August 1. And I think most Phoenix metro residents are glad that this July is in the books, Hope you managed to get away!

The heat has led to a bit of a cooling on activity for for real estate. This is really more about the logistics of heat and travel and schools out for summer. Anticipating a hard bounce in activity here as August progresses.

Just Listed | Entertainers Paradise

5 Bedrooms | 4.5 Bath | 4,025 Square Feet | 20,567 Square Foot Lot

Welcome to 6035 E Hodges St - a breathtaking, upgraded, and renovated home that boasts the meticulous touch of a designer. Nestled within the prestigious gated Lone Mountain subdivision, this coveted The Roberts model offers an unparalleled lifestyle and presents a rare opportunity to own one of the best and largest lots in the community- Every corner of this home has been carefully curated to exude elegance and sophistication-Your dream home awaits!

Some of the upgrades include: chef's kitchen. custom cabinetry with auto lighting. WOLF / Sub Zero appliances. Custom paint throughout. High end light fixtures. Custom shower tile work. Crown molding in the family, primary, and front rooms. Custom closets in every bedroom. Butler pantry. Dream backyard with: 55 thousand gallon pool, hot tub / spa, grotto, fireplace, sports court, Volleyball, BasketBall, track around yard, putting green, top of the line artificial grass. New hot water heater. New soft water system. Attached casita with separate outdoor and indoor entrance features living room, kitchenette and additional bedroom with walk-in closet and full bathroom. From the stunning finishes to the oversized lot, resort style backyard, and indoor and outdoor living this home is haven to those seeking the utmost in luxury and exclusivity.

6035 E HODGES ST, Cave Creek, AZ 85331 | Offered at $2,650,000

Mansions Global Link: Click here MLS Link: Click here Video Link: Click here

10561 Addy Way, Scottsdale 852562

3 Bedrooms | 3.5 Baths | 3.248 Square Feet | 18,345 Square Foot Lot

BIG VIEWS IN MIRABEL CLUB! Welcome to the prestigious Mirabel Club Scottsdale. This exquisite La Posada golf villa sits on an oversized lot with breathtaking golf and mountain views. Many upgrades and updates. The home wraps around a private courtyard with charming outdoor fireplace. The great room is vaulted with large beams, tongue and groove wood ceiling & feature fireplace. The kitchen has custom cabinetry, high end appliances and quartz counters. Detached casita has full bath and coffee bar. Full size SubZero wine refrigerator. Private pool and spa with motorized cover. The paved driveway offers additional parking. Mature landscaping with many curated species. Outdoor grill area. Wood floors throughout.BIG VIEWS IN MIRABEL CLUB! Welcome to the prestigious Mirabel Club Scottsdale. This exquisite La Posada golf villa sits on an oversized lot with breathtaking golf and mountain views. Many upgrades and updates. The home wraps around a private courtyard with charming outdoor fireplace. The great room is vaulted with large beams, tongue and groove wood ceiling & feature fireplace. The kitchen has custom cabinetry, high end appliances and quartz counters. Detached casita has full bath and coffee bar. Full size SubZero wine refrigerator. Private pool and spa with motorized cover. The paved driveway offers additional parking. Mature landscaping with many curated species. Outdoor grill area. Wood floors throughout.

10561 E Addy Way, Scottsdale 85255 | Offered at $2,395,000

Mansion Global link: Click Here | MLS Link: Click Here | Video Link: Click Here

Coming Soon to Paradise Valley

Call me for the details. Marta 4802745710

Market Stats

Here's some national headlines that are bubbling through the collective psyche.

National Association of Realtors declares housing recession over.
“The recovery has not taken place, but the housing recession is over,” announced Lawrence Yun, the Chief Economist of the National Association of Realtors. “The presence of multiple offers implies that housing demand is not being satisfied due to lack of supply. Homebuilders are ramping up production and hiring workers.”

U.S. Housing Market Avoids Crash, but Challenges Remain for Buyers and Sellers - Zillow Research
Our official forecasts project home prices to end 2023 5.5% higher than where they started it. . And while we project 4.2 million existing home sales to close this year – the lowest calendar-year total since 2010 – we expect annual declines to abate by early 2024 and for home sales to stabilize at low levels through early next year.

What's Happening Locally?

Our easiest luxury market to analyze is Scottsdale, because it has a good number and blend of properties.

Here's the charts as of July 31st, 2023.

3 Key Takeaways
Looking at the charts this is what we are noticing.

1. Sold to list ratio have recovered. This means sellers are gaining confidence and buyers are unable to bully them as they were in December 2022.

2. Prices are drifting higher. Sellers are only willing to list back at where their properties were valued at peak market. Because inventory is low they feel they can get their price.

3. Volume is flat. And we don't really see how that's going to change. The biggest catalyst is be the Fed starting to reduce rates but that may not be until Q3 of 2024.

Coming Soon Listings

We have some coming soon listings in Paradise Valley, McCormick Ranch, Biltmore and North Scottsdale. But in this market things go fast so if you are looking be sure to let us know :-)

Interiors

5 tips to elevate your entry way.

3 Feng Shui things to avoid.

70 tips from interior designers.

In The Neighborhood

The long shuttered Albertsons on FLW set to become largest Mountainside Fitness.

Phoenix ends 31-day streak of highs at or above 110 degrees — by reaching 108

Realtor fined $15,000 for drinking sellers milk. Some people 😱

That's it folks. Have a great week!