ICON at Silverleaf is already breaking luxury condo sales records — and more units are coming online soon.
To date, only 66 Arizona condominiums have sold for more than $3 million, said Deborah Beardsley, associate broker at Silverleaf Realty and listing agent for the condos. North Scottsdale’s Icon at Silverleaf claims the top five spots.
Of the 72 luxury condominiums at Icon at Silverleaf, 55 have sold.
Built by Aliso Viejo, California-based New Home Co., the community opened in January 2019.
Now architect Bing Hu and a group of investors have taken over to finish development of that project, said Beardsley. Five units remain for sale in the current phase.
The smaller units on the lower levels include two bedrooms averaging 2,752 square feet and three bedrooms averaging 3,157 square feet, Beardsley said. On the second and third floors, buyers are combining units to create larger suites, including one that created a 5-bedroom home for $5.3 million, she said.
In February, Hu had tried to auction the last available penthouse at Icon at Silverleaf as part of the region’s Super Bowl festivities. The auction started with an opening bid of $10.5 million, but it never sold.
That 6,288-square-foot penthouse includes its own 7,200-square-foot private rooftop terrace. It can be designed with anything from a private swimming pool and spa to custom amenities such as a putting green, golf simulator or dog run.
Beardsley said other penthouses at Icon sold for between $6.9 million and $8.35 million. Those 5-bedroom units average 6,288 square feet.
Within the next six weeks, the last 12 units — including two penthouse suites — will be released for sale, she said.
“Even the two- and three- bedroom units are selling at unusually high prices — just under $4 million,” Beardsley said.
Phoenix average condo price approaching $450K
This summer, during record-breaking temperatures, Silverleaf Realty closed on eight units totaling $23.74 million. That’s after the brokerage recorded $436.5 million in residential sales in 2022, making it the No. 20 largest residential real estate brokerage in the Phoenix metro, according to the latest data from Phoenix Business Journal.
The average sale price of a condominium in metro Phoenix is $448,834, according to San Francisco-based Polaris Pacific, equating to $327 per square foot. The average size of condominiums sold in metro Phoenix is 1,330 square feet.
There are 364 condo units under construction in metro Phoenix, with another 4,000 units in various stages of the planning process, according to Polaris Pacific.
“Other than the views, the fact that these investors chose to do a condominium project that was not urban, in a very private location, was a very interesting decision, considering condos are considered urban,” Beardsley said. “These are private, behind a very private manned guard gate.”
Usually, buyers don’t have much freedom in customizing their condos, she said.
“The fact that they allowed them to customize these units has been huge,” she said. “That’s a lot of intense labor for an architect and team of developers. That’s a critical reason people are willing to pay a price for these.”