Case-Shiller: Home Price Growth Continues

Home increased in October according to Case-Shiller’s 20City Home Price Index. Home prices rose from September’s annualized reading of 5.40 percent to 5.60 percent. Factors contributing to rising home prices include stronger economic conditions and outlook along with short inventories of available homes coupled with high demand. On average, October home prices rose 5.10 percent on seasonally adjusted annual basis, which was unchanged from September’s reading.

West Continues to Lead Home Price Growth

Top home price growth rates were in Seattle, Washington at 10.70 percent, Portland, Oregon at 10.30 percent and Denver, Colorado with a seasonally-adjusted annual price increase of 8.30 percent. New York, New York had the lowest home price growth in October with a reading of 1.70 percent.

In a separate report, December consumer confidence exceeded expectations with an index reading of 113.70 as compared to an expected reading of 110.00 and November’s reading of 109.40. This was the highest reading for consumer confidence since 2001. Analysts said that the strong reading for consumer confidence was a sign that consumers will increase their spending in 2017, but what will happen with mortgage rates is a big question.

Rising Mortgage Rates May Slow Home Prices, High Demand for Homes

With the Federal Reserve’s decision to raise its target federal funds range in December comes a question of how rising mortgage rates will affect housing markets. Rising fed rates typically lead to increases in consumer lending rates including rates for home loans and refinancing. Combined effects of rising home prices and mortgage rates create challenges for first-time and moderate income home buyers. While higher mortgage rates have not impacted buyer demand so far, rising mortgage rates could sideline some buyers.

A recent compilation of the most expensive places to live in America illustrates the imbalance of home prices as compared to consumer incomes. Brooklyn, NY topped this list with a reading of 127.70 percent of average household income earned in Brooklyn to buy an average priced home in Brooklyn. Analysts reporting this data noted that many Brooklyn homeowners work in Manhattan and earn more than those who work in Brooklyn. Disparities in average home prices and home buyer incomes could “trickle down” to less expensive areas if mortgage rates and home prices continue to rise.

Meanwhile, builder confidence is strong and is expected to lead to higher levels of home construction in 2017.

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7157 E Rancho Vista Drive Unit 3006 Scottsdale, AZ 85251

$2,180,000

3 Beds

2 Baths

2,312 SqFt

Status Active

MLS # 6693254

Property Type Apartment

Price Type --

Discover the pinnacle of luxury living in this stunning condo, meticulously designed with high-end features throughout. The condo exudes sophistication and style starting with white Italian flooring, artistic doors, triple coffered ceilings and designer lighting. Culinary enthusiast will delight in the gourmet kitchen which is a masterpiece of design and functionality. The Nari CotY award winning bathroom will leave you breathless. Absolutely stunning! The sellers converted two of the bedrooms into a jaw-dropping walk-in closet. This space is a fashion enthusiast's dream, offering extensive room for clothes, shoes, accessories, and more. Should your needs change, these rooms can be easily converted back into bedrooms, providing flexibility and convenience. This condo is more than just a place to liveit's a lifestyle statement, ideal for those who appreciate the finer things in life and desire a home that reflects their taste and stature. Whether you're a culinary aficionado who enjoys hosting dinner parties, a fashion lover with a sizable collection, or someone who values relaxation and luxury, this condo adapts to meet all your needs with elegance and sophistication. The outdoor living space takes this dream condo to a whole new level as an expansive space with several seating areas and beautifully landscaped. In addition, enjoy the lush botanical Optima Camelview experience with green plants and water features everywhere. 2 outdoor pools, indoor lap pool with spas, steam saunas, indoor basketball and racquetball court, putting green, pickle ballcourt, state of the art fitness facility, FULL time concierge, and on-site restaurant. All of this is within walking distance to dozens of exquisite restaurants, luxury shopping experiences and walking paths.

