Residents of Scottsdale Arizona real estate can benefit from improving home energy efficiency with tax breaks offered in the Stimulus Bill. Owners of Scottsdale AZ luxury homes with large square footage, especially older homes, can tighten up their real estate during 2009 and 2010 and receive up to $1,500 in tax credits. There are no income phase-outs; all principal homeowners are eligible.
Homeowners in some parts of the country may be trying to cut heating bills. Arizona residents look to cut high air-conditioning bills. Professional comprehensive home assessments are helpful tools to assist homeowners to choose the best project to deal with the hot Sonoran summers that directly affect energy bills in Scottsdale homes.
Compared to older, poorly tuned, or oversized air-conditioning units, energy saving air conditioners cut cooling costs by over 20 percent. Other effective home improvements include installing better windows, doors, and insulation, along with projects that seal the shells of homes. For more information about recommendations for energy-efficient remodeling of real estate in Scottsdale, see the government’s Energy Star website.
The Stimulus Bill, formerly called The American Recovery and Reinvestment Act of 2009, offers taxpayers tax credits of 30 percent of costs to improve the energy efficiency of their principal residences. Credit is limited to the cost of materials for windows, doors, and insulation. The legislation allows 30 percent of installation costs for appliances such as air conditioners, furnaces, heat pumps, and boilers that meet energy efficient guidelines. The maximum total tax credit for both 2009 and 2010 combined is $1,500.
For example, if a project costs $5,000, the taxpayer could receive a tax credit of $1,500. If a $300 project in 2009, then the tax credit would be $90 for 2009. This homeowner would still be able to spend an additional $4,700 in 2010 and then claim another $1,410 when filing his/her 2010 return.
Those who want to go all green may consider this additional offer. Another tax credit is on the table until 2016 for installing new energy systems such as solar water heaters, geothermal heat pumps, and wind energy systems. This incentive includes up to 30 percent of the costs of materials and installation with no maximum limit!
Although previous legislation offered tax credits for these types of upgrades, the 2009 Stimulus Bill raised the credit amount from 10 percent to 30 percent. Improvements must be “placed in service” between January 1, 2009 and December 31, 2010 with the exception of the energy systems mentioned in the previous paragraph.
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.
Aug 08
Kierland Resort is unique among Scottsdale Arizona real estate. Tucked amid the McDowell Mountains of central Scottsdale real estate, the Westin Kierland Resort & Spa is an Arizona landmark. Inspired by the theme “Treasuring the Essence of Arizona,” the resort pays tribute to Arizona history by displaying historical artifacts, artwork, and photography.
A pleasant mix of older Scottsdale homes surrounds the 730-acre master-planned Kierland Community that includes popular shopping destination at Kierland Commons, an exclusive 27-hole championship golf course, Agave Spa, Adventure Water Park, hundreds of luxury guest rooms, and much more.
The vacation oasis in the Sonoran Desert of Scottsdale AZ real estate features:
A self-guided walking tour leads guests through the depictions of Arizona history on display. Descriptive plaques, each written with a Will Rogers bent by state historian Marshall Trimble, detail key moments of our past. In the meeting and function area of the Resort are Discovery Hall, Expedition Hall, and Visionaries Hall where river explorers such as John Wesley Powell join
Arizona Indian chiefs and heads of state, those honored for creating the “Essence of Arizona.”
Arizona Culturekeepers in conjunction with the Arizona Historical Society and The Westin Kierland Resort & Spa to recognizes 10 Arizona pioneers of entrepreneurial spirit, civic leadership, and outstanding contributions. The state celebrates its 100th birthday in 2012.
In addition to presenting Arizona history and offering 732 spacious Southwestern-style guestrooms with Heavenly Beds® and private balconies and terraces, the Kierland Resort hosts several events. They include Scottish Pipes at Sunset, Saturday Night Scotch Tastings, Well Beyond, and concerts.
The “Scottish Pipes at Sunset” series features bagpiper Michael McClanathan and honors Scottish immigrants who helped develop Arizona’s railroads, mines, and towns. “Summer Concert Series at Kierland Commons” features live performances on the plaza each Saturday evening while “Saturday Night Scotch Tastings” serve Johnny Walker Scotches. “Well Beyond” Weekends feature experts from Mayo Clinic, which is located just northwest of the resort teaching life-long health.
Guests also access a full selection of FUN activities such as trips to the Grand Canyon and hot air balloon rides. For information about the estate homes and luxury real estate in the area, contact the LUXE Real Estate Group at 1-888-900-LUXE.
