Geoff Lilienfeld reviews the current Optima Camelview Village real estate market trends for June 2018.

If you would prefer to read the transcript, please see below:

Optima Camelivew Village Trends Analysis

We're going to take a look at the current market trends for the Optima Camelview in Old Town Scottsdale. What we see here, of course, we're looking back to the first quarter of 2014 through today. What we see here is definitely a downward trend in prices at the Optima Camelview. Let's look back here to very late 2016. In late 2016, the Optima Camelview was involved in a lawsuit with the developer. I should clarify that it never actually came to litigation. It was settled prior to any litigation. What happens here is that the price drops. We see the price going up after the settlement. Part of that is, of course, people just being uneasy, as well as sometimes that can cause an issue with writing mortgages.

Price Drops in Optima after Lawsuit Settlement work begins

We see the price go up, and it's kind of interesting what happens here. As they get the money from the developer, a whole bunch of construction starts up around the Optima Camelview. What we see is that the prices actually drop off, which is kind of funny, because essentially the prices are dropping, because so much construction is happening and the community is getting upgraded. But the prices are dropping off, because there's just noise, there's cranes around, all sorts of stuff like that, as well as the fact that a storm killed the generators, and so there are temporary generators sitting outside of the Optima. All things that are not really a big deal, but at the end of the day, there is just a reality that not everyone is okay with that.

We see these prices really drop off, which is not in line with what's happening in the rest of Old Town Scottsdale. That's pretty interesting, and in my personal opinion, this is actually creating an investment opportunity. Generally, luxury condos are not the best investment option, but in this particular scenario, I do believe that this is kind of an artificial dip and is a buying opportunity for someone looking for an investment. In fact, we purchased a condo just a couple months ago in here for this reason. It's pretty interesting how these prices are dropping. Like I said, I really think it makes an excellent investment opportunity at the Optima.

One other kind of interesting piece of information to look at is that up to today, which we're not even halfway through June yet. Today is June 9th of 2018. When we look at this, we've already sold 38 homes in 2018 in the Optima. With 38 condos having already sold, one would guess that we're on track to see a record year, in terms of the volume of condos being sold. There's definitely a lot of turnover right now. Clearly, there is people buying, which again, is always a good sign if you're interested in purchasing a condo, and want to make sure that you can sell it in the future and you're not stuck. You want to see that there's people out there buying.

Pretty interesting. I'd say overall, there's just a lot of activity happening right now in the Optima, and it's definitely an interesting community to keep an eye on. If you have any questions, want to know more about the Optima, the market here, or any other condos around Scottsdale, or any homes in Scottsdale in general, please feel free to reach out. 

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