Opportunity knocks for buyers in our beautiful Scottsdale AZ real estate market.  Until December 1, 2009, the U.S. government is offering an $8,000 tax credit to first-time homebuyers and to buyers of principal homes in Scottsdale and Phoenix, who have not owned primary homes in the last 3 years.  The tax credit applies to taxpayers throughout the nation.

It is truly a buyers’ market trumping the last eight years.  First-time buyers have the opportunity to buy Scottsdale real estate on scenic golf courses and homes in other neighborhoods that were previously out of reach.  Alternately, they may desire to purchase larger Scottsdale AZ homes in medium-priced neighborhoods, homes with more space such as an extra bedroom or office or garage.

Families looking for real estate in Scottsdale are also highly motivated by great prices for homes and loans.  With reduced sales prices, flexible sellers, and increased inventory, now is the time to buy.  Interest rates are still quite low and FHA loan products are enticing.  In February, the FHA Loan Limits in Maricopa County (Scottsdale, Phoenix and Mesa) increased to $346,250.  FHA conforming loan limits are $417,000.

Buyers with steady employment and reasonable credit scores can buy a home with as little as 3-percent down payment through the FHA.  In addition, the FHA opened up bridge vehicles that enable first-time buyers to borrow from tax-credit monies for down payments.  The tax credit also applies to purchasers who use revenue bond financing.

All principal residences are eligible.  That includes single-family homes, condominiums, townhouses, co-ops, and houseboats, which we do not see much of in the desert.

A tax credit is not a tax deduction. It is a dollar-for-dollar reduction in taxes.  If the homebuyers do not owe taxes, they will receive a refund after filing 2009 taxes.  Unlike other recent incentives, homebuyers who buy between January 1 and December 1, 2009 do not pay back this money unless they sell the qualifying homes within three years.

The tax credit starts phasing out for homebuyers with modified gross incomes above $75,000 ($150,000 joint), according to a formula.  Please consult your tax advisor for specific information.

For more information about the estate homes and luxury real estate in the area, contact the LUXE Real Estate Group at 1-888-900-LUXE.

Although there are fewer short sales in the real estate markets of Scottsdale Arizona than in Greater Phoenix AZ real estate, the short sale does have its place.  Second homes and vacation homes in Scottsdale and other resort areas are the first to go when property owners face economic crisis.  Short sales, for some people, are a better option than allowing their homes in Scottsdale or Phoenix to go into foreclosure.  However, short sales affect FICO scores the same way as foreclosures do.

What is a short sale?  Short sales allow buyers to purchase homes in pre-foreclosure for less than the mortgage balance on those properties.  Any lender that accepts a short sale will lose money and they are in business to make money.  Therefore, short sales require the distressed property owners to meet strict qualifications.

To begin with, a lender will only accept a short sale if the homeowner (seller) is facing extreme economic hardship.  Mortgages must be in a default status or approaching default.  If payments are current, other factors must be in play.  Sellers must be facing difficulties caused by situations such as medical emergencies, divorce, death, bankruptcy, or unemployment.

Lenders who will be agreeing to lose money have no sympathy for sellers who have financial problems because they went on a spending spree, made poor decisions, or simply want to move to another neighborhood.

Sellers must be willing to allow the lenders to scrutinize their finances.  Sellers must disclose assets, such as savings accounts, stocks, bonds, IRAs, and other real property.  Depending on the overall scenario, lenders may allow shorts sales in spite of asset strength or they may require the seller to pay back the shortfall sometime in the future.  The government also likes to get involved at times.  Some states tax the debt forgiveness, requiring lenders to issue 1099 forms for the shortfall that they absorb.

Next, sellers must prove that the home is worth less than the unpaid balance plus penalties.  Real estate agents can assist by providing stats from comparable sales to prove that the value of the property has dropped.

Another dealmaker is that sellers must have one or more offers on their properties before lenders will consider the short sales.  Finally, lenders must accept the buyers’ offers.

For more information about luxury real estate in the area, contact LUXE Real Estate Group at 1-888-900-LUXE.

The internationally acclaimed Desert Highlands Golf Club features some of the most beautiful homes in Scottsdale Arizona.  Spread through its 850 acres, the exclusive Scottsdale AZ real estate includes 575 home sites beginning in the $300,000 to $600,000 range, membership included.  Since it was established in 1983, over 500 custom Scottsdale homes have been constructed.  Prices range from $1-8 million.

This extraordinary real estate in Scottsdale is convenient to amenities and art centers at Old Town Scottsdale and Carefree.  It is near medical services such as the renowned Mayo clinic, shopping, restaurants, and schools.  With only a 30-minute drive from Downtown Phoenix real estate, residents of these wonderful Desert Highlands homes also enjoy plenty of cultural and entertainment options in the big city and proximity to Sky Harbor Airport. 

