Other than a release on construction spending, last week’s economic readings were dominated by labor and employment data including ADP Payrolls, Non-Farm Payrolls and National Unemployment. Weekly reports on mortgage rates and new jobless claims were also released.
Construction Spending Drops in August
Commerce Department readings on construction spending indicate that overall spending fell in August to -0.70 percent; this reading was lower than the expected positive reading of 0.10 percent. July’s reading showed a drop of 0.30 percent in overall construction spending. The decrease in August spending was largely the result of pull backs on public construction spending, which declined 2.0 percent after July’s decline of 3.50 percent in July. Public construction spending is 8.80 percent year-over-year., and August’s reading was the lowest since March 2014.
Private sector construction spending fell 0.30 percent in August. Residential construction fell by 0.20 percent within the private sector reading. Reasons for falling construction spending include impending winter weather and previously cited labor shortages. Shortages of available homes and high demand for homes are creating pressure on construction companies to build more homes.
Labor Reports: Job Growth Slows in Public and Private Sector
ADP reported 154,000 private sector jobs created in September against August’s reading of 175,000 new private-sector jobs. September’s reading showed the lowest growth rate since April. Analysts said that lower readings for job growth could be expected as job openings are filled.
According to the government’s Non-Farm Payrolls report for September, 156,000 new jobs were added, which fell short of downwardly-revised expectations of 170,000 new jobs added. Analysts said that a reading of 120,000 jobs added represented a healthy rate of jobs growth. As more workers return to or join the workforce, job openings can be expected to decrease. Healthy growth in jobs may signal the Fed to increase interest rates in December.
National unemployment rose from 4.90 percent to 5.00 percent in September; variances can be expected in month-to-month readings that are considered more volatile than quarterly or annual readings.
New jobless claims correlated to fewer job openings and fell to a reading of 248,000 new claims 256,000 new claims were expected based on the prior week’s reading of 254,000 new claims.
Mortgage Rates Nearly Unchanged
Average mortgage rates were unchanged with the expectation of a decrease of one basis point for 5/1 adjustable rate mortgages to 2.80 percent. Average rates for 30 and 15 year fixed rate mortgages were unchanged at 3.42 percent and 2.72 percent Discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.
What’s Ahead
This week’s scheduled economic reports are few due to the Columbus Day holiday Monday. Along with weekly readings on mortgage rates and new jobless claims, reports on job openings and consumer sentiment will be released.
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7175 E Camelback Road Unit 704
Scottsdale, AZ 85251
$3,199,000
2
Beds
2.5
Baths
2,284
SqFt
Status
Active
MLS #
6694279
Property Type
Apartment
Price Type
--
Extremely unique high-rise condo in one of the most prestigious buildings in Scottsdale. This ~2,300 sq ft condo is the only one of its kind in the Scottsdale Waterfront, boasting both sunrise and sunset views from the approximately 1,400 sq ft 7th floor contiguous deck, on the quietest corner in the building, overlooking the canal and most of south Scottsdale. The views are a must-see and truly an incredible and rare find. Located in the heart of Old Town Scottsdale, across the street from Scottsdale Fashion Square Mall, walking distance to the Entertainment District, and too many fabulous restaurants to mention.
4849 N Camelback Ridge Road
Scottsdale, AZ 85251
$3,195,000
2
Beds
3
Baths
2,294
SqFt
Status
Active
MLS #
6563509
Property Type
Apartment
Price Type
--
Tucked at the base of revered Camelback Mountain, Ascent is a new, private residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resort destination. This community incorporates the Sonoran Desert landscape directly into its design, at the most enviable location in Scottsdale. Ascent offer views overlooking the Valley & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, and large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, Provenza wood floors, Sub Zero Wolf appliances & 10' ceilings.
7117 E Rancho Vista Drive Unit 5003
Scottsdale, AZ 85251
$3,195,000
3
Beds
2
Baths
2,228
SqFt
Status
Active
MLS #
6741140
Property Type
Apartment
Price Type
--
This incredible luxury renovation is expected to be completed by 12/20/2024. ***THE RAREST OF FEATURES IN ALL OF ARIZONA - ELEVATED & UNOBSTRUCTED CAMELBACK MOUNTAIN VIEWS*** Welcome to this legendary property at Optima Camelview Village, the award-winning luxury oasis. Featuring 3 Bedrooms + Study, 2 Baths and 2,228sqft. As an optimal residence, all beds, den and living areas showcase spectacular Camelback Mountain picture perfect views. Totaling 1,146 SF, both terraces are outlined in mature privacy hedges & boast panoramic westerly mountain and city views with the most incredible sunsets you can imagine. The 3 bedrooms all feature rare builder-installed sliding glass doors onto the 2nd terrace. Property comes with the two best parking spaces in the building & a storage unit All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.
