Few economic reports were released last week due to the Labor Day Holiday. The Federal Reserve released its Beige Book Report, which documents anecdotes shared with the Fed by its regional business contacts. A job openings report, weekly jobless claims and Freddie Mac’s survey of mortgage rates was also released.
Fed’s Beige Book: Approaching Election Dampens Business Growth
According to the Federal Reserve’s survey of business contacts within its 12 districts, November’s election is causing business owners to take a “wait and see” position regarding expansion plans. Commercial real estate contacts in several Fed districts cited modest projections for sales and construction for the second half of 2016. The Bank of Canada supported Fed contacts’ view of modest growth; it characterized U.S. business growth as “less certain.”
Analysts review the Beige Book report for indications of how the Fed may adjust its monetary policy including whether or not to raise the target federal funds rate. The Beige Book report did not reveal any compelling evidence for the Fed to raise rates before year-end, but Fed Chair Janet Yellen said in a recent statement that economic conditions were strengthening and favored a rate hike before year-end.
November’s election will likely delay any rate hike until December. Fed policymakers have repeatedly said that a combination of economic trends, current readings and news reports contribute to decisions relating to interest rates and other monetary policy issues.
Job Openings Rise, New Jobless Claims Drop
July job openings rose from June’s reading of 5.60 million openings to 5.90 million openings to hit an all-time high. Â New jobless claims fell from 263,000 new claims to 259,000 new claims. The Labor Department also reported that hires increased from 5.17 million to 5.23 million in June. These readings are further indications of strengthening job markets and general economic growth.
Mortgage Rates Lower
Freddie Mac reported lower average mortgage rates last week; the average rate for a 30-year mortgage was two basis points lower at 3.44 percent; the average rate for a 15-year fixed rate mortgage was one basis point lower at 2.76 percent. The average rate for a 5/1 adjustable rate mortgage was two basis points lower at 2.81 percent. Discount points averaged 0.60, 0.50 and 0.40 percent respectively.
What’s Ahead
Next week’s scheduled economic reports include readings on retail sales, national inflation and consumer sentiment.
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7505 N 70th Street
Paradise Valley, AZ 85253
$6,500,000
6
Beds
6
Baths
5,561
SqFt
Status
Active
MLS #
6769819
Property Type
Single Family Residence
Price Type
--
Seller financing available. Flexible terms,submit all offers. The moment you enter the gates to this elegant Mediterranean / Spanish inspired mansion you will notice the incredible attention to every detail.(Complete remodeled interior and exterior, including solar panels). From the herringbone pavers under the Porte-cochere to the laser cut stone medallion in the foyer, the hand crafted wood accents on all the cabinetry, and the beautiful flooring throughout, the true craftsmanship is evident and rarely found in even the most magazine featured homes. The rotunda with marble pillars, skylight, Venetian plaster and beautiful water feature invite you to unwind and relax in this cozy home.
