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 over-sized 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.

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:

• Three world-class golf courses and Kierland golf club
• Tranquil spa with unique and rejuvenating treatments including oxygen facials at Agave Spa
• Tennis Courts
• Fitness facilities
• A spectacular outdoor pool complex with sand beach, 110-foot waterslide, and 900-foot river
• Year-round games and activities at Westin Kids’ club
• Organized activities and family events
• Top dining experiences
• Shopping with Key to Kierland Shopping at Kierland Commons

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.

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.

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.

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:

• Letter of Authorization sent to the lender allows the lender to communicate with the real estate agent, lawyer, and the title company.  It should include the property address, loan reference number, seller’s name, date, and name and contact information for real estate agent.
• Closing sheet, prepared by closing agent or lawyer, to illustrate estimated sales figures.
• Hardship letter to explain circumstances and causes of financial problems.
• Proof of Income & Assets document that discloses resources, assets, and accounts.
• Comparative Market Analysis (CMA) prepared by your real-estate agent to describe market and property value declines that are affecting sale of the property.
• Purchasing Agreement
• Listing Agreement
• Copies of bank statements and an accounting for each deposit along with evidence assuring continuing deposits.

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.

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 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.

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.

Windgate Ranch is located and surrounded by a preserve in the High Sonoran Desert and its residents enjoy panoramic and unobstructed views of Camelback Mountain and the McDowell Mountains.  It is also walking distance to DMB’s award winning Village Spa and Racquet Club and all of the amenities at DC Ranch’s market street. 

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.