End of Second Quarter, Scottsdale Waterfront Condominiums Real Estate Market Update

Join Scottsdale Realtor Geoff Lilienfeld as he reviews the homes that sold in the Scottsdale Waterfront condos.

Here is a transcription of this Scottsdale Waterfront real estate market update:

Good morning, this is Geoff Lilienfeld with The Kay-Grant Group. Today we're going to take a look at the real estate market for the Scottsdale Waterfront condos in Old Town Scottsdale. Specifically since we just finished the second quarter of 2016 we're going to take a look at sales activity for the first quarter of 2016. With that being said, we didn't see any sales in May or June. In April we had two closed listings on an average price per square foot of $574.68. March, we had one closed listing at 551.87. Looks like in February we had a closed listing at 606.88, and we actually had three listings closed in January of 2016 at the Scottsdale Waterfront.

Let's go down here and take a look at the quarterly data since that gives us a little bit larger sample size. Obviously, there's not enough closed listings to get a truly accurate picture but this can paint us some level of a picture of the current market at the Waterfront. We will see that the average days on market definitely vary. In the first quarter we had 145 average days on market while the second quarter was 205, keeping in mind that those are listings that actually closed in the first quarter not those that were listed. Those reflect condos that sold after being listed for that many days, so listed in 2015 likely.

If we look by the number of beds we'll see that on an average price per square foot, again, we have limited data. This is a trend that we see in a lot of these luxury condo complexes especially in Old Town Scottsdale where the larger condos with more bedrooms actually closed at a higher price per square foot. We'll see that we had four two-bedroom condos at the Scottsdale Waterfront closed in the first quarter of 2016 with an average price of 552.63 a square foot. In that same quarter there was a three-bedroom that closed at 638.66 per square foot.

In the second quarter we only see two sales at the waterfront, but once again we do see where the two-bedroom closed is significantly higher price per square foot than the one-bedroom. The one-bedroom closing at 445 while the two-bedroom closed at almost 704. If we take a look at this price trend here we will notice that it does seem that going from January 2015 to July 2016, if we were to put a trend line on here I think that we would see this price per square foot going up over this time. Again, we have to keep in mind the small number of data points. Overall that trend does appear to exist.

We also see in general if we look at the active listings back to the discussion of the price per square foot on the larger units, the three-bedroom listings have an average price per square foot of 871. The two-bedrooms, 614, and the one-bedroom about 628. The one and two-bedrooms are fairly similar in terms of the listing price but we definitely see that the three-bedrooms much much higher.

I think some of the reasons for that is that a lot of times the units on the higher floors we'll see get combined or they build kind of more penthouse style of units, where the living space is also larger, maybe some higher end finishes as well. The Scottsdale Waterfront is known for its beautiful balconies and terraces, sometimes these larger units will also have much larger terraces out of the Scottsdale Waterfront.

That's our market update for July of 2016 covering the first two quarters for the Scottsdale Waterfront condos. If you're interested in learning more you can fill out our contact form or please give us a call at (480)-387-3990.

Remember to contact us to learn about the Scottsdale Waterfront or other Scottsdale condos for sale.  Andrea Lilienfeld is a top Scottsdale Realtor and eager to serve as your Scottsdale real estate agent. We can set you up on a Scottsdale real estate search which will send you information on homes for sale that match your preferences.  This data is much more up to date than Scottsdale Zillow.

If you're interested in the Scottsdale Waterfront you may also be interested in Optima Camelview condos for sale.