Desert Highlands offers exceptional Sonoran Desert living for residents.  A Jack Nicklaus Signature-design golf course extends throughout the private gated community.  The community also features an award winning clubhouse, golfing in the footsteps of the legends, an extraordinary tennis program, and fitness center and spa. 

Blended into imposing granite outcroppings, the 30,000-square-foot clubhouse is like a jewel set into the mountains.  Designed by William Zmistowski, the refreshingly elegant masterpiece features magnificent views from the formal dining room, informal dining, bar, private dining areas, and from terraces that cascade down the hill to the pool.  These gathering spots look out over breathtaking Arizona sunsets.

The award-winning clubhouse does not steal the glow from the acclaimed golf course, though.  Golf Digest ranked Desert Highlands as one of the top desert golf courses in the country.  The first two Skins Games (1983 and 1984) took place here with Jack Nicklaus, Arnold Palmer, Tom Watson, and Gary Player.  From the tips, Nicklaus designed 7,072 yards of marvelous challenges.  As the desert is abutting the fairways and greens, Pinnacle Peak looms overhead with the city lights below in the distance.

Desert Highlands Racquet Club, a premier facility with its own clubhouse, lounge, and fully stocked tennis shop, features 14 tennis courts with grass, clay, or LayKold surfaces.  The courts also blend into the desert setting.  The club offers frequent member socials, tournaments, and interclub play.  Approximately 150 club-ranked tennis players enjoy the state-of-the-art tennis facilities.  Just as fabulous, the superb spa and fitness facilities cater to the health, well being, athletic conditioning, and relaxation of Members.

Desert Highlands sets a higher standard in community, amenities, and individualized, environmentally harmonious architecture.  In fact, the Covenants, Conditions and Restrictions became the model for other gated communities in the American Southwest.  Honored as Most Beautiful Clubhouse in America and Best Club with Locked Gates among other accolades, Desert Highlands delivers the grace of a lifetime of dreams.

For more information about luxury real estate in the area, contact LUXE Real Estate Group at 1-888-900-LUXE.

In the heart of Tempe, Centerpoint Condominiums will be comprised of four towers that encompass nearly 800,000 square feet. The ultra luxurious mixed-use development will incorporate shopping, dining, entertainment and the finest high-rise living in Arizona. Located in the Tempe Mill District, residents will enjoy breathtaking views while being within walking distance to the ever popular Mill Avenue corridor.

Condo residences will range in size from 500 to 3,000 square feet and residents will have access to some really amazing amenities: 23,000 square foot great room featuring a fitness center, health spa, lounge and movie theater. For sun seekers, there will be a swimming pool with sandy beach entry, hot tub and cabana bar. Other amenities include a demonstration kitchen, mens and womens locker rooms and concierge service.

Centerpoint is being developed and sold by Avenue Communities. To find out more about this development, please contact a Luxe real estate professional today.

Unless you’ve been living under a rock for the past six months, you are probably aware of the dire reports about our real estate market. Indeed, the whole country seems to be suffering. Inventory levels remain at all time highs and we have seen a 10 to 15% decline in home values across the state. To add fuel to the fire, mortgage companies throughout Arizona have been closing their doors leading to a cash crunch.

So, where’s the good news you ask? Well, let me explain why Arizona’s real estate future looks bright:

Despite a floundering real estate market, Arizona’s job growth has remained strong throughout 2006 and 2007. Typically, Arizona accounts for one out of every 52 jobs created in the United States; however, over the past year, Arizona has accounted for a remarkable one out of every 15 jobs created in the U.S. According to the Arizona Blue Chip Economic Outlook, employment should be up 3.7% during the next year which means an additional 73,400 jobs will be created—more jobs means more workers and more workers means more housing will be needed!

Population growth is another important factor in Arizona’s positive outlook. According to the Census Bureau, Arizona is expected to grow by 5.6 million people over the next three decades. The greater Phoenix metropolitan area is expected to grow by over one million people over the next 10 years. Arizona is currently the second fastest growing state in the nation—just behind Nevada. More people moving to Arizona means more housing will be needed!

And, let’s not forget the weather—Arizona enjoys over 300 days of sunshine per year and does not experience earthquakes, mud slides, devastating tornadoes, hurricanes, brutal snow storms (at least not in Phoenix) or flooding like you see back east. We have it pretty darn good here and lots of other folks thinks so too—that is why Arizona will continue to be a haven for thousands of relocating families and second home owners. Our future looks bright indeed so spread the word!