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6609 E 4th Street Scottsdale, AZ 85251

$2,175,000

6 Beds

6 Baths

4,082 SqFt

Status Active

MLS # 6755889

Property Type Single Family Residence

Price Type --

Do not miss this stunning architectural marvel, nestled in the heart of Old Town Scottsdale, boasting a 24-foot ceiling and 4,082 square feet of luxurious living space. The NEW home seamlessly blends into its natural surroundings, offering a harmonious union of form and function. As you approach the home, you are greeted with views of Camelback Mountain, right at your front door. As you enter, you are greeted by an impressive foyer that sets the tone for the rest of the home, and the spacious living areas boast an abundance of natural light and elegant finishes, creating an inviting atmosphere for entertaining guests or relaxing with the family. The gourmet kitchen is a chef's dream, featuring high-end appliances, custom cabinetry, thick slab Quartz and French Oak wood floors throughout. The home is more than just a sanctuary in the desert, it provides a vantage point to witness the beauty of Arizona's sunsets and the twinkling city lights below from the strategically placed view deck. Walking distance to Old Town Scottsdale. Providing an unparalleled setting amidst picturesque landscapes and breathtaking mountain vistas, the home offers a lifestyle of convenience and sophistication, with proximity to upscale shopping destinations, fine dining establishments, and world-class entertainment venues, ensuring every desire is effortlessly met. Yet, despite its proximity to urban amenities, the home remains a sanctuary of serenity and seclusion, offering a peaceful retreat from the hustle and bustle of city life. Situated with prominence, the home embodies luxury living with its timeless design and modern amenities.

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4142 N Golf Drive Buckeye, AZ 85396

$2,150,000

4 Beds

4.5 Baths

4,618 SqFt

Status Active

MLS # 6760081

Property Type Single Family Residence

Price Type --

Luxury has a new address and it's right here in the Heart of the Main Street District of Verrado. Location, Location, Location... Situated on the 1st hole of the Founders Course at Verrado Golf Club and within close proximity to the Clubhouse and city center. Here you will find the convenience of shopping, dining, community workout facility and pools. Truly an iconic Verrado location. This immaculate custom residence features the finest quality materials and craftsmanship from Salcito Custom Homes, a renowned custom home builder in Arizona. This 4,600+ sqft home offers an open airy floorplan with split master bedroom, private center courtyard and three guest suites all with their very own walk-in closets and bathroom. Gorgeous hand-scraped hardwood floors flow throughout this sprawling authentic Spanish Territorial Ranch. The heart of the home is the exquisite Gourmet Kitchen fully equipped with Professional Viking Stainless Steel Appliances, custom made cabinetry, gorgeous granite countertops, walk-in pantry and bar. This luxurious home exudes class and sophistication in every room, no expense was spared in the design of this custom masterpiece. You will marvel in the beauty of the backyard retreat as it truly has it all... Amazing breathtaking views of the surrounding Mountains and Golf Course. This home offers some of the most picturesque sunsets in the entire valley. An entertainer's paradise this home can be controlled from your iPhone or Smartphone, adjusting the music on the fully integrated sound system, turning on the pool light, changing the temperature or arming the security system. This home was designed to enjoy year-round, simply stunning. Paradise has no limits... Inquire today about scheduling a private tour of this home.

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10465 E Rising Sun Drive Scottsdale, AZ 85262

$2,150,000

4 Beds

4.5 Baths

3,248 SqFt

Status Active

MLS # 6716947

Property Type Townhouse

Price Type --

Mountain Golf Membership available with NO wait! Fully furnished! Best Location in the Haciendas on the lush, grassy greenbelt leading to private Village pool and workout complex. This fully furnished Paloma plan is the largest - 4 bedrooms, 4.5 baths with designer touches, custom window coverings - Repainted throughout to lighten interiors - new neutral window treatments and auto shades in great room. Gorgeous landscape pots added to outdoor patio areas - private spa off Master. Kitchen with knotty alder cabinets and Viking appliances, granite countertops, center island with seating. Guest Suites have walk-in closets. Upper level guest casita with kitchenette. This gorgeous home is in pristine condition. 30 day application process for memb approval.

