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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6216 N 38th Place
Paradise Valley, AZ 85253
$8,995,000
5
Beds
7
Baths
11,097
SqFt
Status
Active
MLS #
6647587
Property Type
Single Family Residence
Price Type
--
This glamorous estate is for those who appreciate artistic modern design coupled with classic elegance. Beyond the private gates sits a home loaded with sophistication and architectural excellence. The entry is accented by a copper clad pivot door that leads to exquisite living spaces. The kitchen features two twelve-foot islands, cabinetry imported from Spain, Wolf and Subzero appliances and a morning bar with built-in Miele coffee station. The entertaining areas are refined, yet comfortable and the flow of the home is flawless. The magnificent primary suite has floor to ceiling windows that frame views of Camelback Mountain spanning all the way to downtown Phoenix, and the primary bath will take your breath away. A 500-bottle wine room, 3-tiered movie theater, junior suite with an aromatherapy steam shower that would make a perfect home gym, wide plank oak floors with quartz inlays, marble and quartz accents, exceptional custom cabinetry, fully retractable walls of glass, custom ceilings, and opulent lighting are just a few of the exquisite design features inside, and the outdoor living is an absolute dream with a beautiful pool surrounded by sandblasted marble pavers, and a large yard with synthetic turf. The fully loaded Crestron home automation system includes lighting controls, security cameras and audio, both inside and out, and the driveway can accommodate up to 20 cars. This contemporary showpiece sits on 1.36 acres in a prominent Paradise Valley neighborhood!
6623 N Hillside Drive
Paradise Valley, AZ 85253
$8,995,000
4
Beds
4.5
Baths
5,035
SqFt
Status
Active
MLS #
6655861
Property Type
Single Family Residence
Price Type
--
VIEWS, VIEWS, VIEWS!! BRAND NEW CONSTRUCTION - ESTIMATED COMPLETION OCTOBER 2024. Located in prestigious Paradise Valley- a Modern showpiece, offering serene privacy and stunning views of Camelback Mountain. This paradise sits on over an acre with luxurious finishes and carefully curated design elements. After being greeted outside by a beautiful terraced entry, fire feature and custom metal screening- you are welcomed into the great room with 12-foot ceilings, a cantilevered fireplace and an impressive 25-foot pocket door. Custom cabinetry throughout the home, designer lighting, custom wood ceiling details and hand-picked stone selections showcase the elevated design. A generous chef's kitchen with Wolf/SubZero appliance suite is supported by the secondary kitchen- perfect for when you are hosting large events. The main kitchen looks out over the sitting room, living room, outdoors to the pool, spa, outdoor kitchen, bar and expansive covered patio space. Constructed using cast in place concrete - this complex build technique allows for minimal rooflines and maximum viewpoints out of all windows. The attention to detail from the land up is exquisite. This masterpiece home is not one to be missed... who doesn't want to own their own little piece of paradise?
5030 E Mockingbird Lane
Paradise Valley, AZ 85253
$8,995,000
6
Beds
7
Baths
12,014
SqFt
Status
Active
MLS #
6675327
Property Type
Single Family Residence
Price Type
--
TIMELESS 2-ACRE GATED ESTATE WITH GUESTHOUSE!! Private and SINGLE LEVEL, the main house is 10,340 sq. ft. with 4 bedrooms and a 6 car, air conditioned garage. The interior of the main home is adorned with stone décor and archways and a sunken bar with wine cellar that has 2 separate, individually cooled areas. The grand study has 2 tvs, a stone fireplace, floor to ceiling wood shelving and cabinetry, a wood décor ceiling as well as natural light. The glass, pocket doors in the main living area open the entire space for indoor/outdoor entertaining. The 1688 sq.ft. Guesthouse has 2 oversized bedrooms, a full kitchen, laundry room as well as it's own 2 car garage. At the Guesthouse, the seamless glass doors meet in the corner and completely open on two sides connecting the guesthouse to the backyard oasis. The luxury, resort style backyard is complete with 2 connected pools, where the play pool has a gazebo and swim up bar and is connected to the diving pool by a flowing lazy river complete with fire pits and Hurricane Palms as well as an island spa. An absolute oasis! This estate is extremely private yet conveniently located. Cullum Homes is extremely detailed and known for building high quality, luxury homes.