Aug 06
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.
Aug 05
Take note if you are or plan to be a real estate investor in Scottsdale, Phoenix, or any other part of Arizona. On July 10, 2009, Arizona Governor Brewer signed legislation that as of September 30 changes the Arizona anti-deficiency law contained in the Arizona Revised Statutes – Section 33-814(G), the trustee’s sale statute.
Investors in trust property in Scottsdale or Arizona real estate need to find out how this ruling affects their situations, if at all, with regards to plans for foreclosures and short sales. We strongly advise consultation with qualified tax professionals before deciding to do a short sale or foreclosure. There are possible derogatory tax consequences resulting from Arizona foreclosures, shorts sales, and loan modifications.
The current Arizona anti-deficiency rule keeps lenders from seeking a deficiency, or suing directly on the note, following a foreclosure or short sale of investment real estate in Arizona that meets certain criteria. It is advisable for real estate investors to seek professional help analyzing each foreclosure or short sale to determine their rights and obligations. The lender’s remedies under the Promissory Note and other loan documents spell out the terms.
Designed to limit the type of borrowers that will qualify for anti-deficiency treatment, the new Arizona law changes the criteria. Criteria under the current laws are simple: the anti-deficiency rules apply only if the foreclosed property is under 2 ½ acres and utilized as a single one-family or single two-family dwelling.
The current law goes something like this: In Arizona, if a borrower fails to pay its loan, a lender can foreclose its Deed of Trust lien either judicially per A.R.S. 33-721 et. seq., or non-judicially by conducting a trustee’s sale per A.R.S. 33-801 et. seq. If the foreclosure price does not pay a lender what it is owed, the lender may generally seek a deficiency against the borrower for the difference. Arizona has anti-deficiency laws that bar a lender from seeking a deficiency in certain situations. In both judicial foreclosures and trustee’s sales, anti-deficiency rules apply only if the property being foreclosed meets the criteria.
However, after September 29, 2009, there are additional criteria: The trustor must have lived in the property for at least six consecutive months and must have a Certificate of Occupancy. Investment properties sold at a trustee’s sale will not qualify for anti-deficiency treatment if the trustor has not lived in the property for the six consecutive months. There are more details in the fine print. Be aware.
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.
Jul 31
Short sales are the best option for many owners of resort and vacation real estate in Scottsdale Arizona. However, this alternative to foreclosure will not work for sellers who expect to make a profit from the sale of their Scottsdale AZ homes. Those sellers are best off seeking loan modifications.
Sellers of Greater Phoenix real estate are at the mercy of their lenders during the negotiations for short sales. Caught in difficult situations, they are usually behind on house payments with no end of challenges in sight. Distressed sellers need to remain humbly aware that for short sales to work, the lenders must agree to accept a loss of funds. Consequently, sellers who want to be successful in their proposals to do short sales had better follow their lenders’ guidelines to the T.
The first step to a short sale is calling the lender. It is important to speak with the person capable of making decisions about short sales. Sellers should be aware that requirements for short sales vary from lender to lender.
Listed below are some commonly requested documents:
It is highly recommended for sellers to confer with professionals such as real estate agents, real estate lawyers, and CPAs before proceeding with short sales. Some states allow lenders to pursue borrowers for the difference between the amount owned and the amount paid. In some instances, the shorted amount is taxable income. Unforeseen details dampen the short-sale transactions.
Most states require credit reporting by lenders. However, sellers may ask lenders not to report the short sale. Occasionally, lenders will oblige but normally a short sale registers on the FICO score the same as a foreclosure.
For more information about luxury real estate in the area, contact LUXE Real Estate Group at 1-888-900-LUXE.
Jun 05
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.
Jun 02
The lifestyle at DC Ranch is unrivaled. The DC Ranch community was designed for an affluent lifestyle and promotes the ability for its residents to not have to ever leave its boundaries to enjoy North Scottsdale and the best amenities in town.
The award winning DC Ranch Marketplace is a place to be seen and to enjoy the valleys top eateries and even wineries. It is an upscale marketplace built and designed by DMB. It offers neighborhood shopping convenience with a chance to wine and dine with family and friends at a wine bars like Armitage and multiple high end dining options like Eddie V’s.
If you like golf, you can enjoy the DC Ranch Countryclub and its 18 hole, par 71 golf course designed by DC Ranch resident Tom Lehman. This award winning golf course sits at the foot of the McDowell Mountains and features views of North Scottsdale to Camelback Mountain.
