Scottsdale Condo Statistics - At the Half
Is there more appreciation for new Scottsdale condos or older Scottsdale condos? That’s a question I get quite often when buyers are looking to buy not only a place to live, but an investment. Because this real estate market has been acting so un-natural in the past few years, it is hard to determine what will work in the next few years. Almost any way you slice it, Scottsdale condo prices have dipped in the last year, but statistics are leaning towards older condos holding up better than their newer counterparts. Older Scottsdale condos dropped 6.4% in price per square foot between the first 6 months of 2007 and the first six months of 2006. Newer Scottsdale condos dropped 8% for the same time period. New high rise condos were not factored into this comparison because they have their own dynamics going on.However, there are some condo developments that have worked better than others in appreciation, or lack of depreciation. I help my clients determine what communities are holding their value in the last year or two, and which condos are priced lower than their counterparts in the development.
First Half of 2007 First Half of 2006
| Price Per Square foot of sold condos Built during or after 1997 |
$266.23 |
$284.60 |
|
| Price Per Square Foot of sold condos Built before 1997 |
$202.95 |
$221.03 |
Report produced by Elizabeth Suto, RE/MAX Integrity REALTORS™
Statistics are based in whole or in part on the data supplied to the Arizona Regional Multiple Listing Service.. ARMLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by ARMLS may not reflect all real estate activity in the market.