11225 E Whispering Ridge Way
Scottsdale, AZ 85255
$6,500,000
5
Beds
6
Baths
7,247
SqFt
Status
Active
MLS #
6645685
Property Type
Single Family Residence
Price Type
--
DRASTIC PRICE REDUCTION! Nestled among the boulders of North Scottsdale, this meticulously architect-crafted residence sits within a carefully contoured footprint, cradled between mountainside, washes, and outcroppings of the pristine Sonoran desert. It offers intimate vistas of the canyon and distant city lights. Drawing inspiration from the natural 5-acre setting and Troon Mountain, the 7,247 sq. ft. private estate integrates geometric forms and materials inspired by the land, resulting in a sculptural outcropping that blurs the boundaries between indoors and outdoors, presenting an added dimension to desert living. The main living areas encompass both indoor and outdoor chef's kitchens, indoor and outdoor living rooms, a media room, a 2000 bottle wine room & two detached guest suite. The indoor gourmet kitchen outfitted with premium appliances; including BlueStar triple ovens (2 electric, 1 gas), a Viking 7-burner gas range, dual dishwashers, double Sub-Zero refrigerators, a trash compactor, and an icemaker. The meticulous attention to culinary excellence extends to the Pergola-covered outdoor kitchen, equipped with a Viking grill, deep fryer, side grill, Teppanyaki griddle, and refrigerator. Indulge in luxury with the expansive primary suite, where a steam shower provides a spa-like experience within the comforts of home. Step onto the private mountainside patio, featuring a heated Jacuzzi and an ambient fire bowl, creating a serene outdoor retreat. An additional fire bowl, firewall, and diverse water features contribute captivating elements to the outdoor atmosphere. As the sun sets, the estate's charm is elevated by a enchanting saltwater pool, casting a warm glow that further enriches the luxurious ambiance of the outdoor space. Enjoy breathtaking sunset views while immersed in the poolside oasis. Every facet of this property reflects meticulous design effortlessly fused with the surrounding environment and resonating with the spirit at Troon Estate; From the precisely dry-stacked stone forming anchoring retaining walls to stone columns framing panoramic views. A large cantilevered roof, strategically positioned, provides shade in the summer while capturing the winter sun to warm the interior flagstone floors and dry-stacked ledge stone walls. Exotic woods, such as tiger wood and ribbon mahogany, complement the stone elements, infusing the space with warm and inviting tones. From tiger wood floors throughout to Bubinga wood flooring in the office, every detail has been thoughtfully curated. This extraordinary estate elevates every moment, creating a haven for luxurious retreats in a private world of opulence.
4880 E Lone Mountain Road
Cave Creek, AZ 85331
$6,500,000
5
Beds
5.5
Baths
8,682
SqFt
Status
Active
MLS #
6786462
Property Type
Single Family Residence
Price Type
--
Desert Contemporary Masterpiece in Seven Sisters Estates Nestled in the gated enclave of Seven Sisters Estates, this new construction is perched high in the Cave Creek hills, offering an unparalleled private sanctuary. Surrounded by lush Sonoran Desert and commanding views of the Valley, sunsets, and sparkling city lights, this 5-bedroom, 7-car garage estate redefines desert luxury living, with the main living spaces thoughtfully designed on one level. Step into a world of elegance with a soaring great room, a chef's kitchen, and a dining area that opens seamlessly to a 270-degree view resort patio, perfect for entertaining or soaking in the breathtaking surroundings. The primary suite is a private retreat featuring a spa-inspired bath, a gym with steam room, and captivating views. Additional spaces include a dedicated office, an entertainer's bar, a hidden catering kitchen, and a guest wing with three en suite bedrooms. The lower level offers even more for the ultimate lifestyle, with a sports-style bar, a wine room, billiards area, and a game room. The fifth bedroom is versatile and can transform into a home theater. The 7-car garage, equipped to accommodate lifts, and a sleek elevator add to the home's thoughtful design. A serene interior courtyard is perfect for pets, morning meditation, or intimate evenings by the fire. The exterior's striking stone and stucco blend harmoniously with the home's streamlined modern lines, while walls of glass bring the desert's beauty indoors. The interior palette, curated by renowned Renee Christina Interior Design, features neutral tones, oak flooring, exquisite stone accents, designer lighting, luxury WOLF/SUBZERO appliances, and bespoke cabinetry. This exclusive property is the first of five custom homes by Diamond West in the coveted Seven Sisters Estates. Each home is situated on a 4+ acre site amidst pristine desert flora, stunning rock outcroppings, and iconic landmarks such as Elephant Butte, the Seven Sisters, and views extending to Camelback Mountain and the McDowell range.