6836 N 36th Street
Phoenix, AZ 85018
$8,950,000
3
Beds
3
Baths
3,095
SqFt
Status
Active
MLS #
6507389
Property Type
Single Family Residence
Price Type
--
The ''Circular Sun House'' was designed by Frank Lloyd Wright and was his final architectural design, and known as the Norman Lykes House. 3 beds + office + den + Library. Designed to blend in with the curves of the surrounding desert mountain, this iconic masterpiece was the last home designed by Wright and one of only 14 circular homes by the master architect. Overlapping concentric circles create a floorplan that flows seamlessly from one room to another while every room takes in unobstructed majestic views of Palm Canyon and the city below. Curved walls, clad in golden-hued Philippine mahogany cover the three bedrooms and hallway, reflecting the natural light of Palm Canyon. Sprawling entertaining spaces flow outside to ample patios and a crescent-shaped pool. In Architectural Digest! Three bedrooms PLUS library, plus den could be 4th bedroom and office that sits atop the home.
11612 N 86th Street
Scottsdale, AZ 85260
$8,950,000
7
Beds
8
Baths
8,587
SqFt
Status
Active
MLS #
6576591
Property Type
Single Family Residence
Price Type
--
Introducing the pinnacle of luxury, privacy and security: Elysium, designed and built by Modern Masterpieces. Offering soaring 14' ceilings, rooms carved from natural stone and wood, solid wood frameless pivot doors, electronic color changing smart glass sliding walls - this home redefines luxury living. Features three professional kitchens in the highest spec by Gaggenau and Thermador, a Dolby ATMOS 4K movie theater, and unprecedented amenities like a smart glass cube room, 4 exotic car museum garage, over 2,500sqf full tile pool, spa, firepit and swim-up restaurant, double RV parking, and glass basketball court. US military spec nuclear threat resistant security room with state of the art surveillance. Glass railing bridge lush garden entry secured by electronic gates ensures privacy
3285 N Mountain View Road
Apache Junction, AZ 85119
$8,915,000
6
Beds
9
Baths
9,150
SqFt
Status
Active
MLS #
6687284
Property Type
Single Family Residence
Price Type
--
An opportunity like no other! 7 parcels spanning 24.18 acres with unlimited potential for luxury residential development or commercial transformation. Nestled against the breathtaking Superstition Mountain, this unparalleled sale features two captivating properties, each with awe-inspiring views. The residence on parcel 10001001H showcases over 11,000 SqF of meticulously crafted architecture, boasting a custom design and premium amenities. Highlights include a state-of-the-art kitchen worthy of a magazine cover, rooftop patios, pool, and space for recreational vehicles. Meanwhile, parcel 10001001J contains a total of 12,000 SqFt feet of construction, comprising the main dwelling, a charming casita, 7488 sqft in garage space,
22803 N Via Ventosa Drive
Scottsdale, AZ 85255
$8,795,000
5
Beds
7
Baths
6,800
SqFt
Status
Active
MLS #
6681467
Property Type
Single Family Residence
Price Type
--
CP Drewett of Drewett Works Architecture inside Canyon Heights. North Scottsdale's most prestigious gated, hillside, view community; sides to Silverleaf without Silverleaf architectural guidelines and density. This is the last available hillside lot within the enclave. With nearly 10 acres of panoramic sunset and city light views, this elevated lot offers a rare opportunity to build your dream home. The entrance to the parcel is flat, providing acreage for endless options. A gradual slope ensues, rendering incredible Westward facing views. Sweeping views of Lost Canyon to the South. An elevated view lot of this caliber is a rare find and deserves a first in class Builder behind it; we welcome you to set up a walkthrough with Jeff at True North Builders or CP at Drewett Works.
