Last week’s housing related news was limited to Construction Spending and Freddie Mac’s mortgage rates survey, but labor reports suggested an economic slowdown may be in the works.
Construction Spending Slips in April, Mortgage Rates Mixed
According to the Commerce Department, overall construction spending slipped in April to -1.80 percent as compared to March’s reading of +1.50 percent and May’s expected reading of +0.70 percent. Residential construction spending was 1.50 percent lower, which doesn’t help ongoing shortages of available single-family homes. Builders have repeatedly cited labor shortages and lack of developed lots as obstacles to building more homes. Year-over-year construction spending was 4.50 percent higher.
Freddie Mac reported higher rates for fixed-rate mortgages while the average rate for a 5/1 adjustable rate mortgage was one basis point lower at 1.87 percent. Rates for a 30 year fixed rate mortgage averaged two basis points higher at 3.66 percent; rates for a 15-year fixed rate mortgages were three basis points higher at 2.92 percent. Average discount points were unchanged for all loan types at 0.50 percent.
Labor Reports Indicate Slowing Jobs Market And Economy
According to the Non-farm Payrolls report for May, U.S. jobs increased at their lowest rate in five years with 38,000 new private and public sector jobs added. Temporary hiring also hit its lowest reading in seven years, which was seen as a negative as temporary jobs often transition to permanent positions.
Analysts said that May’s extremely low reading for jobs created indicates that a revision is likely. This inconsistency was supported by the national unemployment rate of 4.70 percent, but the lower jobless rate was attributed to workers leaving the labor force.
ADP’s May reading for private sector jobs rose to 173,000 jobs against expectations of 165,000 jobs and April’s reading of 268,000. This reading was further evidence that the Non-farm Payrolls report was likely inaccurate.
Last week’s new jobless claims fell to a five-week low of 267,000 as compared to expectations of 279,000 new claims and the prior week’s reading of 268,000 new claims.
What’s Ahead This Week
Economic news scheduled for this week include a speech by Federal Reserve Chair Janet Yellen on Monday; this speech could foreshadow the Fed’s decision to raise or not raise the Fed’s target federal funds rate during its FOMC meeting later this month.
Readings on job openings and consumer sentiment will be released along with weekly reports on mortgage rates and new jobless claims.
7436 E Continental Mountain Drive Cave Creek, AZ 85331
$11,000,000
5
Beds
6
Baths
7,934
SqFt
Status
Active
MLS #
6652945
Property Type
Single Family Residence
Price Type
--
The Mustang residence is nestled on 4.7 acres with breathtaking 360-degree mountain views. Facing southwest, this residence perfectly captures the tranquil surroundings, offering a seamless blend of indoor-outdoor living on a single-level split floorplan. The warm and organic material palette, features stone, wood, steel, and glass. The heart of the home unfolds as you step inside, revealing an open living, kitchen, and dining space. This central hub is designed for both relaxation and entertainment, with the flexibility to open the floor-to-ceiling pocket doors during the season. The outdoors is an entertainer's dream, boasting an infinity pool that seemingly merges with the horizon, set against a backdrop of majestic mountains. Descend from the deck to enjoy an outdoor lounge centered around a fire pit creating the ideal setting for relaxed social gatherings. The rooftop, immersed in the saguaro forest, invites you to experience everyday magic during the golden hour or revel in solitude under the stars. In this home, every detail has been meticulously crafted to provide a sophisticated and harmonious living experience. Welcome to Continental Mountain Estates, where modern luxury meets the Old West.
6638 N 66th Place Paradise Valley, AZ 85253
$11,000,000
6
Beds
6.5
Baths
10,071
SqFt
Status
Active
MLS #
6749099
Property Type
Single Family Residence
Price Type
--
Discover an exclusive opportunity to own a prestigious estate in the highly sought-after Judson Estates of Paradise Valley. Set on a sprawling 1.5-acre lot, this magnificent property offers breathtaking mountain views and an expansive living space exceeding 11,000 square feet, which includes a private guest casita and a separate guest house. Upon arrival, be greeted by a grand circular driveway, meticulously landscaped to perfection. Enter through the impressive front doors to be welcomed by stunning vistas of the resort-style backyard and pool. The covered patio, designed for exceptional entertaining, features an outdoor kitchen, extensive covered seating areas, and serene fountains that enhance the tranquil ambiance. The gourmet kitchen is an entertainer's dream, while the elegant dining room, complete with a private bar and wine cellar, exudes sophistication. The living room features another bar and seamlessly opens with a wall to wall pocket door to the resort-style backyard, creating a perfect blend of indoor and outdoor living. The luxurious primary suite boasts a thoughtfully designed split floor plan, two opulent closets, a private workout room or sitting area, extra storage, and exclusive patios. Guests will enjoy their stay in the private attached casita, which boasts a spacious living area and a full kitchen. For added privacy, the separate guest house offers additional luxurious accommodations apart from the main home. An oversized five-car garage, complete with a spacious recreation room, provides ample additional space. Indulge in the epitome of luxury living with this exquisite estate in Judson Estates.