5455 W Ray Road
Chandler, AZ 85226
$6,499,650
7
Beds
11
Baths
13,749
SqFt
Status
Active
MLS #
6667550
Property Type
Single Family Residence
Price Type
--
***Ignore Days On Market***Welcome to the Estate on Ray, a complete masterpiece nestled on over five acres in the heart of Chandler, Arizona's vibrant community. This stunning property offers the perfect blend of modern luxury and suburban charm, providing an exceptional living experience for discerning buyers. This one owner home, has been thoughtfully designed and well cared for offering future residents true luxury resort style living. As you enter the home under the porte-cochère, guests are greeted with massive solid 13' maple double doors, 24' soaring ceilings, a grand sweeping staircase, wall of glass and an abundance of natural light, creating an inviting atmosphere that exudes elegance. Retreat to the expansive master suite, featuring a sitting area, a fireplace, an office with wet bar and 2nd fireplace, a spa-inspired ensuite bath with a centerpiece skylight, dual vanities, twin water closets, a soaking tub, stackable washer and dryer, two walk-in closets, french doors to a private patio, private gym, spa and a dry sauna providing a sanctuary to escape the hustle and bustle of daily life. The recently updated kitchen features gas cooking with Wolf, Viking and Subzero stainless steel appliances featuring a vegetable fridge and bread warmer, two tone cabinetry including crafted wood arches over the large island, spacious walk in pantry and a beautiful view to the backyard oasis. Upstairs, each mini suite includes a fireplace, walk out patio, ensuite baths with soaking jetted tubs and shower. The list of features and benefits are long including imported Crema Marfil Marble flooring, over 2,000 s.f. of garage space, over 3,000 s.f. of covered patios, 8 fireplaces, 11 bathrooms, digital wifi heating and cooling (15 seer), two private casitas with separate entrances, walk in cooler, elevator for the 3 levels, a basement with a full bar, game room and a covered lower patio. The property features a remodeled pool, spa, swim up bar, sunken cabana, detached restroom and shower, spoiling the guests with a resort style experience. The property includes a detached storage shop for equipment and a climate controlled dog house. There is space enough to build a future pickleball court and a helipad! The property includes parking for 8 vehicles including a drive through garage. Additionally, the land is irrigated with an onsite well providing reusable water for the 2 lakes and grass areas, recycled back down to the well. The property could be split to accommodate two additional residences to be constructed on the north side of the lot. Additionally, 1.5 acres divided into two lots to the south of the lot may be available to the new owner as well. This home must be viewed in person to truly appreciate all that it offers.
14705 E Redbird Road
Scottsdale, AZ 85262
$6,499,000
8
Beds
5.5
Baths
7,608
SqFt
Status
Active
MLS #
6758955
Property Type
Single Family Residence
Price Type
--
EQUESTRIAN LOVERS DREAM PROPERTY! THIS ONE CHECKS ALL THE BOXES! 10 ACRES, BACKS DIRECTLY TO THE PRESERVE, GORGEOUS CUSTOM 5000 SQUARE FOOT 3 BEDROOM 3.5 BATHROOM HOME, 275X150 ARENA, 3 BEAUTIFUL BARNS, 24 STALLS TOTAL AND FLY SYSTEM, 3 BEDROOM 2 BATH GUEST HOUSE, 2 BEDROOM 1 BATH CASITA, 40X40 AIR CONDITIONED SHOP/GARAGE, TACK ROOMS, ROUND PEN 6 TURN OUTS WITH SHADE AND SO MUCH MORE!!! COMPLETELY FENCED. THIS SALE INCLUDES PARCEL C AND D
5008 N Ascent Drive
Scottsdale, AZ 85251
$6,495,000
4
Beds
4.5
Baths
4,604
SqFt
Status
Active
MLS #
6787569
Property Type
Single Family Residence
Price Type
--
New Construction - Move In Ready! This magnificent property showcases the finest custom finishes & details throughout! This home features 4 bedrooms, 2 den, 4.5 baths, 4,604 SF, including a 3-car tandem garage. Walls of glass and exquisite lighting exhibit the beauty of all the rooms of this stunning home. The impressive entry provides both an elevator and stairwell leading you to the upper levels. While on the main living level, take in the captivating city views. The living room encompasses style and comfort with an exceptional sleek design fireplace, accompanied with glass shelves for your favorite accessories. The main kitchen provides custom cabinetry with ample storage, an additional hidden prep sink, top of the line appliances, invisacook induction cooktop which is seamlessly built in the kitchen island, and a substantial walk-in pantry. Adjacent is a private dining room with views to a beautiful outdoor water feature on one side and the other side displaying a 366-wine bottle (temperature controlled) illuminated custom glass cabinet. Enjoy your private moments and entertaining times from multiple patio areas on all the levels of this stunning and one-of-a-kind custom home. Each of the rooms feature a special view. The primary bedroom provides a wonderful bath area, two separate commode rooms, a large walk-in closet with its own washer/dryer/steamer and secret/safe room. From the main bedroom you have a dramatic, unobstructed backdrop of Camelback Mountain. This is the only home of its floor plan featuring two additional rooms as a den/office, meditation or speak easy room. Don't miss the opportunity to own this one and only, move-in ready (furnished or unfurnished), prime location and premium lot... located within the Iconic Phoenician Resort at The Estates at Ascent!