6097 N Paradise View Drive
Paradise Valley, AZ 85253
$3,195,000
4
Beds
3.5
Baths
4,605
SqFt
Status
Active Under Contract
MLS #
6742365
Property Type
Single Family Residence
Price Type
--
Welcome to Paradise! Nestled in the heart of Paradise Valley, this hillside home seamlessly blends serene luxury living and sweeping Camelback Mountain views with functionality. Built by the award-winning Cullum Homes, this residence sets the standard for quality construction, offering the latest in design and prime location. Features of note include stunning views of Camelback Mountain from every room, walls of glass, a spacious, open floor plan, an open and bright kitchen, and en-suite bedrooms. The large primary suite features an expansive closet and a versatile flex space, ideal for a workout room, study, or nursery. The outdoor entertainment spaces are perfect for hosting gatherings or simply to enjoy the tranquility of nature. With multiple covered patio areas, a stunning pool with a custom waterfall, spa, and a tranquil grassy space, this home truly has something for everyone. Offering the perfect size in the ideal location at an exceptional price. It is sure to impress even the most discerning buyers.
9197 E Bajada Road
Scottsdale, AZ 85262
$3,175,000
4
Beds
5
Baths
4,244
SqFt
Status
Active
MLS #
6749901
Property Type
Single Family Residence
Price Type
--
Membership available- Updated by Dick Lloyd Custom Homes, this single level jewel box desert retreat is located on a private cul de sac in Desert Mountains Village of Gambel Quail- featuring incredible sunset and surrounding mountain views, and some golf and night light views. Traditional Sante Fe-style exterior architecture melds with a contemporary interior including pristine travertine flooring, marble bathrooms, art spotlights, custom cabinets in kitchen and much more. The heart of the home is the large and open great room floor plan blending together lounging, dining, and gourmet kitchen with Miele appliances for all your entertaining spaces. The indoors spills out through large sliding glass doors to the outdoor living and dining room with 85 outdoor TV with heaters and kiva fireplace for cooler desert nights. Backyard also features large plunge pool, spa, pool bath, turf area, three-hole putting green and lush mature desert vegetation for a tranquil outdoor experience for all. The bedrooms offer privacy and space for all with master suite on one end of the home and three additional guest suites and office located on other wing. Entire home is wired for AV capabilities in all bedrooms and full home automation AV, lighting, cameras, garage doors. Home is equipped with solar and Tesla battery storage as well as large three car climate-controlled garage with plenty of storage. Home has been meticulously cared for with updates and warranties in place for roof, fridge, and HVAC. Truly a lock and leave home that can be accessed from any smartphone or iPad to open up or shut down. Please inquire for full list of updates. The location within Desert Mountain is ideal with close proximity to the front gate for easy access into town, as well as access to all other world-class amenities, including 7 golf courses, 7 clubhouses, and 20 miles of private hiking trails, promising an unparalleled lifestyle of luxury, leisure, and serenity. Embrace the Desert Mountain experience and make this extraordinary property your own.
1401 E Coral Cove Drive
Gilbert, AZ 85234
$3,150,000
4
Beds
5
Baths
5,500
SqFt
Status
Active
MLS #
6777180
Property Type
Single Family Residence
Price Type
--
Stunning Waterfront Executive beauty on 2 lots built originally by Gary Geitz w/$800k recent remodel! 380' of waterfront views, negative edge pool & spa + extensive travertine decking. Iincredible entertainer's kitchen, open shelving & huge quartz island that is flanked by 2 spacious living areas & onyx wet bar surrounded by windows overlooking the lake! Pet Room & 3 car garage + 2 car garage/shop w/2 double doors, 1 is open to lake. Elevator to 2nd floor bedroom, main floor primary suite w/fipl, Main floor guest suite! W/D in every bedroom! 2nd lot has 2 pickleball courts + cabana w/bath & storeroom- could build another home on 2nd lot! New roof 2024, New a/c's 2019. Incredible Val Vista Lakes clubhouse & amenities plus award-winning Gilbert schools & upscale dining & shopping close by
35425 N 37th Street
Cave Creek, AZ 85331
$3,150,000
4
Beds
5
Baths
5,724
SqFt
Status
Active
MLS #
6761079
Property Type
Single Family Residence
Price Type
--
This exquisite custom-built luxury home in Cave Creek, nestled on a 4.55-acre lot backing onto serene BLM land. This 4-bedroom, 5-bathroom masterpiece, built in 2014, boasts meticulous attention to detail and upgrades throughout. Custom iron doors, rich wood and travertine flooring, and Cantera stone accents. The gourmet kitchen features a Wolf appliance package, granite countertops, a built-in sub-zero fridge/freezer, & an expansive island. The bar/theatre room is a true entertainer's dream with a keg, ice machine, beverage fridge, & double bifold doors opening to the patio. Rooftop deck w/hot tub, outdoor grill, fireplace, and RV pad with dump station. Oversized 4-car air-conditioned garage, 4 Trane AC units, water softener, and foam under roof insulation. The lot is thoughtfully landscaped with an irrigated garden, a chicken coop, and fully established citrus trees. Ready for a pool with plumbing and electrical in place. Despite its secluded setting on 4.55 acres, offering unparalleled privacy and natural beauty, this luxury home is less than a mile from Carefree Highway and just minutes from Cave Creek's vibrant shopping and dining options.