42515 N 102nd Street Scottsdale, AZ 85262
$10,995,000
4
Beds
4.5
Baths
6,323
SqFt
Status
Active
MLS #
6750914
Property Type
Single Family Residence
Price Type
--
Sited in Desert Mountain's prestigious Saguaro Forest this 1st time on the market 2020 custom home comes with furnishings and a golf membership. This stunning single level soft contemporary masterpiece was designed by Architect Shelby Wilson and built by Manship Homes. The interior (Elizabeth Rosensteel) and exterior (CF Design) are intertwined creating organic modern elegance. This perfectly situated 2.49-acre home sits above Desert Mountains highest clubhouse and its 18th hole. Perched above the rooftops it's unobstructed vista showcases eastern sunrises to western sunsets with city lights in between. The beauty of this property elicits the same statement over and over again...''Wow this is the best view in Desert Mountain''. Step inside and your eye is immediately drawn through the interior courtyard to the jaw dropping 83' negative edge lap/play pool which seamlessly merges into the horizon. This indoor/outdoor sanctuary represents the pinnacle of carefully curated contemporary design (outstanding balance/flow, natural light, generous space and privacy). The premier location is enhanced with walkability to the Chiricahua Clubhouse and Constantino/Angelos's restaurants. Make this your home and drop yourself into instant paradise.
9333 E Happy Valley Road Scottsdale, AZ 85255
$10,950,000
11
Beds
12
Baths
11,995
SqFt
Status
Active
MLS #
6754976
Property Type
Single Family Residence
Price Type
--
This is a mini resort! This gated estate is perfect for those who value a luxury private estate with luxurious amenities, quality finishes and views. The current owner conceived and built the estate with gardens, terraces, balconies, pools, walkways, garages and amenities of grandeur that rival 5-star resorts while appealing to the car collector, equestrian lover, toy owner and entertainer alike. On just under 5 acres in the coveted zip code of 85255, this property frames Pinnacle Peak to the north and city lights and Camelback mountain to the south. In terms of accommodation, the main home offers two generous primary suites, 4 bedrooms ensuite, 2 bedroom with jack & jill bathroom, theater, office, grand dining room and wine cellar. The guest house feature a billiards room.... .. with a custom built-in bar (with a hidden door to a full-size server's kitchen), a theater with state-of-the-art technology, wine cellar, elevator, private office at entry, and grand dining room. A glass wall of pocket doors blends the inside and outside living space and expansive patio. The spectacular resort inspired outdoors feature mature lush landscape, misters, and putting green wrapped by a lazy river with in-pool lounge chair deck and 2 cabanas. Separate from the lazy river is an impressive pool and spa with swim-up bar, grotto, boulder water slide, splash pad and shallow pool perfect for pets or those who don't desire the depth of the pool. Enjoy food prep in the outdoor kitchen or cooking in the authentic pizza oven or smoker and invite friends to play volleyball in the full-size sand volleyball court. As a car collector, the owner built garages to house 12-14 vehicles which wrap around a paver motor court flanked by a 50' RV garage. The garage features a bar for entertaining, private bath and glass display doors to showcase his special treasures. This home also has an exquisite barn and turn-out for horses or livestock if you so desire. There are too many features to list, including a long list of recent mechanical updates. Showings by appointment only. We recommend at least 2 hours to view the estate. Your client can rest assured that this home will remain private to outsiders as only limited photos will be provided to the public.
41521 N 75th Place Cave Creek, AZ 85331
$10,500,000
4
Beds
5
Baths
7,250
SqFt
Status
Active
MLS #
6753754
Property Type
Single Family Residence
Price Type
--
The Six Shooter residence seamlessly floats in harmony with the natural landscape through carefully selected rustic materials, such as rubble stone, concrete and raw steel. Perched high on the gentle hillside, this home offers panoramic views and ultimate privacy amidst ancient saguaros. The lower 7-car show garage not only serves as a focal point, but elevates the home even higher, transcending the hillside for commanding views. The great room is an open-concept space that seamlessly connects the front terraces with mountain vistas unfolding before you. The private primary suite, strategically hovering above the desert, offers utmost seclusion and astonishing views. The guest wing and lounge open up to the pool and terrace area, creating an oasis for relaxation and social gatherings.