6821 E Cactus Wren Road
Paradise Valley, AZ 85253
$6,495,000
4
Beds
6
Baths
5,600
SqFt
Status
Active
MLS #
6758713
Property Type
Single Family Residence
Price Type
--
BRAND NEW CONSTRUCTION w/IMMEDIATE MOVE-IN at AZURE. This is a RARE OPPORTUNITY to own a Residence 4 with a DETACHED CASITA & an OVERSIZED, 26' wide WALK-OUT LOWER LEVEL, the largest in the community, putting an exclamation point on the MULTIPLE OUTDOOR ENTERTAINMENT spaces. This PREMIUM LOT LOCATION is one of the largest in Azure giving you phenomenal UNOBSTRUCTED VIEWS of MUMMY AND CAMELBACK MOUNTAINS! Interiors have been EXPERTLY CURATED by Ownby Design as well as some UNIQUE DESIGN ELEMENTS by the seller not present in other Res 4's. From the MASSIVE GLASS WALL SLIDERS, GAGGENAU appliances & PROVENZA wood floors, to the HEATED pool & spa, BOCCE BALL court and CUSTOM LIGHT FIXTURES by Lightform, this home will not disappoint. And to top it all off, All builder WARRANTIES TRANSFER!
10189 E Venado Trail
Scottsdale, AZ 85262
$6,495,000
4
Beds
4.5
Baths
5,582
SqFt
Status
Active
MLS #
6719424
Property Type
Single Family Residence
Price Type
--
This home was reimagined by the talented designer, Betty Duff, The remodeled rooms with high-end finishes are simply beautiful. Entertaining is a dream with the new kitchen, remodeled bar and and great room with new oak flooring. Expansive floor-to-ceiling windows welcome in the views in from every direction.The exceptional upgrades continue outside with a brand new pool with 3 water/fire features, new tile patio, new built-in bbq grill along with a new outdoor ''pop up'' television. This home sit on over an acre, on the 3rd Fairway of the Geronimo Golf course & has the perfect SW orientation to take in the grand views of the golf course and the rolling hills of Sunset Canyon. This is AZ living at it's best. Golf membership is available as well as furnishings on a separate bill of sale.
37975 N 98th Place
Scottsdale, AZ 85262
$6,495,000
4
Beds
4.5
Baths
5,991
SqFt
Status
Active
MLS #
6758806
Property Type
Single Family Residence
Price Type
--
Picture a meticulously reimagined residence nestled within the sought-after Village of Sunrise in Desert Mountain. Crafted to perfection by the renowned Jaque Bethke, this stunning abode comes complete with a coveted Golf Membership (subject to approval). Ideally situated near the newly unveiled Renegade Club House and within easy reach of the Sonoran Club, where fitness, pickleball, swimming, and spa indulgence await. Boasting 4 bedrooms and 5 baths, alongside a spacious office/flex space adaptable as a fifth bedroom with its own ensuite, this home is designed for both comfort and flexibility. A lavish primary suite, featuring a cozy sitting area, is thoughtfully separated from three additional ensuite bedrooms; conveniently equipped with their own mini kitchenette and laundry. The state of the art kitchen boasts 2 dishwashers, and an additional large prep/pantry area with a Miele coffee maker. Enjoy watching TV that lowers from behind the gas cook top range at the spacious and inviting island. The property is equipped with a Josh AI smart home system to fulfill all your technological and security needs. The backyard boasts an outdoor kitchen, large covered seating area, putting green and newly resurfaced pool and spa. Other outdoor patios surround the home and provide intimate al fresco areas for reading, meditating or entertaining. This single level property offers privacy and an harmonious blending with the Sonoran Desert in this coveted location in Desert Mountain!
