There has been a huge boom in demand in the Scottsdale luxury market. But will that translate to all of the new luxury condo projects coming up as well? Let's dive in to see what's happening now, what's coming soon, and what to expect as these projects get built.
What's happening now
A handful of projects are already open or close to it. Atavia, an 88-unit community at One Scottsdale priced from $860,000 to $1.7 million, recently topped out its first phase of construction. Right next to it, Portico, a 112-unit building, sold out completely back in 2024. Across the street, Optima McDowell Mountain's first tower is already open, and its second tower, the first for-sale condo building in that project, is about 40% sold ahead of move-ins expected in 2027.
Then there's Optima Kierland, the same developer's older project down the road, fully built and established for years. Current active listings there run from $600,000 to $2.85 million, the same price range the brand-new towers are launching into.
What's coming soon
Scottsdale has six major residential projects in active development right now, adding up to roughly 5,400 units total, most of them clustered along Scottsdale Road and the 101. Not all of that is condos for sale. Some of it is rental apartments. Breaking it down by what's actually going up for purchase:
One Scottsdale's developer got a zoning change approved by City Council in June, swapping planned retail space for 350 more for-sale condo units, averaging around 2,200 square feet, built next to Atavia. Optima McDowell Mountain will eventually have six towers totaling 1,330 units, but only two of those towers are for-sale condos, the rest are rental apartments. The Parque, a billion-dollar mixed-use project on the old CrackerJax site, includes 70 condos inside a much larger development that's mostly apartments, a hotel, and office space.
Add it up and there are over 1,000 for-sale luxury condo units either under construction or approved in this stretch of Scottsdale right now. Pricing spans from Atavia's $860,000 entry point to Optima's newest "Signature Collection" units, which start at $2.75 million and run past $3.3 million.
What to expect as these get built
Some of the already-built inventory is already showing signs of price movement. At Optima Kierland, a 2-bedroom, 3-bathroom unit sold this year after a documented $300,000 reduction from its original list price. A top-floor penthouse there sold after its listing was updated with a new price reduction as well.
Zooming out, Scottsdale's broader luxury market has more inventory than it did a few years ago, active listings are up 20 to 25% from 2023 levels, and roughly 35 to 45% of luxury listings see at least one price reduction before going under contract. Condo HOA fees in the area have also climbed $400 to $700 a month over the past three years.
Do you think there will be enough luxury condo buyers coming in to fill these projects, or will they sit longer than anticipated? Any other thoughts, we'd love to hear them.
Sources: City of Scottsdale, Markets of Tomorrow, Scottsdale Condo Mania, AZ Big Media, Homes.com, Phoenix Business Journal
