The Optima Camelview in Scottsdale, AZ has seen its recent ups and downs over the last several years in terms of market prices.
5 Year Optima Camelview Village Price Trend
The 3rd quarter of 2018 marked the lowest average price per square foot that the Optima Camelview has seen in the last 5 years. This is largely due to extensive remodeling occurring following the settlement between the Optima HOA and the developers.
While the price at the Optima appears to be going up in the 4th quarter of 2018, it should be noted that this is largely ue to a couple of sales of larger / remodeled condos. These condos generally sell for a much higher price per square foot than the rest of the inventory in the Optima.
Optima Camelview Village Village Past 3 Months Sales
If we eliminate the 3 and 4 bedrooms properties we see that the prices in the Optima Camelview are showing an upward trend but not nearly as dramatic as when reviewing all sales in The Optima.
Optima Camelview Village 1 and 2 Bedroom Sales Only
It is very likely that we will see a somewhat flat price trend for the next 6 to 12 months in the Optima while the outdoor pools are rebuilt and the hallway refinishing completes.
As of the writing of this post, there were 43 Optima Camelview condos for sale on the AZ MLS.
The sales volume in the Optima Camelview is definitely looking healthy for 2018 with it on track to beat the last 3 years in terms of sales volume and possibly be the highest in 5 years.
Optima Camelview Village Sales Volume Last 5 Years
This level of sales volume is likely to continue in 2019 with the much lower prices that c ondos at the Optima can be prucahsed for.
Optima Camelview Village Pricing Past and Future
The Optima Camelview Village condos in Old Town Scottsdale has certainly had some turmoil over the recent years since the conflict began between the Optima HOA and the developers. As discussed in a previous blog post about the Optima settlement and the impact its had on the community we expect that the price of condos in the Optima will rise in the coming 6 to 12 months as major projects are completed around the Optima. These projects include:
- Completely rebuilding the indoor pools, outdoor pool, and the corresponding spas
- Refinishing of hallways
- New water softening systems being put in
- Dozens of other projects around The Optima!
We continue to believe that there is a buying opportunity to purchase condos at very low prices in the Optima though we, of course, have to disclose that we can't see into the future and as such this is opinion only and purchasing any real estate comes with inherent risk.
External factors likely to affect the price of the Optima Camelivew Prices
The Scottsdale Fashion Square Mall is undergoing some major renovations which are going to bring new shops and restaurants making the area an even more attractive place to own a home, especially if you're the type of really values ease and convenience and loves to walk everywhere (as most condo dwellers are). This includes adding Ocean's 44, a Mastro's restaurant, right down the street from The Optima as well as Nobu.
If you do have any interest in purchasing or selling a condo at the Optima Camelview please Contact Us.
We work with lots of buyers and sellers in and around the Optima and Old Town Scottsdale. We represent dozens of individuals every year with their purchases and sales of Old Town Scottsdale condos as well as other properties in The Valley.