6512 E Hummingbird Lane Paradise Valley, AZ 85253
$10,400,000
4
Beds
5
Baths
6,990
SqFt
Status
Active
MLS #
6652037
Property Type
Single Family Residence
Price Type
--
This magnificent Paradise Valley estate takes its inspiration from traditional Mediterranean style while celebrating the clean lines and open floor plan of a modern design. The unrivaled design includes a grand light well connecting the main level to a lower living space featuring a theater, lounge, and custom handcrafted bar. As you enter the estate, a welcoming courtyard for guest parking will lead to the grand entrance. A secondary secluded auto court and 4 car garage is situated at the back west end of the property. Indulge in a private backyard oasis offering ultimate privacy and a state-of-the-art indoor-outdoor kitchen. The 64 feet lap pool and spa is perfectly situated for entertainment and enriches the design coupled with a large lawn and room for furry friends. With defined custom home knowledge alongside a tradition of quality and attention to detail, BedBrock has successfully developed luxury communities that have exceeded expectations for value and quality across the Valley. The award-winning team offers a seamless design-build process in-house. Renderings are made for illustration purposes only. Changes to the renderings and the plans are subject to change.
5939 E Quartz Mountain Road Paradise Valley, AZ 85253
$10,300,000
5
Beds
8
Baths
8,320
SqFt
Status
Active
MLS #
6702883
Property Type
Single Family Residence
Price Type
--
Modern Mediterranean architecture w/ spectacular city light & mountain views! The floorplan is ideal for empty-nesters or seasonal owners w/ an updated full guest casita below the main house...perfect for a visiting family or caregiver. Serenely & intimately perched on the prestigious north slope of Mummy Mtn, the 5600 sf main house was recently completed w/ the best construction methods including 15'' thick steel & concrete walls, floor to ceiling walls of glass supported by steel I-beams & interior wall insulation. Design finishes include stone floors, wood beams, quarried stone accents, a reclaimed trough sink, marble & quartz slabs at the kitchen & baths, home automation wiring & high-end lighting throughout. The abundant mature landscaping is as captivating as the incredible view!
9108 E Grapevine Pass -- Scottsdale, AZ 85262
$10,000,000
5
Beds
6.5
Baths
7,945
SqFt
Status
Active
MLS #
6628320
Property Type
Single Family Residence
Price Type
--
FULL GOLF MEMBERSHIP AVAILABLE TO BUYER AND READY TO TRANSFER UPON APPROVAL FROM DESERT MOUNTAIN CLUB AND A SUCCESSFUL CLOSE OF LAND AND HOME BUILD CONTRACT. Sexy, sleek contemporary encapsulating modern luxury with the natural surrounding beauty of the Sonoran Desert and private 25 Acres. Nestled at the end of a winding road, perched into the hillside where the horizon paints an exquisite blend of colors during the sunrise and sunset. Featuring elements of stone, glass and wood this home will come together harmoniously to create an elegant symphony of textures and forms. The heart of the home is a great room space / open kitchen with floor to ceiling windows that will capture the panoramic vistas, inviting the outside in. The patio spaces an extension of the home's grace, boasting an infinity-edge pool that will seemingly blended with the horizon, bar/bbq along with dining area for al fresco meals, and a fire pit where stories will be shared under the starlit skies. This floorplan allows for 100% single level living with main floor featuring split primary bedroom, two private guest en-suites, wine room, study and 5 car garage. Lower level encompasses a large game /bonus room and two private en-suites. Perfect for a couple or entertaining groups of family and friends this 7945 square foot 5 bedroom, 5 car garage home with a total of 14,320 square feet under roof is waiting for you. Black Stone Development and designer Graffin Design have successfully designed and built over 55 properties in Desert Mountain. Ground breaking can occur in as little as 2 to 3 months. Lifts can be added in garage for additional car storage.
40 Biltmore Estate Phoenix, AZ 85016
$10,000,000
6
Beds
7.5
Baths
14,554
SqFt
Status
Active
MLS #
6736578
Property Type
Single Family Residence
Price Type
--
Here at the prestigious Biltmore Resort, the Estates within the circle are majestic. This setting is exceptional on the golf course at 1.3 acres of breathtaking views of Camelback Mountain backdrop. A grand motor court welcomes you to a stately foyer, leading to expansive living and dining areas that epitomize opulence. The kitchen is a culinary marvel, boasting generous pantries and an extensive laundry suite. The private master suite offers a serene retreat, while additional rooms include a sophisticated office, an elegant library, and a refined bar room. Descend to the lower level to discover a magnificent paneled game room, an impressive wine cellar accommodating thousands of bottles, a chic bar, and a luxurious theater room. The verdant backyard, overlooking the golf course, features an outdoor kitchen perfect for alfresco dining and a charming two-bedroom guest house. This estate exemplifies exceptional craftsmanship, architectural brilliance, and an unrivaled location, making it a true masterpiece of luxury living.
