Optima Camelview Condos Market Update

The below video gives an overview of the Optima Camelview condos that have sold thus far in 2016.  You can also see all condos for sale in Old Town on our Old Town Scottsdale homes for sale page. Please be sure to contact Andrea Lilienfeld, a Scottsdale realtor with They Kay-Grant Group if you have any questions.

 

Here is a timestamped transcription of the above video:

Hello. This is Geoff Lilienfeld with The Kay-Grant Group. As we close up the second quarter of the year, I thought that we would take a look at some numbers for the Optima Camelview Village condos in Old Town Scottsdale to see how the market has changed throughout 2016.

For June 2016, there were a total of eleven units that sold in the Optima Camelview Village. We see here that we have average days on market of 144. Obviously, you'll notice that in the previous month of May, we were much, much higher at 272 days on market.

[00:01:00]

We do have an average close price of $602,000 per unit, which equates to an average price per foot of $403.58. That number is up from May, and down a little bit from April of 2016. With that being said, if we look at this on a quarter over quarter basis, we'll notice that the first quarter of 2016 for Optima Camelview and the second quarter of 2016 for Optima Camelview are fairly consistent. Average days on market for the first quarter was 158.6, and the second quarter, 162.84, so this is pretty similar and in line with what we've seen in the past, as well.

[00:02:00]

The first quarter, we see that 15 units closed, with 19 in the second, so the first quarter being January through March and then the second quarter, April through June. Again, that average price per square foot stayed fairly consistent for the Optima, and our average close price is well within a standard range that we'd expect to see.

In June, we did see all three of one, two, and three bedroom condos close escrow. We had four one bedroom units close, four two bedroom units close, and three three bedroom units closed. We'll notice that the average days on market for the two bedroom units is significantly lower than for the one and three bedroom units at the Optima, being a full 50 days lower than the one bedrooms and 67 days than the three bedroom units.

[00:03:00]

It is interesting to note that on a price per square foot basis, the three bedroom units at the Optima Camelview for the month of June did sell for a consistently higher number than the two and one bedroom units, which is kind of interesting, as oftentimes with condos and homes in Scottsdale, you'll notice that as the homes get larger, that the price per square foot actually goes down, because you still have a single kitchen, same number of bathrooms, but at the Optima, there has seemed to be a trend that the larger, more expensive units actually do tend to sell at a higher price per square foot.

A lot of that might have to do with upgrades if a lot of the condos in the Optima are being upgraded in a more expensive manner for the larger condos than that would make sense for why we would see that higher price per square foot.

[00:04:00]

As far as condos actively listed in the Optima Camelview, we do see quite a few. Obviously, the two bedrooms really dominate the market with 24 two bedroom condos being presently listed at the Optima at an average price per foot of $430 and an average overall list price of almost $600,000. We also see that we have 12 one bedroom condos, five three bedroom condos, and two four bedroom condos listed at the Optima Camelview.

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In general, the price trend has maintained fairly consistent. Definitely seeing similar this quarter than we did the first quarter of 2016 with a pretty steady number of average days on market. It does appear that overall, there is somewhat of a trend towards the price recently declining for these condos. However, I wouldn't expect that there would be any sort of real significant market shift coming up.

In general, we can see that these condos are definitely continuing to sell if we look at these 19 closed listings in the second quarter, and there are approximately 700 units in the Optima, so based on that, we see a turnover of approximately 2.7% per quarter.

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If we go and we look at 2015 as a whole, in the fourth quarter, you'll see there were eight listings that closed, in the third quarter seven, the second quarter 18, and in the first quarter, 14 listings closed at the Optima Camelview in 2015, so that gives us 57 total listings. Again, if we divide that number by 700, we see about an 8.1% rate of return.

This concludes our Optima Camelview update. Again, this is Geoff Lilienfeld with The Kay-Grant Group. If you are interested in viewing any units in the Optima Camelview or if you would just like more information on the market, please feel free to contact Andrea Lilienfeld. Her phone number is 480-387-3990, or you can e-mail her at andrea@kay-grant.com.

[00:07:00]

We would also love to discuss listing any condos that you're interested in selling. Obviously, we specialize in the Optima Camelview as well as the Old Town Scottsdale area, and Scottsdale and the Phoenix metropolitan area as a whole. Thanks again for listening, and please let us know if there's anything that we can do to assist you with your Optima real estate needs.

 

That Concludes The Optima Camelview Condos 2016 Market Analysis

You may also be interested in taking a look at Scottsdale Waterfront condos for sale or Safari Drive condos for sale.

 

If you're interested in learning more you can fill out our contact form or please give us a call at (480)-387-3990.