The Rise Of The Million-Dollar Condos

Scottsdale Waterfront Residences condo development
(at Scottsdale and Camelback Roads)

The new trend in downtown Scottsdale of million dollar condos seems to be working at the Scottsdale Waterfront, where only five units remain unsold in the luxury towers. Three of them are priced between $1.6 million and $1.9 million, while two penthouses are going for at least $3.25 million.

At least eight other nearby condo developments are fetching prices in the millions for downtown living.

"You would think it would be a lot of out-of-town buyers used to high-rises but there's a lot of people moving from Desert Mountain (in north Scottsdale) and Paradise Valley, and they're looking to downgrade their lifestyle," said Marty Stephens, president of the Scottsdale Area Association of Realtors.

David Roderique, Scottsdale's general manager of economic vitality, said that Scottsdale has close to 3,000 units that are in some stage of development in downtown. More...