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902 E San Angelo Avenue Gilbert, AZ 85234

$2,150,000

5 Beds

4.5 Baths

4,693 SqFt

Status Active

MLS # 6743031

Property Type Single Family Residence

Price Type --

Gorgeous Remodel! Every detail provided in this Stunningly Beautiful 5 Bedroom, 4.5 Bath Victorian Farmhouse! Including lighted Regulation PICKLEBALL COURT, Workout Room complete with Infer-red Sauna. Large Half-Acre Lot with N/S exposure, circular drive entry, mature trees and gorgeous porch in the sought after Circle G Ranches. $600K in upgrades/ improvements. The step-down Office with its own fireplace sits right off the entry. The Kitchen is a masterpiece of design- 2 islands (1 marble and 1 butcher block) 4 Wolfe ovens, 6 burner gas stove/ grill & custom hood, Sub-zero refrigerator/ freezer w/ custom doors, 31'' under counter microwave, Bosch dishwasher, 2 pantries, wine refrigerator w/ 2 cold drawers. Separate Dining Room and Breakfast area. Living Room has wood burning fireplace. Spacious Game/media room w/cauffered ceiling, surround sound and custom barn doors. Downstairs Master Suite features double sink butcher block vanity, large tile shower, claw foot vessel tub, towel warmer and custom designed closet. All 4 additional bedrooms have walk in closets and ensuite- 2 share a Jack & Jill. Large Laundry room has Sub-zero refrigerator, cabinets and work space, sink and walk-in pantry. Backyard is an entertainers dream including beautiful ramada, built in BBQ, newly rebuilt private pool and spa, recently added pickleball court, fire pit, new turf play area with a wonderful shaded area compliments of two mature Ficus trees and multiple fruit trees. Oversized 3 Car Garage with epoxy coated flooring, Pro-Slat walls to hang equipment, steel cabinets and pull down stairs to attic storage. A phenomenal find in this lush BEAUTIFUL Circle G Ranch neighborhood! *Regulation size Lighted Pickleball Court *Fruit Trees include: Tangelo, Orange, Grapefruit, Lemon, Lime *Pentair Pool Equipment *MPulse Infer-red Sauna *Insta- Hot Water in Kitchen *ARO Water Filtration system *Turf in Backyard *Windows all replaced and have a Lifetime Warranty !! Remodel - Upgrades and Improvements over $600,000!!

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3898 N Camino Ojo De Agua -- Tucson, AZ 85749

$2,150,000

4 Beds

4 Baths

4,179 SqFt

Status Active

MLS # 6752129

Property Type Single Family Residence

Price Type --

A breathtaking architectural marvel nestled into the Agua Caliente Hill of Tanque Verde. Behold the sweeping city lights, mountain views and glorious sunsets from every window & terraced patios. Built on a ridge atop 3.2 private hillside acres, you'll leave the urban crowds behind. No HOA opens up vacation rental opportunities. The home has been meticulously renovated over the past 4 years w/ Thermadore appliances, lux finishes & maple wood floors giving the home a fresh, luxurious and welcoming vibe. The negative edge pool will make you feel like you're living in a resort! Don't miss the elevator, floating vanities & toilets/bidet, central vac, new windows and doors, freshly paved driveway, designer ceiling fans, Quartz counters, double oven, 48'' fridge/freezer, pot filler & much more! Enjoy many outdoor recreational activities with both the Agua Caliente Hill South Trailhead and the Agua Caliente Regional Park just moments away.