As for DC Ranch Real Estate, few communities can compare to the spacious elevated floor plans and home on and around the DC Ranch Mountains. It features a unique opportunity to connect with family and friends with various community amenities and even the Village Racquetball Club and Spa.
Housing ranges from the low 400s to well over $1 million. However, one of its greatest attributes is that DC Ranch offers housing for all levels of income, from top level condominiums to multi-million dollar estates in Silverleaf.
For more information, please call your local DC Ranch Real Estate experts at the Luxe Real Estate Group at 480-948-6260.
Oct 02
Nobody knows for sure. Of course, many so called “experts” whose income does not depend on selling houses have plenty of opinions. Then again, nobody guessed it would last this long. However, two years ago when houses were being sold by placing a “for sale by owner” sign in the front yard, these same experts rarely warned or predicted what we are experiencing now. In addition, executives, CFOs and CEOs of top banking and lending companies with huge six figure salaries and bonuses based on their companies bottom lines did not pull back on their companies lending money to unqualified individuals or delving into the sub-prime market or HELOCS. Nobody was scared of the bubble bursting or the sub-prime market crashing. If these so called “experts” could not predict the crash, why can they now be so sure of the return?
The simple answer is that they cannot. The people who are in the trenches and whose income depends on the real estate market in Arizona are the best “experts”. As a company, the Luxe Real Estate Group would be considered “REO” and “bank owned” experts as we represent some of the top banking and lending organizations, such as Countrywide, HSBC, GMAC and Bank of America. We are seeing more and more foreclosure properties hit the market. As long as large volumes of foreclosures flood the market, they will continue to bring home prices down.
This does not necessarily mean it is a bad time to sell your home. It all depends on your unique situation. It does mean that the days of selling your home with a “FSBO” sign are probably gone and the need for a good real estate agent is at an all time high. Furthermore, we have not seen such a great time to buy real estate in many years, especially for investors looking to buy low income and cash positive properties. Bottom line is that CNN does not know the Arizona real estate market. More than ever, home owners and buyers should turn to real estate professionals to get a true picture of the market before buying or selling real estate.
Contact the Luxe Real Estate Group at 480.948.6260.
Oct 02
McDowell Mountain Ranch is an award winning 3,200 acre master planned community nestled in and around the beautiful Sonoran Desert and the majestic McDowell Mountains. It is very unique in that it offers multiple floor plans and home prices to different consumers. It features over 20 different neighborhoods built by 14 unique builders, like the award winning KB Homes. Builders started construction in the early 90s and homes began selling in 1995 it is known for housing young professionals in the heart of North Scottsdale. One of its greatest attributes is its affordability. Houses range from 300k to over 2 million. For North Scottsdale Real Estate, there is really no comparison for value in this area. A young family can enjoy all North Scottsdale amenities, including top level golf courses and restaurants for a fraction of the costs in neighboring Silverleaf and DC Ranch. It also has numerous public facilities and schools so that residents need not travel far to enjoy the community. It features numerous parks, schools, public libraries, eateries, an aquatic center and much much more. If you would like to know more about enjoying the McDowell Mountain Ranch lifestyle, please contact the Luxe Real Estate Group at 480.948.6260.
Oct 02
Windgate Ranch in Scottsdale AZ is the newest gated Toll Brothers luxury community nestled between DC Ranch, Silverleaf and the
Windgate Ranch is located and surrounded by a preserve in the
There are quick delivery homes available now at unbelievable discounts. These discounts are not made public or posted on their website for obvious reasons. The Luxe Real Estate Group has represented numerous buyers in this community and we would be happy to discuss the incentives that we have been able to obtain for our previous clients to make sure that you receive the best possible price available.
Please call your local Windgate Ranch Scottsdale real estate experts at the Luxe Real Estate Group at 480-948-6260 to schedule a tour of the facilities and a viewing of Windgate Ranch’s quick delivery homes.
Sep 11
If you’ve been trying to sell your home in Scottsdale, Arizona—or any real estate in Paradise Valley AZ, Tempe, or Fountain Hills—and you are wondering when the right buyer will show up at the door, take heart. Sales of existing
Now that the mortgage industry disruptions that peaked in August 2007 are getting under control, people who are looking to buy a
Arizona Realtor magazine quoted NAR’s Chief Economist Lawrence Yun in their January 2008 issue saying, “I expect sales at fairly stable to slightly higher levels.” Yun also expects home price growth in the middle section of
Realize that the national median home price is just one index. There is a great disparity between local markets throughout the nation. For example, while parts of
Let’s take a look at some of the scientific data that the economists assess when making projections. The Pending Home Sales Index improved between August and October but still fell short of the figures from the previous year. Sales were exceptionally slow at the end of 2007 and that leads them to predict only a modest improvement this year.