4632 E Desert Park Place
Paradise Valley, AZ 85253
$6,495,000
5
Beds
6
Baths
7,158
SqFt
Status
Active
MLS #
6782145
Property Type
Single Family Residence
Price Type
--
This completely remodeled luxury home embodies modern sophistication in the esteemed Tatum Canyon area in Paradise Valley. Situated on a private lot surrounded by endless mountain view's, this residence offers a blend of elegance and masterful design. Upon entry, you'll be greeted by an awe-inspiring great room, featuring large windows and sliders that seamlessly connect the indoors with the meticulously landscaped backyard. The room is anchored by a stunning fireplace, surrounded by multiple seating areas and expansive glass walls that flood the space with natural light. Spanning 7,158 square feet, this home includes five spacious bedrooms plus an office and 5.5 bathrooms, thoughtfully designed to maximize comfort and style. The primary suite is a luxurious retreat, complete with a fireplace, a cozy sitting area, a beautifully renovated en-suite bathroom, and an expansive two-sided walk-in closet. Every detail throughout the home has been thoughtfully updated, from the sleek, contemporary bathrooms to the state-of-the-art kitchen. The outdoor space is designed for both relaxation and entertaining, featuring a large pool, lush turfed areas, an outdoor BBQ, tennis courts, and ample room to enjoy the scenic Arizona landscape. A seven-car garage, complete with extra storage, makes this property ideal for car enthusiasts. Residents enjoy easy access to top-tier shopping, dining, and recreation, including nearby hiking and biking trails. With Phoenix Sky Harbor and Scottsdale airports just a short drive away, plus the vibrant cultural attractions of Scottsdale, this home perfectly combines luxury living with ultimate convenience.
6850 E Joshua Tree Lane
Paradise Valley, AZ 85253
$6,495,000
4
Beds
7
Baths
5,988
SqFt
Status
Active
MLS #
6762359
Property Type
Single Family Residence
Price Type
--
This is a phenomenal opportunity in the highly sought after Azure community in the heart of Paradise Valley. The oversized corner homesite is absolutely spectacular with fresh contemporary design and state of the art custom finishes. The gourmet kitchen is outfitted with Gaggenau appliances, inductions and gas cooktops, wine tower, steam oven and warming drawers. The living spaces are super elegant, yet ultra comfortable featuring a custom paneled media center, full wet bar, wine room, home office, private workout area and gorgeous guest casita. The lavish design elements include old world stone, Ann Sax tile accents, exquisite wallpaper, sleek custom cabinetry, impressive lighting, a beautiful pool and water features in both the front and back. The modern design is innovative, the entertaining options are endless, and the setting and views are outstanding making this a very special residence!
8614 E Artisan Pass Pass Unit 125
Scottsdale, AZ 85266
$6,435,000
5
Beds
6
Baths
6,932
SqFt
Status
Active
MLS #
6565428
Property Type
Single Family Residence
Price Type
--
Located within the guard-gated community of Whisper Rock Estates, this to-be-built home was designed by Cory Wiebers and will be constructed by Platinum Companies * Sited on a 2.5 acre north/south lot, offering views of Pinnacle Peak and surrounding mountains * Over 6900 sq ft of conditioned space highlighted by open living, separate wing owner's suite with office, 3 full guest suites in the main house and a detached guest house * Wine room, indoor/outdoor bar, game room and walls of pocketing glass doors providing ideal access to the multiple outdoor living spaces * 5-car garage *