E Whispering Wind Drive
Scottsdale, AZ 85255
$8,790,000
6
Beds
6
Baths
6,800
SqFt
Status
Active
MLS #
6682986
Property Type
Single Family Residence
Price Type
--
A true and striking desert contemporary from Temac Development and Candelaria Design Associates - Perched on nearly 5 acres of flat, high desert, this modern estate boasts some of the best views in the area with privacy and seclusion. Unobstructed views of Pinnacle Peak, Troon Mountain, McDowell's, and City Lights to the South, all with the freedom of no HOA. Nearby first class shopping, dining, and golf. 92nd St is now paved, although photos show prior dirt road. Your inquiry to this iconic estate is welcomed.
10134 E Cavedale Drive
Scottsdale, AZ 85262
$8,750,000
5
Beds
5.5
Baths
5,864
SqFt
Status
Active
MLS #
6569946
Property Type
Single Family Residence
Price Type
--
Remarkable views from every room of this architecturally stunning new home. Disappearing electric Walls of Glass surround the Great Room to soak in views and feel the desert breezes. Main house has 3 ensuite bedrooms + an office and wine room. The home is oriented toward mtn peaks and rock formations which provide privacy. Hickory floors and ceilings; Ebony, Bolivian Rosewood, and Walnut cabinets; and custom Walnut doors throughout. The casita has 2 units with separate entrances (a guest house + a bonus room). Both are ensuite. Everything is one level. Electric sun shades thru-out the house and blackout shades in main bedrooms. Oversize 4 car garage. Built with exquisite quality by builder who has won numerous awards including National Home of the Year for his last home, also in Estancia. Taliesin West trained Architects. This home must be seen to be appreciated!
11267 N 98th Place
Scottsdale, AZ 85260
$8,720,000
5
Beds
9
Baths
7,928
SqFt
Status
Active
MLS #
6686290
Property Type
Single Family Residence
Price Type
--
Escape to a haven of elegance and sophistication in the heart of Cactus Acres, where the timeless charm of Santa Barbara meets modern luxury. Designed by Architect, Domenic Berta, this exquisite residence offers an unparalleled fusion of architectural beauty, upscale amenities, and outdoor living at its finest. On 1.21 acres, the main house of 6,790 livable square feet holds 4 bedrooms, 5 full bathrooms and 2 half-bathrooms. The guest house of 1,138 livable square feet is equipped with full kitchen, 1 bedroom, 1 full and 1 half bathroom, and living area. Inspired by the iconic Santa Barbara style, the exterior of this stunning home captivates with its graceful lines, basalt and limestone façade, and tile roof, set amidst lush desert landscaping. A gated entry and basalt stone fountain welcomes you into a world of luxury and serenity. Step inside to discover a diligently designed interior by Dana Reynolds Interior Spaces that exudes warmth and refinement. The open-concept floor plan boasts soaring ceilings, designer finishes, and expansive windows that flood the space with natural light and frame views of the surrounding desert landscape. Elegant fireplaces faced with basalt stone, limestone and custom wood work are a focal point of each living area. The gourmet kitchen is a culinary masterpiece, featuring Wolf appliances, custom cabinetry, and a center island adorned in Taj Mahal quartzite with ample seating; perfect for entertaining guests or gathering with family. Separated by a glass wine wall and defined by a beautiful accent wall, the spacious dining area offers a refined setting for formal dinners or casual meals with loved ones. Unwind in the luxurious master suite, where a tranquil oasis awaits with a gorgeous ensuite bathroom, steam shower, walk-in closets, fireplace, and patio onlooking the sparkling pool and lush backyard oasis. Additional bedrooms and living spaces provide comfort and privacy for guests, while a dedicated home office offers a serene environment for work or relaxation. Outside the sliding pocket doors, the resort-style grounds beckon with an array of amenities designed for outdoor living at its finest. Relax by the sparkling pool and spa, host gatherings around the outdoor kitchen and barbecue area, putt a few golf balls at your own 6-hole putting green, or retreat to the charming pool house for a leisurely afternoon of relaxation. This home offers 66 owned solar panels which sit atop the guest house and room for an RV garage! Conveniently located in the heart of Scottsdale, this Santa Barbara style estate offers easy access to world-class dining, shopping, and entertainment options, as well as pristine golf courses and outdoor recreational activities. Experience the epitome of luxury desert living in this exceptional residence, where every detail has been meticulously crafted to exceed your expectations. Welcome home to your own private oasis in the desert.