As the Northeastern part of the country led the slump, it will most likely lead the recovery. Carefully watching the numbers in that part of the nation, economists see that things are starting to improve. In fact, existing home sales are projected to reach 5,700,000 in 2008, an improvement over 2007 but short of the 2006 numbers of 6,480,000. The national median home price, down to $217,600 in 2007, is expected to move up to $218,300 in 2008. Our resorts areas and two-thirds of the metro areas in the nation are actually showing price increases.
So be ready to be back in the game of selling your home. Make sure it is spruced up for the showings!
For assistance buying or selling real estate in the Phoenix/Scottsdale metro areas, contact us at 1-888-900-LUXE.
Jun 19
When it comes to location and proximity to Scottsdale shopping and dining, it does not get much better than the Plaza Lofts at Kierland Commons. The beautifully appointed loft residences are ideally situated above some of the most popular retail stores in Scottsdale. The lofts range in size from 1,100 to 2800 square feet and the five penthouse units range in size from 3,300 to 3,936 square feet.
Outdoor amenities include a heated pool, jacuzzi, fire pit, barbecue and cozy seating areas. Residents can walk outside and stroll to any of the fine shops and restaurants at the Kierland Commons center. For golf enthusiasts, the Westin Kierland Resort is right next door!
The Plaza Lofts at Kierland Commons is being developed by Woodbine Southwest Corporation and is being represented by Signature Properties. To find out more about this development, contact a Luxe real estate professional today.
Mar 28
The Luxe Real Estate Group unveiled its highly anticipated website on Wednesday February 20, 2008 to rapturous applause. The ground-breaking site showcases Arizona real estate and land in a way that is both a visual feast and highly user friendly. Scottsdale, Arizona is home base for the principals of Luxe, but their website reaches a much wider audience. Designed to provide buyers and sellers with a simple, efficient tool to enhance the real estate experience, the Luxe web portal is fast becoming a popular destination for consumers who desire the finest in real estate web offerings.
For buyers who want to search the Arizona multiple listing service, there is an easy to use interface that will allow them to search all listed properties in Maricopa county. The Luxe Featured Properties section showcases the latest company listings. Buyers and sellers can also educate themselves through a wide variety of real estate articles in the Luxe Library. Financing is an important part of every real estate transaction and for consumers who need a lender or a good mortgage calculator, they need look no further.
Offering residential and commercial real estate services, Luxe principals provide the finest real estate representation in the industry. To find out more, visit their site today or call toll free at 888.900.LUXE!
Feb 25
According to all of the recent articles and tv shows, you might think it’s a bad time to buy real estate in the Phoenix metropolitan area. That is not necessarily true – especially when you have the right information before buying and don’t panic in bad markets. Buying a home and real estate is always a great investment for someone who plans to live in it – not a short term investor. And with Phoenix area real estate inventories as high as they currently are, this is actually a great time to buy real estate in the Valley. Obviously other experienced investors feel the same way as they are coming back into this market looking for investment properties in the Phoenix-metro area. Many ask all the right questions and have all the right resources. But others are new to real estate altogether and have very unrealistic expectations that will inevitably result in a bad outcome.
As a long term investment, real estate always makes sense. In fact, anybody with a significant amount of money invested in the stock market might be re-thinking real estate as an investment right now. Just as with the stock market, as long as you are willing to wait out the bad times, you will always make money. I don’t know anybody who lost 3-5% in their real estate values last week, but people heavily invested in the stock market saw instant, huge drops in their net worth because of real estate fears. In reality, whether your money was invested in real estate or stocks last week, you didn’t lose anything if you didn’t panic and sell. In other words, both stocks and real estate will always increase in value over time, making them great long term investments, so there is no need to shy away from real estate, even in the bad times. Short term investors, however, have to really know what they’re doing or they end up buying high and selling low, which is exactly what you DON’T want to do. Anyone who ‘flips’ properties knows that you generally set your profit when you buy the property, meaning that if you don’t buy it for the right price, there’s not much you can do to make money. And to know the right price, you have to know the market and know what you’re doing overall.
Like anything in life, if it seems too good to be true, it probably is. The people buying into get rich quick schemes are the ones bailing out now and being foreclosed on. The smart real estate people and experienced real estate agents thrive even during the bad times.
Feb 19
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!
Feb 19