Luxury condos keep on selling - Kierland condo sells for $3.16 Million

Kierland condo sells for $3.16 M, from the Arizona Republic, reports that the Valley's elite condo market continues to stay hot as evidenced by the recent sale of a super-luxury condo at Kierland for $3.16 million, the biggest in state history according to the developer. The condo was on the sixth floor of Tower II of the Landmark at Kierland. This sale follows another recent condo sale of $3 million at the nearby Plaza Lofts at Kierlands Commons. "People are wanting to free up their lives," said Connie Greve, the Centennial Homes agent who listed the condo. "They want a condominium here and where their grandkids live, or where it's cooler. They don't want to be tied down to maintaining a single-family home," she added. The most expensive condo units in the Valley have been selling well despite the housing downturn. "I expect to see the market go up," said local condo developer Keith Mishkin. "It's going to be more and more common to see the best luxury condos in the $2 million plus range. We've seen a lot of closings of late and current escrows in the $2 million to $4 million range," he added.

http://www.azcentral.com/community/scottsdale/articles/0316ON-recordcondo.html