6524 E Stallion Road
Paradise Valley, AZ 85253
$8,600,000
4
Beds
6
Baths
5,466
SqFt
Status
Active
MLS #
6691277
Property Type
Single Family Residence
Price Type
--
Introducing Santa Fe Hacienda, an exquisitely restored and reimagined Nance masterpiece by Modern Nest situated on a generous 1-acre lot in the heart of Paradise Valley. This stunning residence showcases a captivating blend of Santa Fe-style design with luxurious modern and rustic accents throughout its expansive 5466 square feet and its 4 bedrooms and 6 bathrooms. Boasting an impressive main living area adorned with an oversized gas fireplace, two comfortable sitting areas, and a handcrafted wet bar with a limestone sink, and walk-in wine cellar, this home offers an unparalleled setting for both relaxation and entertainment. The elevated chef's kitchen is a true culinary haven, featuring reclaimed terracotta flooring, hand-hewn wood ceiling beams, impeccably designed cabinetry, high-end lighting fixtures, and top-of-the-line Wolf and Sub Zero appliances. The butler's pantry, just off the kitchen, offers additional storage paired with charming design and function. Adjacent to the kitchen, an elegant dining space awaits, complemented by picturesque windows that flood the room with natural light. The owners suite is a sanctuary unto itself, with a cozy fireplace, a private patio retreat, and an office with its own outdoor patio. The bath is a spa-like oasis, complete with a freestanding copper bathtub nestled near another fireplace, separate vanity areas, and a luxurious shower experience. The oversized closet is a masterpiece of design, featuring custom cabinetry, abundant storage, and ample natural light. A spacious media room, equipped with a convenient kitchenette, provides the perfect spot for casual gatherings and relaxation, while three additional bedrooms offer comfort and privacy, each with its own ensuite bath and outdoor patio access. The functional yet stunningly designed mudroom/laundry room boasts dual washers and dryers, abundant cabinetry, and a convenient drop zone, ensuring effortless organization and convenience. Outside, the sprawling backyard beckons with expansive patio spaces, an outdoor kitchen with a pizza oven and fireplace, and a newly rebuilt pool surrounded by lush landscaping and high-end lighting and sound systems. This home epitomizes elevated living, seamlessly blending authenticity with modern luxury. An absolute must-see to fully appreciate its exceptional offerings.
9316 E Aw Tillinghast Road
Scottsdale, AZ 85262
$8,500,000
3
Beds
3
Baths
5,700
SqFt
Status
Active
MLS #
6583092
Property Type
Single Family Residence
Price Type
--
NOW STAKED & FLAGGED! An incredible 5 acre homesite opportunity to build a 5,700 SF residence with 3 beds, 3 baths & elevated to capture breathtaking views. You may further reimagine this home to perfection; customize it for your lifestyle. This is a very private location with views overlooking golf courses, serene mountain ranges, & stunning Desert Mountain lights that bring enchanting beauty to the environment both day & night. The Ranch & Trails provide hiking & a preserve that borders the 3 million acre Tonto National Forest. Convenient, DUAL access is available through Carefree Ranch, cutting access time in half. For an exclusive 10 acre homesite, see MLS 6583078, the adjacent 5 acre lot to the East. A membership is not included with this offering. Contact Desert Mountain Membership