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10188 E Cortez Drive Scottsdale, AZ 85260

$2,150,000

4 Beds

3 Baths

3,970 SqFt

Status Active

MLS # 6766223

Property Type Single Family Residence

Price Type --

Located in the coveted Cactus Corridor, this meticulously upgraded 4-bedroom plus office, 3-bath home spans 3,970 square feet on over 3/4 of an acre. The stunning exterior boasts a circular driveway set against a backdrop of 80 mature trees and a freshly landscaped yard, complete with new sod, an updated irrigation system, and charming herringbone pavers. Step inside to discover a grand foyer leading into a living room with 20-foot wood-plank beamed ceilings and resurfaced fireplaces, creating a resort-like ambiance. The home has been retrofitted for a whole-home 8-zone audio system and networking throughout, making it a tech-savvy haven.The chef's kitchen is a culinary dream with new appliances, and a 50 sqft pantry, flowing seamlessly into both casual and formal dining spaces. The downstairs bedroom offers comfort for guests, while the expansive primary suite includes a private balcony, dual walk-in closets, and a luxuriously updated bathroom. Outdoors, the resort-style pool has been extensively remodeled with a pebble-sheen surface, salt-water generator, and Kool Deck. The property also features a BBQ island with built-ins and a dedicated dog run, ensuring every family member is catered to.Additional luxury upgrades include a new high-efficiency, 'smart' hybrid water heater, Tesla Wall Charger, 400-amp electrical service to accommodate any future upgrades, and a comprehensive Unifi camera security system with extensive LAN storage. Practical enhancements like smart thermostats, new air handlers, crown molding, and upgraded lighting throughout make this home as functional as it is beautiful. Situated in a prime location with unobstructed views of the majestic McDowell Mountains, this home offers privacy, tranquility, and the ultimate setting for creating lifelong memories.

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4132 N 44th Place Phoenix, AZ 85018

$2,150,000

4 Beds

4.5 Baths

2,897 SqFt

Status Active

MLS # 6779131

Property Type Single Family Residence

Price Type --

Discover luxury redefined in this exquisite 4 bedroom, 4 bathroom estate, designed for those who demand excellence in every aspect of their home. The heart of this residence is its open-concept living area, seamlessly integrating a chef's kitchen with top-tier appliances and a spacious living room - perfect for both intimate family moments and grand entertaining. Each bedroom serves as a private haven, featuring en-suite bathrooms with premium finishes. The master suite stands out, offering a spa-like experience in the comfort of your own home. Step outside to find a backyard paradise, where a sparkling pool and spa await for relaxation. Make it yours today! Scheduled completion for end of November 2024!

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1350 Discovery Drive Prescott, AZ 86305

$2,150,000

4 Beds

3.5 Baths

3,305 SqFt

Status Active

MLS # 6780188

Property Type Single Family Residence

Price Type --

Sensational contemporary home just completed in 2024 is ready for occupancy! This elegant and modern home with unique design elements offers main level living, luxury appointments in a bright and open floor plan all in the centrally located Heritage subdivision. Features include Hardwood flooring with tall ceilings, ''Anderson'' windows, stone accents, 3 gas fireplaces, quartz counters and custom built-in appliances in the Kitchen/Great room area. Oversized Master Suite features walk-in shower, stone accents and private deck with amazing views of Thumb Butte. Other features include metal roof, spray foam insulation throughout, secluded private back yard with a firepit, pavers, boulder outcroppings, artificial turf and covered outdoor kitchen. 3 car epoxy garage with workshop.

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18934 E Vallejo Street Queen Creek, AZ 85142

$2,150,000

5 Beds

4.5 Baths

3,854 SqFt

Status Active Under Contract

MLS # 6771559

Property Type Single Family Residence

Price Type --

Want to move but sad you missed out on those crazy low interest rates? This amazing home comes with an ASSUMABLE interest rate of 2.25% This luxury home has everything you want- shows like a model home, with all the upgrades and everything has been done for you. No expense spared and meticulously maintained. All the bedrooms have ensuite bathrooms. Entertain and cook in the gorgeous chef's kitchen with high end appliances, the kitchen island is expansive and ready to host your next baseball team or work party. Sky high ceilings with an open living floorplan and a flex space, 4 car garage, pickleball/basketball court, sparkling heated pool- all on over an acre and with an interest rates that makes you feel like you should do it. This is truly a special home and ready for it's new owner.

