Arizona Real Estate Notebook

Read the article to get the play by play on the Las Vegas luxury condo market.

The market remains in the midst of a rebalancing from an overheated demand profile to a skeptical consumer perception.”

“Rebalancing,” I like that.

Nearly 56.4 percent of the luxury condo market — about 58,461 units worth — remain in the planning or proposed stage, while another 3,877 units have been suspended. Meanwhile, 5,253 units or 14.7 percent of all projects have been canceled.

Condo sales averaged $594 per square foot in the second quarter, while median condo-hotel sales were $691 per square foot.

It’s the first time a finished condo has topped $1,000 per square foot

Didn’t Kierland (Scottsdale) have a $1,000 per square foot sale?

“We believe that end users will ultimately dictate demand within the luxury condo sector,” Gordon said.” My response, “Duh!”

“Normalized conditions will prevail over the next several years.” “Normalized” can mean anything but “several years” means several years.