10639 E Mark Lane
Scottsdale, AZ 85262
$3,150,000
3
Beds
4.5
Baths
4,299
SqFt
Status
Active
MLS #
6778978
Property Type
Single Family Residence
Price Type
--
Exceptionally maintained and gracious Modern Pueblo home located on the 12th Green of the Monument Course. Pinnacle Canyon is a gated enclave of custom homes adjacent to the well-known Troon North Golf Club. Warm and inviting, this south-facing home has golf course views from almost every window. The backyard is designed for entertaining surrounded by mountain views during the day, brilliant sunrises in the morning and spectacular night skies. Offering 4,299 SF, this residence has 3 bedrooms - a spacious primary bedroom with two private baths and walk-in closets, a guest bedroom with 1 bath, and a guest casita with 1 bedroom and 1 bath. Additional living areas include formal living and dining rooms, a separate office, and a cozy family room with a gas fireplace. (continued) The custom kitchen has burl wood cabinets, 2 Sub Zero wine refrigerators, full-size Sub Zero refrigerator, Wolf gas cooktop and 2 Dacor ovens with a charming breakfast nook and a shared private patio with the guest bedroom. The centerpiece of this home is the large, fully-covered 32x22 foot travertine patio perfect for family gatherings or neighborhood parties. Professional landscaping surrounds the entire property, but the native desert garden is the showcase of the backyard and wraps around a heated pool and spa. Follow travertine paths through this desert botanical paradise to unique seating areas including a private dining patio and wood-burning fireplace. An over-height and extended 3-car garage with custom storage cabinets completes this exceptional property. Experience this special home filled with quiet elegance, high-quality finishes and architectural details. If you crave the color green on a manicured golf course, colorful sunrises and lush blooming desert flowers....all set against the rocky outline of Troon Mountain then....welcome home!
3711 N Hawes Road
Mesa, AZ 85207
$3,145,000
5
Beds
5.5
Baths
7,371
SqFt
Status
Active Under Contract
MLS #
6745053
Property Type
Single Family Residence
Price Type
--
Nestled in the prestigious Las Sendas Mountain Estates community, this stunning estate epitomizes luxury and tranquility. Offering seamless access to the Las Sendas Clubhouse & Golf Club and set against the dramatic backdrop of Tonto National Forest, this property is a showcase of exceptional design and refinement. Upon arrival, the grand entry gate and desert-accented motor court lead to a Cantera Stone courtyard, where a custom tile fireplace and elegant fountain set a sophisticated tone. The expansive covered patio and backyard invite you to revel in breathtaking west-facing views of the Arizona skyline and majestic mountain ranges beyond. Step inside to discover a blend of opulence and functionality: soaring 20-foot ceilings, honed stone flooring with herringbone accents, and a gourmet kitchen outfitted with a Wolf & Subzero appliances, multiple ovens, and two Miele dishwashers. The primary suite is a serene retreat with a hydro system jetted tub, complemented by an exercise room with a steam sauna. Unlock true entertaining for few or many with this estate's cinema screening room, dedicated wine room, and guest casita suite. This residence masterfully integrates indoor and outdoor living with retractable glass walls and a negative-edge pool and spa that enhance the outdoor experience. Car enthusiasts will appreciate the 4-bay garage, while the meticulously landscaped grounds provide a serene setting. Architectural details include domed and barrel ceilings, brick accents, and Venetian plaster interiors, all highlighted by Cantera stone pillars and metal bonnets. Spanning over 7,300 square feet, the estate is equipped with an advanced Control 4 home system, automatic Hunter Douglas blinds, and an intercom system for effortless living. The guest wing features en-suite bedrooms, walk-in closets, and a versatile common flex space. An optional Golf Club or Social Membership at Las Sendas adds to the allure. Experience unparalleled East Valley living with panoramic sunrises over Tonto Preserve and dazzling city sunsets.
