Watch our latest video where Geoff Lilienfeld, Scottsdale Realtor, analyzes the Optima Camelview Village condos in Old Town Scottsdale. At the time of this post The Kay-Grant Group has 3 Optima Camelview condos for sale.
If you'd prefer to read about the Optima Camelview you can view the transcript below. Please remember this is word for word from the video so excuse "typos".
If you'd prefer to read about the Optima Camelview you can do so below. Please remember this is word for word from the video so excuse "typos".
Hi, this is Geoff Lilienfeld with The Kay-Grant Group. We are Scottsdale realtors that specialize in the Optima Camelview Village. For those that aren't familiar, Optima Camelview Village is a luxury condominium complex in Old Town Scottsdale. Today, we're going to take a look at some of the active listings, some of the recent market trends, and what condos are generally going for in the Optima Camelview.
If we take a look here, we can see right now there's a fairly healthy inventory of condos. We have 14 one bedroom condos averaging about $359,000, 21 two bedroom condos averaging $567,000, and we actually have 10 three bedroom condos, which is a pretty decent number considering just kind of the ratios to the condos that exist in Optima Camelview. There's definitely far fewer three bedrooms that have been built than one and two bedrooms.
It is important to note that what we're looking at here, these are all the list price. These are not sold prices, so of course anybody can list a condo at the Optima for whatever they want. It's a little bit different story whether or not they sell. You will see here that we also have a four bedroom condo that's still on the market at $1,450,000.
If we look at the average price per square foot, we notice that the three bedrooms in general have a higher average price per square foot than your two and one bedrooms. Part of the reasoning for this is just that a lot of times the three bedroom condos have been upgraded quite a bit more, so much more custom cabinetry, floors, some of them even have Jacuzzi jetted tubs, is a large master ensuite. A lot of the three bedrooms have been upgraded more, which is part of the reason for that higher price per square foot that we see sometimes at the Optima.
Let's take a look at what's been selling here recently. If we take a look, let's look by bedrooms. In August we had 5 listings close at the Optima, and an average sales price of $524,000. These were all two bedrooms. No one bedrooms or three bedrooms closed in the Optima in August of 2016, but we did have 5 two bedroom condos. An average price per square foot of $399.52, which is a little bit down from what we say in July of 2016 for the two bedrooms, but it's definitely a little bit up from what we saw in June as well as May of 2016. The two bedrooms, if we look here for August, they're doing good. They're holding steady. Obviously, July was up a little. If we take a look here, we might see if maybe we had a couple of outliers, and we did. This is what probably drove this price up. There is a $1.15 million two-bedroom condo that sold in July of 2016. That's going to obviously make a big difference on that average sales price. That definitely explains kind of what happened there.
Let's kind of look at the price trends a little bit here. If we look at a price per square foot, we will notice unfortunately that we kind of really topped out at this September, October time frame, and then even back at December here. In November we saw a little bit of a drop, but keeping in mind that this includes all condos. We see that we have a little bit of a downward trend here, kind of from where we peaked around September and October of 2015. September we saw 3 transactions averaging $493 a square foot, and then in October we saw 6 transactions averaging $483. Now of course, these can be affected by larger condos being sold or higher upgrades, but of course in December we were also averaging about $453. Then we dropped off a little bit in 2016 since then. It does kind of appear that we're heading back towards that lower number. We don't have the September numbers on here just yet, but from looking at it, I can tell you for September, we're down a little bit as well.
In our overall transaction count, we had 11 transactions go through in June this year. That's pretty high. We always see that July and August dip off. June generally peaks. We can see back in 2015, June peaked with 8, and July and August dropped off to 2 transactions. Here, we saw June actually peak with 11 transactions, and July and August down to 4 and 5, respectively.
What this does tell us is that condos in the Optima Camelview Village are certainly moving. In general, the Scottsdale real estate market, including Old Town Scottsdale, is doing very well right now, but we aren't seeing prices rise, at least, at the Optima. They're not falling drastically, but I will say from watching some of the listing prices, I've definitely seen that some of the inventory on the market is being reduced. At least a couple times per week I'm receiving notifications of price reductions. If we look right now, two bedrooms are averaging $413 a square foot as a list price. Generally, the list price is lower than what stuff actually sells for. In August, so we were averaging $399. We definitely hope that we start to see those prices move back in an upward direction.
If you have any additional questions about the Optima Camelview Village or about Old Town Scottsdale condos for sale in general, please reach out to Andrea Lilienfeld, that's my wife. She works heavily within this community. We have 3 active listings within the Optima Camelview right now. If you're interested in seeing any of those, we would love to show them to you, or if you're interested in any other Scottsdale condos for sale or North Scottsdale homes for sale, or of course Scottsdale homes for sale in general, please really reach out to us. You can call Andrea at 480-387-3990, and also visit our website at www.kay-grant.com. Thanks so much for listening and let us know if there's anything we can do to help with your Scottsdale real estate search.
Contact us Now
Remember that when searching sites like Zillow Scottsdale you only get to see a portion of the active listings and can't be sure as to which listings may already be under contract. Contact us today and we can setup a custom search for you that shows information directly from the MLS including Optima Camelview Condos for sale.