This Blog has been updated from our Previous Blog a few months back!
The Scottsdale Urban High-Rise & Condo market is on fire now and slightly closer to its peak prices than ever before! Let’s look at the number alone this year…
– 25 Sales above $1,000,000
– Most Expensive Penthouse sold for $3.6 Million, trading at $811 – 853 dollars a foot.
– Scottsdale Waterfront is trading (Selling) on Avg at $525 a foot ($853 Highest, $416 Lowest)
– Optima Camelview is trading (Selling) on Avg at $385 a foot ($641 Highest, $269 lowest)
– Kierland is trading (Selling) on Avg at $577 a foot ($583 Highest, $471 Lowest)
– The Mark is trading (Selling) on average at $355 a foot ($448 Highest, $270 Lowest)
– Penthouses in Scottsdale are Trading (Selling) on average at $609 a Sq. Ft ($853 highest, $417 lowest).
Not all air space in a condo, high-rise, or penthouse is created equal. Floor level, unit location, views, amenities, and features can increase or decrease a unit’s price. There have been a few record breaking sales this year because the units are one of a kind, feature sick views, and in the perfect unit location in the development. The trading prices and total sales prices will continue to climb upwards because the condo market has become a hot commodity. Today you will have a hard time finding units in the prices above because the units for sale today are priced $80-$150 + price per sq.ft higher. If I were to take you out to look for a unit in any of the developments listed above expect to pay $80-$150 + more and if you are in the market for a penthouses, be ready to shell out $700 over $1,000 a foot. The prices today are still below market compared to other metro cities (NY, LA, Miami) and compared to our prices back during the peak of the market you will find these an absolute steal still.
The benefits to buying a condo starts with the lifestyle & and end with the Investment choice. Condos are perfect for lock and leave jet set lifestyle, can easily be used a few times a year without any worries, and extremely low maintenance fees. Condos also carry much lower property taxes and offer tax breaks. Some High-Rise buildings in Scottsdale, AZ will offer concierge service, hotel access, located in the hotel (W Scottsdale), and luxury amenities. Now about property taxes yes you will save, but what you save will be paid towards HOA dues and some can run you upwards of $1,000 a month. Condos are great investments as well because the unit can be rented out monthly or yearly. Depending on the location, property, and luxury access can also be rented daily or even used a vacation rental.
If you are considering buying or selling a Condo in the Scottsdale Real Estate Market give us a shout, we can be reached at 480.458.8007 or by email LavishPadBoutique@Gmail.Com