6802 E Paradise Parkway
Scottsdale, AZ 85251
$3,145,000
3
Beds
2.5
Baths
3,420
SqFt
Status
Active
MLS #
6772740
Property Type
Single Family Residence
Price Type
--
Walking distance to Fashion Square Old Town. This 3 bed, 2.5 bath luxury estate offers breathtaking views of Camelback Mountain. With elegant, high-end finishes throughout, the home boasts premium features like a GE Monogram 6-burner cooktop with griddle, a Miele refrigerator, and luxurious leather-finished countertops. Beautiful porcelain tile is featured throughout the interior for a sophisticated touch. Energy-efficient upgrades have been thoughtfully selected to keep utility costs low. The backyard is truly an entertainer's dream, perfect for hosting gatherings or simply relaxing in style.
6311 E Phoenician Boulevard Unit 21
Scottsdale, AZ 85251
$3,135,000
2
Beds
2.5
Baths
2,245
SqFt
Status
Active
MLS #
6766726
Property Type
Townhouse
Price Type
--
This BRAND NEW, never occupied, single level townhome sits at the base of the iconic Camelback Mountain. Professionally decorated with a TURN- KEY furniture package, this home is move in ready! Ascent at the Phoenician Golf Villas is a private 24/7 guard gated community situated next to the Phoenician Resort. This meticulously custom designed and upgraded 2-bed, 2.5 bath villa is truly a one of a kind. The living room boosts a Basalt stone wrapped fireplace with beautiful lighted shelves and a 288-bottle temperature-controlled wine wall. The kitchen features a Bulthaup kitchen with quartz counters and Sub Zero Wolf appliances. Provenza wood floors and Rift oak doors throughout. Upgraded polished nickel kitchen and bath fixtures. Enjoy seamless indoor-outdoor living with custom sliding glass doors leading to a large, tiled patio with BBQ and grass yard with desert landscape. Take in the magnificent golf course views in every direction! The spacious upper-level covered terrace provides panoramic views of Camelback and Papago Mountains, along with the 1st and 9th holes on the Phoenician golf course. This Villa features 10-foot ceilings and with its modern elegance and breathtaking surroundings make it one most sought after luxury destinations in Arizona!
290 Thompson Road
Sedona, AZ 86336
$3,125,000
8
Beds
7
Baths
3,645
SqFt
Status
Active
MLS #
6742008
Property Type
Single Family Residence
Price Type
--
The Sedona Beach House.. Nestled where Oak Creek and Munds Creek gracefully converge, The Sedona Beach House offers a unique escape into nature's serene embrace. Imagine waking up to the soothing sounds of cascading mini waterfalls right outside your window. Below these gentle falls, the creeks merge into a clear, refreshing swimming hole, creating your own natural ''beach.'' - Approximately 105 feet of PRIVATE creek-front property right in your own backyard, mere steps from your back patio. The uniqueness of this arrangement, with 3 separate parcels and 3 separate homes, opens up a plethora of opportunities and uses for the new owner. These homes are all behind a power gate for even more privacy and seclusion. This is a stunning chance to own an escape in coveted Oak Creek Canyon! Surrounded by a lush canopy of trees, this haven is perfect for those seeking tranquility and a touch of adventure. Whether you're swimming in the crystal-clear waters, lounging by the creekside, or simply soaking in the serene ambiance, The Sedona Beach House promises a retreat like no other. Experience the beauty and peace of this hidden gem, where nature's soundtrack sets the tone for unforgettable memories. This sale includes 3 total parcels of land, each with it's own dwelling, for a combined total of 3645 sqft, 8 beds and 6 baths. The two main homes are connected via a breezeway, both with stunning matching decks that overlook the water. Each of these 2-story homes are equipped with full kitchens, living rooms, primary suites, additional downstairs living quarters with private entrances, separate laundry rooms, and utilities. No HOA. These homes were all designed with nature in mind, featuring open floorplans, pitched ceilings in the living rooms, and walls of glass to fill your home with light and color. Open the doors or windows and listen to the creeks meander down Oak Creek Canyon. Enjoy an evening sitting by the creekside fireplace, gathering with friends and family, or relax in privacy while having a soak in your hot tub. These homes are just walking distance from the Indian Gardens Cafe and Market, serving fresh sandwiches, salads, coffee, groceries and more! Anglers! Grab your fishing poles and drop a line in the creek in your backyard and fish for trout, stocked regularly in the summer months, just north of the property upstream. The possibilities are endless with a property of this caliber and certainly poised to create lasting memories. A small private family wedding was also held on property at one point.. Imagine the awe on your guest's faces! There is also a cozy guest cottage on property complete with it's own living space, amenities, and parking. It's not uncommon to wait YEARS for a property like this to pop up for sale, don't miss your chance at this one-of-a-kind oasis. The current owners and their family have loved this retreat for many years, and they are excited to share this opportunity with a new buyer. Call for more detailed information or to request a private visit.