 100% | 0% | 100% |
| * Cumulative Days on Market | | | |
Overall, the month of August was a disappointing month for Phoenix and Scottsdale luxury condo sales. There was a single sale that sold for well below asking price (77.6% of list). And, since there were no pending sales in the pipeline, it looks like September will be another low activity month.
Search Phoenix and Scottsdale Luxury Condos for Sale
Originally posted on Live Better in Scottsdale
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2010 and can change at any time. The analysis looks at resale luxury condos in Scottsdale 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 © 2010 Heather Tawes Nelson