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10787 E Sutherland Way Scottsdale, AZ 85262

$2,150,000

4 Beds

4 Baths

3,855 SqFt

Status Active

MLS # 6786722

Property Type Single Family Residence

Price Type --

Welcome to this exceptional Southwest Territorial home, perfectly situated on the 15th fairway of the award-winning Troon Pinnacle Golf Course. Enjoy breathtaking views of Pinnacle Peak, the golf course, city lights, and stunning sunsets. The open floor plan features a chef's kitchen with a large center island, flowing seamlessly into a two-story great room with a stone fireplace, wet bar, and formal dining area. The owners suite and office are conveniently located on the main floor while large ensuite guest rooms tout private balconies on the second floor. Retreat to the private backyard where you'll find a heated pool & spa, built-in BBQ, and stone fireplace offering the ultimate Arizona lifestyle. Enjoy nearby hiking & biking trails, tennis courts, community park, restaurants & more! ***Recent upgrades include a newer silicon roof with 10yr warranty (2020), exterior stonework & painting (2024, 2021), 3 new Trane 18 seer HVAC units (2-2021, 1-2024), two new 80 gallon water heaters (2021), pool equipment (2023), landscaping, irrigation (2023, 2022) and more!***

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11796 W Creosote Drive Peoria, AZ 85383

$2,150,000

4 Beds

3.5 Baths

4,074 SqFt

Status Active

MLS # 6716808

Property Type Single Family Residence

Price Type --

Welcome to your Toll Brothers Costellana Floor plan with a Casita, located In the Black Stone Country Club Community. a luxurious sanctuary of modern living. With its striking stone veneer facade and 12'' ceilings, this home exudes elegance from the moment you step through the door. Plank tiled flooring guides you through the spacious interior, leading to the heart of the home: the gourmet kitchen. Quartz countertops, a 48'' Wolf Dual Range Stove, and a built-in Sub-Zero refrigerator-freezer elevate the culinary experience. A 15' pocket door slider seamlessly merges indoor and outdoor living, revealing a backyard oasis complete with a saltwater heated & cooled pool, spa, and outdoor kitchen. With four bedrooms, including a private casita, and a master suite boasting French doors. Extended Kitchen: Wolf Gas 48 Dual Fuel Range 4 Burners, Infrared Charbroiler and Infrared Griddle. Double Oven. Built in 48 Sub Zero Side by Side Refrigerator/ Freezer with Internal Dispenser. Under and above Mounted LED Lights. Kitchen Aid Dishwasher, Trash Compactor. Garden Porcelain Sink. With Brass Faucet. Kitchen Island with Quartz Counter Tops. Smooth Close Drawers. Subway Tiled Backsplash. 1 Bedroom Casita: Wet Bar with Built in Refrigerator Shower. Separate Entrance. 2 Den / Offices, One with 8ft Class French Doors. The other with Barnyard style Doors. Spare Bedrooms have walk in closets. Great Room Has Wood Style Beams 12 Ft Ceilings. Master Bedroom Has 8ft Rench Doors to the Patio. Plank tyle. Walk in Closet with built in Drawers. Master Bathroom has Bidet. Dual Head Shower with a Rain Head. Free standing Tub. Dual Sinks with Vanity. There are French Doors off the Breakfast Nook. Back yard Patio has Electric Heaters. Built in BBQ with an Evo Grill. Motorized Awning Salt water heated and Cooled pool and Spa. Travertine tiled Back yard with Synthetic Grass. 4 car Garage Has EV out let for a Charging station, Racks Built in Cabinets Water Softener.

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