Scottsdale Shadows Condo Prices Increase in Q3 of 2018

Join Geoff Lilienfeld as he reviews the prices of Scottsdale Shadows condominiums in Old Town Scottsdale, AZ.  We'll see an upward price trend which is in line with other condos in Old Town Scottsdale, Arizona.

Scottsdale Shadows Condo Real Estate Market Price Update Video

 

Scottsdale Shadows Market Update Transcript

As we wrap up the third quarter of 2018, we're going to take a look at the Scottsdale Shadows Condominiums in Old Town Scottsdale. Scottsdale Shadows are located in Old Town Scottsdale at the corner of East Camelback Road and North Haden. Kind of right in the heart of things around Old Town but just a little bit far enough away from the entertainment district to not have a whole ton of noise. As you will see here, it does border up to Camelback Park and Scottsdale Shadows is known for having a small golf course right on property for those that are avid golfers that want to get a few holes in.

Let's start by taking a look at what's currently on the market at Scottsdale Shadows. We'll see that the various units are generally about 1200 square feet and range anywhere from about the $175,000, this one's a little lower here at $170,000, up to about 225k. One thing that's a little bit unique to Scottsdale Shadows is that it does have multiple HOAs inside of the single condo community, that's a lot of the reason that you'll see various prices all over the place. You'll also see different HOA dues, depending on the particular unit, based on the building that it's in.

Some of the buildings have recently been undergoing remodels inside of the hallways and the common areas while others have not been recently updated. One thing that you will just want to do is take a look at the various units and what the HOA fees are for each. We can see this one here is 443. If we select a different unit, so that's the 7910 building, the 7930. That one's very similar at 426 so you will want to keep an eye on those HOA fees. Of course, you can see those on our website. Every property we do list the HOA fees and when it's the frequency of paying it. That's of course available at k-grant.com. You can just search on the Old Town Scottsdale Communities and then select Scottsdale Shadows. From that page you can also see all of the Scottsdale Shadows condominiums that are presently on the market in Old Town.

With that being said, let's take a look at some of these market trends. We're going to go back to Q1 of 2014 looking at price per square foot. We can definitely see that if you purchased a unit in Scottsdale Shadows back in 2014 you are probably happy. Scottsdale Shadows went from an average price of almost exactly $100 per square foot up to a price in Q3 of 2018 of over $180 per square foot. That means that the average price has gone up by a full 80% over the course of about four and a half years so Scottsdale Shadows is definitely alive and kicking and doing well.

It's kind of interesting here, in this first quarter of 2015 we see this massive jump from $105 per square foot up to $121 per square foot so it's kind of continued up since then. Let's take a second to just look at the counts of homes that have sold over the last five years. Definitely in 2014 places in Scottsdale Shadows were really moving, there was a lot of activity with 87 condominiums in Scottsdale Shadows being sold. 2015 a little bit less action but of course we'll see back on this graph that the price didn't go down but we do see that the price kind of remained stagnant in 2015.

Going back to 2016, we're seeing a lot more units being sold and we also see that price climbing again. 2017 is pretty similar to 2016 in terms of the number of units being sold but the price kind of maintains. Then in 2018, we're really seeing those prices go way up. The volume seems to be about on track with 2017, so we've seen 34 condos in Scottsdale Shadows close so far in 2018 and we're a little less than three-quarters of the way through. We'd expect that the volume will end up somewhere probably around 2015 or 2017's volume for 2018.

If we just want to do a quick comparison for all of 85251, that's really the Old Town Scottsdale zip code, just looking at condominiums, we'll see that Scottsdale Shadows, in general, has been a little bit more stable than the overall 85251 condo prices. Also, interestingly enough, we'll see that condo prices have been coming down in 85251 in the third quarter of 2018 whereas in Scottsdale Shadows we saw them really going up.

Now with that being said, the volume of condos sold in 2018 in that 85251 zip code which, again, is really that Old Town Scottsdale, Arizona zip code, the volume has been pretty high in 2018 thus far. I would expect that it will land a little bit higher than the volume for 2017. If you have any questions about Scottsdale Shadows or other condos around Scottsdale, Arizona, definitely please comment right on this post or feel free to use our contact form to send us an email. We're happy to answer any questions that you have as well as show you any properties or set you up on an MLS search for Scottsdale Shadows or any other condos around Scottsdale.

Call Andrea Lilienfeld to learn about other Scottsdale condos for sale at 480-387-3990.