Computer Build for $700

Solution
Just did this build for someone else. You don't need a cpu cooler since you can't OC that CPU, or that expensive motherboard. Case is optional, pick something you like.

PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i5-4590 3.3GHz Quad-Core Processor ($186.99 @ SuperBiiz)
Motherboard: ASRock H97 Anniversary ATX LGA1150 Motherboard ($71.99 @ SuperBiiz)
Memory: G.Skill Ripjaws X Series 8GB (2 x 4GB) DDR3-1600 Memory ($62.99 @ Newegg)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($52.24 @ Directron)
Video Card: Gigabyte Radeon R9 280X 3GB Video Card ($239.99 @ Newegg)
Case:...
Just did this build for someone else. You don't need a cpu cooler since you can't OC that CPU, or that expensive motherboard. Case is optional, pick something you like.

PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i5-4590 3.3GHz Quad-Core Processor ($186.99 @ SuperBiiz)
Motherboard: ASRock H97 Anniversary ATX LGA1150 Motherboard ($71.99 @ SuperBiiz)
Memory: G.Skill Ripjaws X Series 8GB (2 x 4GB) DDR3-1600 Memory ($62.99 @ Newegg)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($52.24 @ Directron)
Video Card: Gigabyte Radeon R9 280X 3GB Video Card ($239.99 @ Newegg)
Case: Cougar Volant (Black) ATX Mid Tower Case ($42.98 @ Newegg)
Power Supply: XFX TS 550W 80+ Bronze Certified ATX Power Supply ($62.99 @ Newegg)
Total: $720.17
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2015-02-03 23:31 EST-0500
 
Solution
It's decent, the main issue I would say this build has is the processor. I see you selected a more effective cooling solution for your CPU, however on that processor the reference cooler that comes with it will be more then enough. I would put that 30 dollars to a stronger CPU and just use the reference cooler, you can always upgrade that later. I would suggest something like this in a CPU, Core i5 4460 http://www.newegg.com/Product/Product.aspx?Item=N82E16819117302
 
Good build! But I would get this instead, because you get more for your money:
PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i5-4440 3.1GHz Quad-Core Processor ($176.99 @ SuperBiiz)
Motherboard: ASRock Z97 EXTREME4 ATX LGA1150 Motherboard ($119.99 @ Micro Center)
Memory: Kingston Fury Series 8GB (2 x 4GB) DDR3-1600 Memory ($62.99 @ SuperBiiz)
Storage: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive ($48.88 @ OutletPC)
Video Card: MSI Radeon R9 280 3GB TWIN FROZR Video Card ($169.99 @ Newegg)
Case: NZXT S340 (Black) ATX Mid Tower Case ($67.99 @ SuperBiiz)
Power Supply: Antec TruePower Classic 750W 80+ Gold Certified ATX Power Supply ($49.99 @ Newegg)
Total: $696.82
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2015-02-03 23:33 EST-0500
 
That's a solid PC for $700. About as good as you can get at that price range.

I don't know if you plan on upgrading sometime down the path, but a Z-series motherboard is overkill for that setup. You'll be just fine with an H-series, and you can put the extra money towards a better GPU.
 


Can still shave a bit off with a cheaper mobo. Z97 isn't needed. And to add, those prices are including rebates. Good deal on that PSU after rebate, but its more than needed.
 
PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i5-4590 3.3GHz Quad-Core Processor ($186.88 @ OutletPC)
Motherboard: ASRock H97 Anniversary ATX LGA1150 Motherboard ($71.99 @ SuperBiiz)
Memory: G.Skill Ripjaws X Series 8GB (2 x 4GB) DDR3-1600 Memory ($62.99 @ Newegg)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($51.88 @ OutletPC)
Video Card: XFX Radeon R9 290 4GB Double Dissipation Video Card ($219.99 @ Newegg)
Case: Cougar Solution (Black) ATX Mid Tower Case ($38.99 @ SuperBiiz)
Power Supply: Antec EarthWatts Green 650W 80+ Bronze Certified ATX Power Supply ($74.99 @ Amazon)
Total: $707.71
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2015-02-03 23:36 EST-0500
 
If i upgrade the cpu to i5 4690k what should i upgrade next?

How about this one what are your thoughts considering not to upgrade in the future:

CPU: Intel Core i3 4160
Motherboard: Asus H97 PRO Gamer or MSI H97 Gaming 3
RAM: G.Skill Ripjaws X Series 8GB (2 x 4GB) DDR3-1600 Memory
HDD: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive
Videocard: Sapphire R9-270X Dual X OC 2GB DDR5 Boost Full
Power Supply: Seasonic M12II-520 EVO 520w 80Plus Bronze Fully Modular
Case: NZXT S340 (Black) ATX Mid Tower Case

Have you heard about these motherboards? about the case i just like the design and the windowed type of cover :)
 


If i upgrade the cpu to i5 4690k what should i upgrade next?

How about this one what are your thoughts considering not to upgrade in the future:

CPU: Intel Core i3 4160
Motherboard: Asus H97 PRO Gamer or MSI H97 Gaming 3
RAM: G.Skill Ripjaws X Series 8GB (2 x 4GB) DDR3-1600 Memory
HDD: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive
Videocard: Sapphire R9-270X Dual X OC 2GB DDR5 Boost Full
Power Supply: Seasonic M12II-520 EVO 520w 80Plus Bronze Fully Modular
Case: NZXT S340 (Black) ATX Mid Tower Case

Have you heard about these motherboards? about the case i just like the design and the windowed type of cover :)
 
I'm confused on where you're going with this. Upgrade to 4690k now or in the future? If in the future, you'll want a Z97 mobo now if you can swing it. Why the drop to the i3? You've been given multiple options in your budget range with good i5 CPUs, and better GPUs. I understand wanting to save more money. Is the budget $700 or are you wanting to spend less?