6850 N 39th Place Paradise Valley, AZ 85253
$10,000,000
4
Beds
4.5
Baths
6,965
SqFt
Status
Active
MLS #
6749840
Property Type
Single Family Residence
Price Type
--
EPIC City Lights, Camelback Mountain VIEWS inside the Guard Gated community of Paradise Reserves. Just under 2.2 hillside acres, seamlessly crafted between newly built custom homes. Discover every luxury upgrade one can imagine; intricate tile-work, cascading stone waterfall, 25-ft great room, custom glass underlit bar, effortlessly merge its outdoor spaces, and infinity-edge pool with your interiors. The chef's kitchen, with a geo-lux quartz island, complements the entertaining lifestyle. The elegant primary suite, custom closets, private balconies, 7 car Garage and theater contribute to refined living. Inside this guard-gated Paradise Valley community minutes from premier shopping and dining, Tatum & Lincoln, HWY 51, this residence offers unparalleled privacy, elegance and security.
5739 E Cactus Wren Road Paradise Valley, AZ 85253
$10,000,000
5
Beds
5.5
Baths
6,322
SqFt
Status
Active
MLS #
6774047
Property Type
Single Family Residence
Price Type
--
Iconic and Timeless: Two words that capture the essence of this masterfully curated trophy residence, boasting sprawling head to tail Camelback Mountain views from every room. Brought to life by world renowned architect Mark Candelaria and nestled into the gold coast of Paradise Valley; perfectly situated in between Camelback and Mummy Mountain, this signature view estate is privately gated on a 1 acre cul de sac lot. Timeless and elegant finishes are carried throughout the home, seamlessly blending the best of Arizona luxury indoor/outdoor living. Comfortable entertaining spaces and courtyards fully open to create an effortless flow to this one of a kind masterpiece; capturing the best panoramic views in Paradise Valley, within the area's most prestigious corridor. Highest quality of construction throughout, the main residence has 4 generously sized en suite bedrooms, a flex space, office nook, music/piano room, and a walk in wine room. The detached casita is perfect for accommodating guests featuring; A kitchenette, main living space, full bathroom and separate bedroom. The Chef's Kitchen, equipped with a Butler's Pantry and large center island, opens to the main living space and bar area, with retractable windows for indoor/outdoor serving and soaking in the majestic views. With an abundance of green space and 360 degree mountain views, the entertainer's dream backyard embodies elevated resort living and offers an abundance of privacy, while perfectly framing Camelback Mountain and the Praying Monk. Just seconds from world class resorts, dining, and shopping; We welcome you to preview and explore this 1 of 1 opportunity, to acquire a truly special property in one of Paradise Valley's most exclusive, established and coveted locations.
9743 E Madera Drive Scottsdale, AZ 85262
$10,000,000
7
Beds
8.5
Baths
11,625
SqFt
Status
Active
MLS #
6785584
Property Type
Single Family Residence
Price Type
--
With Available Golf Membership: Experience luxurious desert living in this stunning Southwestern architectural masterpiece by renowned designer Lee Hutchinson. This exceptional estate features a flowing, organic Pueblo design, harmonizing seamlessly with the natural desert landscape. Encompassing an impressive 9,085 sq. ft., the main residence, built by Shiloh Homes, offers five spacious en-suite bedrooms. A hallmark of southwestern elegance, the home boasts six fireplaces, creating warm, inviting spaces throughout. Multiple living areas, expansive covered patios (totaling 4,000 sq. ft.), and sweeping views provide a blend of comfort and grandeur. Built in 2013 by Arnet, the guest house spans 2,540 sq. ft. and offers two en-suite bedrooms, a full kitchen, a spacious great room, laundry facilities, and a three-car garage. The guest house also features three fireplaces, its own hot tub, and generous outdoor living spaces, making it a private retreat within the estate. With a total of seven garage spaces, car enthusiasts will appreciate the climate-controlled four-car garage in the main house and an additional three-car garage in the guest house. Both garages provide extra-large storage rooms for ample space and organization. Situated on three expansive lots totaling 2.2 acres, this estate offers 490 feet of golf course frontage within the Desert Mountain Village of Lone Mountain II. Revel in unobstructed green fairway views and the majestic mountain panoramas that stretch across the horizon. The grounds also feature a cozy outdoor fire pit and beautifully landscaped areas designed to maximize outdoor relaxation and entertainment. This residence is a true oasis, combining privacy, luxury, and seamless indoor-outdoor living. Explore this remarkable estate with the attached motion video to capture the full essence of its unique design and breathtaking views.