Heather Tawes Nelson ABR, CLHMS - Scottsdale, AZ

While loft living has been a tradition in many metropolitan areas for years, we are starting to see a lot of recent growth in the Greater Phoenix area. I define luxury lofts as those for sale for more than $1 million.

There are several luxury loft projects sprinkled throughout the area, including downtown Phoenix, downtown Scottsdale and Kierland.

I took a look at the performance from January through August and noted which luxury developments are seeing the most activity.

Valleywide Units for Sale: 30
Average Asking Price: $1,650,133
Average Square Feet: 2,430
Average Asking Price/Sq. Foot: $699.30

Units Sold in 2008: 9
Average Sales Price: $1,369,159
List Price to Sales Price: 95%
Average Square Feet: 2,040
Average Price/Sq. Foot: $691.56

The developments where these luxury lofts have sold are as follows:
- Kierland Plaza Lofts - Scottsdale, AZ - 6 of the 9 units total units sold were at the Kierland Plaza Lofts
- Average Sales Price: $1,532,905
- Asking Price to List Price: 100%
- Average Square Footage: 1,934
- Average Price/Sq. Foot: $798.51

- Third Avenue Lofts- Scottsdale, AZ - 1 Unit Sold
- Average Sales Price: $1,250,000
- Asking Price to List Price: 89%
- Average Square Footage: 2,097
- Average Price/Sq. Foot: $596.09

- Orpheum Lofts - Phoenix, AZ - 1 Unit Sold
- Average Sales Price: $825,000 (Original list price was $1,075,000)
- Asking Price to List Price: 77%
- Average Square Footage: 2,668
- Average Price/Sq. Foot: $309.22

- Summit At Copper Square - Phoenix, AZ - 1 Unit Sold
- Average Sales Price: $1,050,000
- Asking Price to List Price: 83%
- Average Square Footage: 1,990
- Average Price/Sq. Foot: $527.64

I will continue to check back periodically to see how this market is performing and update these figures accordingly. If you have any questions about any of the developments mentioned above, please visit Scottdale Real Estate News & Lifestyle or contact me.

Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) and can change at any time. Data represents activity from 1/1/2008 through 8/31/2008. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

A relatively recent addition to Greater Phoenix and Scottsdale has been the introduction of large luxury condo developments offering top-of-the-line amenities and a new way to enjoy desert living. The most notable developments have gone up in the new Scottsdale Waterfront area as well in the heart of the Biltmore corridor.

These luxury condo developments are perfect for locals who want to downsize their larger homes or for seasonal visitors who want to "lock and leave" their Arizona homes. While the list below is not exhaustive, here is a brief overview of some of the developments that have caught my attention.

Downtown Scottsdale and the Scottsdale Waterfront feature some spectacular developments. And, with the growth of the area, there is plenty to do within walking distance to keep yourself entertained. Optima Camelview is a collection of contemporary and visually-stunning mid-rise buildings featuring steel, glass and abundant plant life. It was designed by the award-winning architect David Hovey and has elevated condo living to a new level. Another major project of note is the Scottsdale Waterfront Residences. Overlooking the waterfront and in the heart of the new dining, shopping and entertainment district, these luxury condos are right in the middle of all of the action and the views are fabulous.

The Landmark at Kierland in North Scottsdale is another outstanding luxury community. The onsite amenities are best-in-class and the Landmark is within walking distance to all of the shopping, dining and nightlife at Kierland Commons.

In the Biltmore Corridor (around 24th Street and Camelback Road), there are several luxury condo developments that have been attracting buyers from all over. Some of the more notable communities include: The Residences at 2211 Camelback, Optima Biltmore (sister property to Optima Camelview), Esplanade Place and the newest addition, 18 luxury residences available in the new W Hotel. In the Biltmore resort area, Two Biltmore Estates and Fairway Lodge are adding even more luxury to an already beautiful area.

Not to be excluded, Tempe also has three luxury condo communities that are centered around the developing Tempe Town Lake area. These communities are Northshore at Tempe Town Lake, Edgewater at Hayden Ferry and Bridgeview at Hayden Ferry.

For more information on the luxury condo market in Scottsdale and Greater Phoenix, please visit Scottsdale Real Estate News & Lifestyle or contact me.

Copyright © 2008 Heather Tawes Nelson

Here are August's numbers for the luxury condo market in Greater Phoenix. I am defining the luxury market as condos for sale for more than $1 million.

At the end of August, there were 105 luxury condos for sale throughout the valley. Fifty-three of these condos were in Scottsdale, thirty-six of them were in Phoenix, and sixteen were in Tempe.

