Join Ian as he covers the Q4 real estate market trends for Scottsdale Springs Condos in Old Town Scottsdale.
Video Transcript:
Hello everyone. This is Ian with Kay-Grant Group. We're going to be going over the Scottsdale Springs subdivisions. This is actually a condo subdivision. We're going to be talking about what it's price per square foot is, how many units have been sold. It's kind of general information stuff. So let's go ahead and just get on into it. So when we look at the subdivision year over year, Q4 is when you saw a pretty significant dip. If you actually look historically, that's where it's been dipping. It's a little all over the place. But if you do it year over year, last year is $180 per square foot. This year it's jumped all the way up to about $221 per square foot, which that makes it about a 23% increase year over year.
Why has it had the meteoric rise? Let's go ahead and look at that. One of the things that contributes very heavily to the price per square foot increasing so much is its location to Old Town Scottsdale. It's about a 10 minute walk away unless if you are a little bit more brisk in your stride. But that's one reason. The very next reason is when we do a property search for available inventory in that complex, we get a zero, zilch, nada, nothing. The last property sold a little over three weeks ago.
So besides its location, what makes this place so popular? Well, it actually has a very well maintained exterior. And of course, you have really nice amenities as well, including the pool that you see here. It also includes very spacious floor plans. Now, all of the condos are pretty much the same as far as square footage. It's a 1130 square feet and there are two bed and two bath. So if you mash all those things together, the ideal location, the lack of inventory, that the fact that they are two bed, two bath with generous square footage, especially in the downtown Scottsdale area, you're going to end up looking like this.
With the price per square foot rising as it has, sales have nearly doubled year over year. Now the fact that we have lack of inventory, that's going to lead to the price per square foot, more than likely to continue to rise in Q1 and Q2. So if you're looking to sell, and you actually live in the Scottsdale Springs area, we've sold actually quite a bit of condos in that area and represented buyers and sellers alike.
So at the end will be our contact information. But that's it just to kind of give you guys an idea of where the market stands. We'll catch you next week.