We're back! The travels are over, the heat is subsiding and schools are back in session. The real estate market was a little challenging for a while there but it also seems to be back. If interest rates get reduced at the Fed meeting on September 17-18 the market could react even more strongly.

Just Listed | Top of Mummy Mountain

What a prime opportunity to the king or queen of PV.

This extraordinary 8.75-acre property, designed by renowned architect The Construction Zone, is perched at the pinnacle of Mummy Mountain, offering an unparalleled living experience. Plans are currently in the approval process, and this remarkable estate is being offered prior to breaking ground. Buyer can hire The Construction Zone to build or hire their own builder. As you ascend the gated, private drive, you'll be greeted by jaw-dropping, panoramic views that stretch as far as the eye can see. The property boasts spectacular vistas of Camelback Mountain, and Downtown Phoenix, all framed by a breathtaking city lights in every direction. Savor majestic sunsets from the comfort of your luxurious backyard.

MLS: Click to view

5850 Glen Drive, Paradise Valley AZ | 8.75 Acres | Offered at $6,500,000

Just Listed | Tatum Canyon Views

THE MOST STUNNING VIEWS IN PARADISE VALLEY! Seize the extraordinary and rare chance to own a prime 1.2-acre hillside lot offering sweeping, awe-inspiring views of Camelback Mountain, Mummy Mountain, the McDowell Mountains, Pinnacle Peak, and the shimmering city lights below. This hilltop sanctuary is nestled in the prestigious Tatum Canyon enclave in the heart of Paradise Valley. Privately gated and situated at the end of a tranquil cul-de-sac, the property currently features a livable soft contemporary-style home. Its prime location is just moments from the Paradise Valley Golf and Country Club, the new Ritz Carlton Resort, Camelback Inn & Spa, and a variety of upscale shopping and dining options. Remodel the existing 6,200 SqFt home or create the estate of your dreams.

MLS: Click to view

7702 Moonlight Lane, Paradise Valley AZ | 5 Bedrooms | 6.5 Bath | 6,214 Square Feet | Offered at $3,195,000

Private Inventory*

If you are interested in buying a home we have many, many private inventory homes. This is the highest amount I've seen in a long time.

These are homes that are basically for sale and the owners have contacted us but do not want to be listed on MLS at this time. As you can imagine these are mainly high end properties. So if you are looking for homes and have specific wants like either views or specific golf communities we may have what you are looking for.

Market Stats

Market and pricing stable. Our opinion is that the supply is so tight right now prices can only squeeze up into fall. And if the Fed does a rate cut in September that could be a bit of gasoline on the market. If the Fed drops .5% which is not anticipated that could be big.

From the Cromford Report -

Aug 17 - We have mentioned many times that the high-end market tends to drop off substantially during the Summer months, causing all sorts of distortion in market averages, especially those related to price.

To illustrate how this happens, let us look at the figures for April versus July and compare the Northeast Valley with the rest of the Greater Phoenix market. We know that the bulk of luxury homes are situated in the Northeast Valley, which we will define as Carefree, Cave Creek, Fort McDowell, Fountain Hills, Paradise Valley, Rio Verde and Scottsdale. We are going to add Phoenix 85016 and 85018 and exclude Scottsdale 85257.

For this area the April single-family detached sales count was 662 and the July count was 440. This represents a unit volume decline of almost 34%. The average price per square foot also fell from $558.56 to $505.70, a decline of 9.5%.

For the rest of Greater Phoenix excluding the area defined above, the single-family detached sales count for April was 4,631 and the average $/SF was $262.36. In July the sales count was 4,267 and the $/SF was $254.26. So the sales declined only 8% and the $/SF only went down by 3%.

When we look at Greater Phoenix as a whole we see the weak contribution from luxury sales dragging down the $/SF all the way from $313.17 to $289.28, a drop of 7.6%, more than twice the decline seen in the market outside the Northeast.

Naturally we expect high-end sales to recover once the temperatures cool off, which will mean their contribution to the average $/sf will grow and average pricing will probably recover its stability.

Coming Soon & Pocket Listings

Coming soon in one of Scottsdale's best locations.

8019 73rd Street, Scottsdale AZ | 3 Beds | 2 Bath | 2,140 Square Feet | Offered at $765,000.
Contact us for launch date.
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We also have some coming soon listings in Paradise Valley, Scottsdale, Biltmore and North Scottsdale. But in this market things go fast so if you are looking be sure to let us know :-)

Specifically we have some homes in these communities that are ready to see today - Paradise Valley | Estancia | Silverleaf | Mirabel Club | Desert Mountain.

Interiors

Paint colors designers use in their own homes | H&G

10 Design "Facts" That Interior Decorators Say Are TOTAL LIES | House Beautiful

In The Neighborhood

Goldman Sachs Real Estate Head: U.S. Markets ‘Now Bottoming Out’ (commercial)

7 Luxury Real Estate Trends to Watch

Where to eat in Scottsdale.
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That's it folks. Have a great weekend!