As of the end of August 2008, three luxury condos had sold and another three were pending. The three condos sold were from three different developments - Scottsdale Waterfront, The Residences at 2211 Camelback and Two Biltmore Estates. The pending condos were in the Scottsdale Waterfront, Optima Camelview and Esplanade Place developments.

Here is an overview of August 2008's numbers:

To see the original post or for more information on the luxury condo market in Scottsdale, Phoenix and Tempe, please visit Scottsdale Real Estate News & Lifestyle.

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* Disclaimer:
Information herein deemed reliable but not guaranteed. Data pulled the Arizona Regional MLS (ARMLS) and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson
Realty Executives Mountain View

The numbers for August 2008 are in and they are not as strong as they have been in recent months. For several months, we had positive sales momentum, but that seems to be tapering off.

August Highlights:

• Active listings dropped slightly to 3,839, a 0.9% decrease over July. While not a huge drop, this number has been decreasing every month since March of 2008 when there were 4,304 active listings on the market. This can be seen as good news in that some of the excess inventory is getting absorbed by the market each month.
• Pending sales dropped again to 300 or a -8.3% change over July. After seeing this number increase for several months, we are now close to the levels of pending sales we saw in February and March of this year. This is the third month in a row we have seen this number decline, which will have an impact on September's sales numbers.
• 274 homes sold in August, down from 286 in July and a high of 321 in June. As I mentioned in July's performance report, the drop in pendings would most likely impact this month's numbers.

Overall, August was not as positive a month as we have been seeing recently. We did see a slight dip in active homes for sale, which is positive. However, another monthly drop in sales and pending sales was discouraging.

To see the original post or to learn more about the Scottsdale and the local real estate market, please visit Scottsdale Real Estate News & Lifestyle.

Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information are pulled from many sources and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

August 2008 resulted in a mixed performance for the Scottsdale single-family resale luxury home market.

- AUGUST 2008 -

Homes Priced Between $1,000,000 - $1,499,999
- Actives: There were 531 actives, which is lowest level we have seen since before I started tracking this information last September. The average over the last 12 months has been 602.
- Pendings: There were 32 pending homes, which is below the average of 39 we have seen over the last twelve months. This is the lowest it has been since around December of 2007.
- Sold: There were 18 sales in August - a very large drop-off from what we have been seeing. The average monthly sales figure is 24.
- Sales Price to Listed Price: 90.3%

Homes Priced Between $1,500,000 - $1,999,999
- Actives: There were 270 actives in August which is one more than July. This figure is still trending lower than the 12 month average of 283 active homes.
- Pendings: There were 8 homes pending in July, down from a high of 16 in June. The average pending figure for the last twelve months is 11.
- Sold: Nine homes sold in August, which is right on the 12 month average. However, the pending sales for August are down, so we can anticipate that September sales for this price segment will be impacted.
- Sales Price to Listed Price: 91.4%

Homes Priced Between $2,000,000 - $2,999,999
- Actives: There were 328 homes for sale in this price point in August. This figure has been declining month-over-month since April, when there were 379 homes on the market in this price segment.
- Pendings: There were only 4 homes pending. This is a dramatic drop from the 11 average over the last 12 months. This small number of pending sales will have a large impact on September's sale's numbers.
- Sold: There were 8 home sales, a jump up from July's 5 sales, an increase of 60%. This figure is on target with the average of 8 sales per month over the last 12 months.
- Sales Price to Listed Price: 89.9%.

Homes Priced $3,000,000+
- Actives: There were 263 homes for sale in this price point in August. This figure continues to drop and has been decreasing since February 2008.
- Pendings: There were 9 pending homes, a 28.6% increase from July's 7. This should have a positive impact on September's sales figures in this price point.
- Sold: There were 4 home sales for over $3,000,000 in August. Four sales per month is also the average for this price point over the last 12 months.
- Sales Price to Listed Price: 92.8%

As you can see, the results vary by price band. The positive news is that active listings in all price points have been trending down or are flat. This indicates that some of the excess inventory is getting absorbed by the market. However, pending sales and home sales are not performing as strongly in some of the segments. Hopefully, the number of active homes for sale will continue to decrease and we will see a rebound in pending sales and actual sales as we move into the high season.

For more Scottsdale area market statistics, please visit my Luxury Market Reports page and download the Market Trends report. You can also see detailed market statistics on my Real Estate Market Reports page.

To see the original post as well as other information on the Scottsdale real estate market, please visit my Scottsdale Real Estate News & Lifestyle blog.

Disclaimer:
Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional Multiple Listing System (ARMLS) and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson