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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37200 N Cave Creek Road Unit 1055
Scottsdale, AZ 85262
$2,800,000
4
Beds
4.5
Baths
3,041
SqFt
Status
Active
MLS #
6774624
Property Type
Single Family Residence
Price Type
--
Welcome to this exquisite modern Camelot villa, located in the prestigious SEVEN subdivision of Desert Mountain! This well thought out home offers captivating views and privacy. Upon entering, the expansive great room welcomes you, offering stunning northern views of the Continental Mountains and a luxurious patio space to enjoy. Boasting over 3,000 square feet, this home features 4 bedrooms, 4.5 baths, elegant flooring, custom cabinetry, stylish lighting, and breathtaking countertops throughout. The Primary bathroom offers heated floors, a steam shower, a dream-worthy closet, and towel warmers. The fully landscaped backyard is perfect for creating unforgettable memories, complete with a pool, BBQ, and fire pit. Adding to the luxury are the two separate casitas—an exceptional and rare feature! The innovative telescoping doors provide a seamless flow from the spacious interior to the stunning outdoor spaces, capturing the essence of Arizona's indoor-outdoor lifestyle. The gourmet kitchen is a chef's dream, equipped with state-of-the-art appliances. Every detail of this villa, from the beautiful landscaping to the meticulously designed spaces, has been curated for an unmatched living experience Furniture available under a separate agreement.
11250 W Prospector Drive
Queen Creek, AZ 85144
$2,800,000
4
Beds
4.5
Baths
4,280
SqFt
Status
Active
MLS #
6775374
Property Type
Single Family Residence
Price Type
--
STUNNING 4 bed 4.5 ba custom estate in GATED Santo Vallarta! Spacious open floor plan features high ceilings w/ wood beams & bright natural light. GOURMET KITCHEN w/ custom soft-close cabinetry, premium Wolf appliances incl GAS range, quartz counters & backsplash, oversized island + butler's pantry. Split master suite w/ direct access to backyard, spa-like en suite bath & walk-in closet. Resort style backyard offers outdoor kitchen, expansive covered patio, sparkling pool w/ water features & spa, gas firepit & BREATHTAKING views of the San Tan Mountains. Home features a 3cg + RV garage w/ hookups & EV charger, tankless water heaters, Control4 Smart Home system to manage the security system, AC & pool. Located on a N/S cul-de-sac lot, just minutes from local amenities, shopping & dining. Step into the expansive open-concept living space, where natural light pours through the large sliding doors that lead to the backyard, blending indoor and outdoor living effortlessly. The living area flows into the gourmet kitchen, equipped with Wolf appliances, a propane stove, and custom soft-close cabinets, all accentuated by sleek quartz countertops. For the culinary enthusiast, the butler's pantry provides extra storage and prep space, ideal for entertaining. The backyard is an entertainer's dream, complete with a custom pool featuring an acrylic glass panel, a spacious covered patio, and a fully equipped outdoor kitchen. Unwind by the pool or take advantage of the Control4 Smart Home system, which seamlessly manages the home's security, cameras, AC, and pool with the touch of a button. Automatic and manual window treatments throughout the home ensure privacy and comfort at all times. For car enthusiasts or RV owners, this property offers a rare finda 3-car garage plus a massive RV garage measuring 21x49 feet, complete with a 50-amp charger for electric vehicles, an RV dump station, and a 220V outlet. The home also features a double washer and dryer setup in the laundry room for added convenience. Luxury extends beyond the main living areas. The home is outfitted with two tankless water heaters, one located inside the garage and the other outside, ensuring an endless supply of hot water. The quartz countertops continue into the bathrooms, each designed with the same meticulous attention to detail. The primary suite offers a true retreat with direct access to the backyard, a spa-like en-suite bathroom, and ample closet space. Outside, the beautifully landscaped yard includes a outdoor shower, kitchen, garden and storage shed, offering extra utility for homeowners. Situated at the end of a cul-de-sac on a North-South-facing lot, this home ensures maximum privacy and optimal sunlight throughout the day. Key highlights of this home: Butler pantry Custom pool with acrylic glass panel All Wolf appliances Control4 Smart Home system Quartz countertops and custom soft-close cabinets RV garage (21x49) with dump station, 220V (50-amp) EV charger Smooth stucco finish and foam insulation to the deck Outdoor kitchen and shower Tankless water heaters inside and outside garage Gated community with cul-de-sac location Split floor plan for privacy Outdoor kitchen and garden This property embodies luxury, convenience, and smart living. Located just minutes from local amenities, shopping, dining, and recreational activities, you'll experience the best of Queen Creek living in this extraordinary custom home.
5587 E Edward Lane
Paradise Valley, AZ 85253
$2,800,000
3
Beds
3
Baths
2,502
SqFt
Status
Active
MLS #
6746956
Property Type
Apartment
Price Type
--
Lock and leave modern Villa, southern exposure and views of iconic Camelback Mountain. First floor, end unit on quiet street, single level living, 10' ceilings, Sierra Pacific casement windows and 9' bi-fold doors, wood floors throughout, dual fuel 48'' Wolf range w 6 burners, 48'' Wolf wall hood, 48'' Sub-Zero refrigerator, new Cove DW, Quartz countertops, Rinnai Tankless water heater, Kohler fixtures, Emtek door hardware, Toto lavatories, motorized shades, Distinctive custom cabinets and custom closet design, garage storage, epoxy finish and electric car charger, Resort style living, Concierge svcs, golf, artisanal dining, Fitness studio w yoga, pilates & more. Long list of personalized guest services at Mountain Shadows Resort. NO SHORT TERM RENTALS - 6 mo minimum lease. Citizens Club members enjoy priority tee time access on the golf course, equal to hotel guests, use of 4500 sf fitness center and all group fitness classes, introductory fitness assessment, use of day locker facilities, and signing and charging privileges throughout the Resort. Mountain Shadows Resort Amenities made available to Villas Homeowners include a 15% discount to the lower of the Best Available Rate or Rack Rate before discount to Resort guests, including: Hotel Room Nights Restaurant Food & Beverage Greens and Cart Fees Poolside Cabanas Retail Outlets Hotel Valet or Self Parking Nome Meal Delivery from the Resort's Food and Beverage Outlets Alarm system, prewired for motorized shades, smart home.
10779 E Whitethorn Drive
Scottsdale, AZ 85262
$2,800,000
4
Beds
3.5
Baths
4,063
SqFt
Status
Active
MLS #
6693349
Property Type
Single Family Residence
Price Type
--
Now $150K UNDER new appraisal. Exquisite NEW CONSTRUCTION in gated Pinnacle Canyon completed March 2024 by Bent Nails, Inc. and Realm Architecture & Design. Quality through and through, this desert getaway is replete with luxurious finishes such stone and wood floors throughout, granite countertops, handcrafted custom cabinetry, Subzero/Wolf Kitchen and loads of extras such as refrigerator/freezer drawers, steam oven, vacuum seal drawer, and a passthrough window from the outdoor kitchen. The open concept family room centers on a gorgeous stone fireplace and is perfect for large gatherings or intimate evenings at home; this flexible floor plan offers privacy and comfortable living. Beautiful Primary Suite and Junior Primary Suite; both are bright and airy with wonderful walk-in closets and their own laundry. Wood plantation shutters and automated shades throughout. Disappearing doors allow indoor/outdoor living to flow out to a generous covered patio overlooking the surrounding mountains.Enjoy this acre+ desert oasis year round with built-in heaters, heated pool and spa, fire pit, misting system, and a fabulous outdoor kitchen. Whole-house water filtration and soft water, Lutron system controls shades, thermostat, lights. Auto-locking garage doors. *Please check the documents tab for an extensive list of amenities* This is truly Arizona living at it's best!
3079 E Fruitvale Court
Gilbert, AZ 85297
$2,800,000
6
Beds
7
Baths
6,051
SqFt
Status
Active
MLS #
6721005
Property Type
Single Family Residence
Price Type
--
This 6 bedroom, 7 bath home has it all! Theater room, interior courtyard, a full-sized lap pool/spa, putting green, 4 car garage w/ storage. The list goes on. This home has also been upgraded with a 30'x60' RV garage with hook up and sewage drain, along with storage cabinets and a sink. It also has an exterior half bathroom that serves the shop and pool area. This beautiful home's exterior has been freshly painted, the pool was upgraded in the last month, resurfaced and new waterline tile added, the baja step was extended, and barstools installed for swim up effect. The pool also received new updated equipment. The turf in front yard along with a paver round-a-bout drive for extra parking were also additions recently completed. This home is great for entertaining and calls for lots of fun
26485 N 108th Way
Scottsdale, AZ 85255
$2,800,000
6
Beds
6.5
Baths
6,602
SqFt
Status
Active
MLS #
6723125
Property Type
Single Family Residence
Price Type
--
Welcome to a stunning custom-built masterpiece that exudes romantic charm and timeless sophistication. Nestled in the prestigious Windy Walk Estates, part of the Troon Village community, this home offers an enchanting blend of elegance and classic design. As you step through the grand entrance, you are greeted by the glow of ornate chandeliers that illuminate the spacious living areas. The beautiful iron spiral staircase adds to the home's captivating allure. For your convenience, an elevator provides easy access to all levels of this remarkable residence. The primary bedroom is a true retreat, featuring a private balcony that offers breathtaking views of Pinnacle Peak. Imagine waking up to the serene beauty of the mountain every morning, framed perfectly by the large windows in your bedroom. This home is designed for those who appreciate fine details and luxurious touches. The property includes a two-bedroom separate casita, each with its own entrance. One unit features a kitchenette, making it perfect for guests or extended family stays. The main house boasts a wet bar with a built-in wine fridge, ideal for entertaining. Step outside to the backyard oasis where a sparkling pool with a waterfall feature awaits. Whether you're hosting an intimate gathering or enjoying a quiet evening at home, the ambiance of this property will captivate and inspire you. Experience the epitome of luxury living in this exceptional Scottsdale home.
6914 E 2nd Street
Scottsdale, AZ 85251
$2,800,000
4
Beds
3.5
Baths
3,014
SqFt
Status
Active
MLS #
6768865
Property Type
Single Family Residence
Price Type
--
Introducing Old Town 5! Downtown Scottsdale's newest urban living community with 5 stylish homes available, all with state of the art finishes, fresh design elements and luxurious living spaces. Each home will include a stunning gourmet kitchen, wide plank wood flooring, sleek cabinetry, refined marble, gorgeous custom lighting and fully retractable walls of glass that open to spacious entertainment balconies. The full guest house is an added bonus. High style, architectural excellence, quality, comfort and functionality combine to create an environment like no other. And Located in the center of the ever booming Old Town Scottsdale, where the lifestyle is unparalleled, and walking distance to the finest dining, clubs and shopping in all of The Valley, this unprecendented community of upscale homes promises to be as unique as it is desirable!
10379 E White Feather Lane
Scottsdale, AZ 85262
$2,800,000
3
Beds
3.5
Baths
4,778
SqFt
Status
Active
MLS #
6734916
Property Type
Single Family Residence
Price Type
--
REDUCED $200,000! BACK ON MARKET AFTER ROADS RESURFACED.Offered turnkey with a full price offer; including furnishings, accessories, kitchen items & Christmas Decorations (ask for the itemized list). Introducing easy access, lock & leave, move-in-ready custom in Troon's esteemed Pinnacle Canyon! This Tierra Builders custom home offers a split floor plan: 3 bed, 3.5 bath, office & 3-car garage, perfect for luxury living. Positioned alongside the 17th tee box of Troon's Monument Course, it's a dream for golf enthusiasts. Recently renovated with fresh paint, a new roof & a meticulously designed resort-style backyard, the property is a sanctuary of luxury. For entertaining, the spacious semicircle wet bar has seating for 6. Light bright interior spaces, with high ceilings throughout. MORE. Step into the backyard oasis boasting new patio & pool decking, upgraded pool equipment & beautifully updated landscaping, creating an ambiance of tranquility & refinement. The breathtaking views of majestic mountains (including Pinnacle Peak) and sparkling city lights from multiple vantage points throughout the home. Whether entertaining guests or enjoying quiet evenings, this residence offers single level living plus an unparalleled blend of elegance and comfort. Don't miss the chance to own this exceptional retreat that embodies the essence of upscale Sonoran Desert living at PINNACLE CANYON AT TROON. Additional new upgrades include: washer & dryer, dishwasher, tankless Navien gas water heaters, epoxy sealed garage floors, all landscaping irrigation lines, and exterior landscape lighting.
25564 N 119th Street
Scottsdale, AZ 85255
$2,799,995
3
Beds
3.5
Baths
4,330
SqFt
Status
Active
MLS #
6728699
Property Type
Single Family Residence
Price Type
--
This STUNNING plan with award winning exterior design in a gated community can be yours at Toll Brothers at Ranch Gate Estates! Generous 65,600 sqft (estimated) home site size. This Mariola home design boasts dramatic ceilings up to 12' tall with 3 bedrooms, 3.5 bathrooms, a primary retreat, a flex room and an added bonus room. The dramatic interior courtyard welcomes great opportunity for indoor/outdoor living and the perfect ambiance to entertain family and friends. Two sets of large stacking doors off the dining room along with a 90-degree corner sliding door at the great room welcome a light-filled home along with bringing views to the outdoor living from all angles inside the home. Close proximity to the McDowell Mountains for hiking and biking. November 2024 move in date!
12313 N 93rd Way
Scottsdale, AZ 85260
$2,799,990
4
Beds
4.5
Baths
5,117
SqFt
Status
Active
MLS #
6675558
Property Type
Single Family Residence
Price Type
--
Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. The stunning Sterling model comes complete with landscaping in both the front and back yards, as well as a spacious four-car tandem garage. The kitchen is adorned with KitchenAid Pro Premier Appliances and features a thoughtfully planned cabinet layout. In the foyer, a trey ceiling adds elegance, while the great room is highlighted by a multi-panel center sliding glass door. Additional luxuries include an AV built-in with a fireplace, a guest suite with a living area, and a lavish owner's bath. All conveniently situated in the sought-after Cactus corridor.
5841 S Marin Court
Gilbert, AZ 85298
$2,799,900
4
Beds
4.5
Baths
5,286
SqFt
Status
Active Under Contract
MLS #
6721236
Property Type
Single Family Residence
Price Type
--
Beautiful custom 4BR/4BA + den, dining, game room & nicely upgraded detached guest quarters. Combined sq ft of 5286. Private, theatre, travertine floors, 12 ft ceilings with striking wood beams, stone accents & crown molding throughout. The killer kitchen features Wolf Appliances, massive granite counter top space, 2-dishwashers, walk-in pantry & a cool beverage service area. Primary BR features coffered ceilings, custom closets, dual walk-in shower & Jacuzzi tub. Bring the toys, trucks, etc. & store them in your HUGE detached 2000 + SF, garage. With over ht. 14 ft RV door + 3-car attached gar. This home has been designed for a lifestyle of unparalleled comfort & luxury! The back yard Oasis is set with pool, spa, massive fireplace , built-in BBQ & ext. patio for all your entertainment! Situated near one of Gilbert's premier location only 5-10 min. to the So. 202 FWY, SanTan Village Mall, 20 min. to both downtown Gilbert & downtown Chandler & 35 minutes to Phoenix Sky Harbor International Airport. Far too much to list, a must see!
6539 S Oakwood Way
Gilbert, AZ 85298
$2,799,000
6
Beds
4
Baths
6,500
SqFt
Status
Active Under Contract
MLS #
6769600
Property Type
Single Family Residence
Price Type
--
Welcome to 6,500 square feet of pure custom luxury w/in the highly coveted gated community of Estados at Seville Golf & Country Club in Gilbert, Arizona. This custom-built estate offers the ultimate in country club living, complete with a fully finished basement, oversized rooms, his-and-her office spaces, an enormous walk-in closet, pantry, and a home theater. The backyard is a true resort oasis, set on a three-quarter-acre lush green lot. It boasts a diving pool, sport court, children's playground, sunken trampoline, built-in BBQ, outdoor living room, and an expansive covered patio with multiple walls of glass that effortlessly blend indoor and outdoor living spaces. Once you settle into this stunning estate, with its custom finishes throughout, you may never want to leave... But the amenities of Seville Country Club will beckon! Just a short golf cart or bike ride away, you'll find an 18-hole golf course, a health & fitness center, two restaurants, four pools, two-story waterslides, tennis and pickleball courts, reception halls, a hair salon, a preschool, a K-8 school, on-site childcare, bocce ball courts, concerts, and so much more. The Seville lifestyle offers far more than a typical neighborhood. Once you experience it, you'll understand why it's one of the most sought-after communities in the greater Phoenix area. Located in Gilbert, Arizonarenowned for being one of the safest communities in the U.S.this massive, elegant estate awaits to welcome you home to a new level of luxury living.