Arizona Elegant Homes

Wide Availability of Homes in Scenic Fountain Hills

In an earlier blog post, I discussed the plentiful availability of homes in the scenic Arizona communities of Desert Ridge and Paradise Valley, as well as the outdoor recreational amenities that are found in abundance. Another area I specialize in for those seeking second homes and vacation homes is Fountain Hills. Located 45 minutes outside of Phoenix, this scenic community is nestled behind Red Mountain in a charming desert environment that features ever-changing vistas of blooming desert flowers and towering Saguaro cactus. Long a popular vacation home spot, the terraced slopes of Fountain Hills light up the evening with a romantic ambiance not found elsewhere, especially in the community’s main lake, which is home to the fourth largest fountain in the world.

What Property Types Are Available?

Knowing what these oft-overlooked Arizona locales are like usually leads people to inquire about the types of properties available. Thanks to the strong buyer’s market, the options are far from limited. Modest to extensive ranch-style homes, luxurious residences, and horse properties are available in a wide range of architectural styles with well-appointed features. After considering which destination suits you and your family the best, we can work together on choosing the community, type of residence and area amenities that will enhance your lifestyle. This exciting time in the market allows us to culminate the second home dream with virtually limitless options!

$6,500 Tax Credit for Established Home Owners

It’s cash-for-clunkers time in the real estate market.

Last week, in addition to extending the $8,000 first-time home-buyers tax credit for another six months, Congress added a new $6,500 tax-credit for move-up buyers.

The credit can be applied for homes selling for as much as $800,000, and the income limits exclude almost nobody.

You have to have lived in your home for more than five years out of the last eight, but that’s hardly an onerous restriction. And homeowners who have put down roots have equity.

Remember that capital gains on your primary residence are excluded from taxation if you have lived in your home for the past five years. But the way the government is spending money, that exclusion cannot last.

But, but, but… Your home isn’t worth what it was in December of 2005. That’s true, but it doesn’t change anything. The home that you can buy now was also selling for more four years ago.

Here’s the way things really shake out: If you have equity in your home, you can take that equity as a tax-free profit — for now. At the same time, you can snag the $6,500 tax credit. And you can do all of this at historic low interest rates.

If your house is worth $400,000 and you only paid $300,000 for it, you could reap a gain of $100,000 — which would save you thousands of dollars in taxes. If you wait for prices to go higher, you may wait a long time for a much smaller return. And the house you buy then will have appreciated, also.

I think we’re looking at a perfect storm for homeowners with equity: You can move now, take a tax-free gain, get a lot more house than you could have bought a few years ago, all financed with a low-interest mortgage. And then, next April, Uncle Sam will write you a big fat check for your trouble.

On second thought, this is less cash-for-clunkers than the taxpayer’s revenge…

Homebuyer's Tax Credit Extended

Breaking News- The Senate has approved an extension to the Homebuyer's Tax credit, which include higher income limits and home purchase price, and is available if you enter into a contract by April 2010 and close by end of June 2010. Individuals with an income of up to $125,000, and couple with a combined income of up to $225,000 wishing to purchase a home of up to $800,000 are now eligible for the $8,000 tax credit. Additionally, if you've lived in your primary residence for at least 5 years, you are also eligible for a tax credit of $6,500 if you purchase a home.

The clauses of the new extension make it a great time to think about "right-sizing"- meaning that it's a great time to start looking at moving up into a home at just under a million dollars (and there are still great deals to be had in that price point), or down-sizing to a home that is cozier if the kids have moved out or if you are looking for something easier to maintain.

Call or email me today if you have questions about the tax credit extension- 602-722-7971, or vickie@elegantarizonahomes.com.

Do you think this will spur additional home sales?

Additional information at the Wall Street Journal

Exploring Vacation and Second Homes in Payson & Pinetop

Exploring options for luxurious Arizona living usually conjures up images of the scenic Sonoran desert, spotted with mountain vistas and rolling green golf courses. While these properties are readily available for even the most discriminating buyer, the seasonally cooler cities just north of the greater Phoenix area should not be ignored.

The Beauty of Rim Country

Located just ninety miles outside of Phoenix, the mountain town of Payson provides an appealing getaway for a second home or vacation home. Thanks to the emergence of a powerful buyer’s market and home prices at a low not seen for over a decade, the availability of homes is ripe for those looking to augment their lifestyle with a second property at this pivotal point in time. With a landscape that pops directly out of a Zane Grey novel, the Rim Country enjoys a favorable vacation-style climate with an average summer high of 92 degrees and an average winter high of 51 degrees. Recreational opportunities are perfect for active adults and retirees who enjoy fishing, hiking and camping.

Amazing Real Estate Opportunities in Pinetop

Another popular and very active market for second homes and vacation homes is Pinetop, a heavily-forested town located in Navajo County, just four hours outside of metropolitan Phoenix. This comfortable and warm escape from city life features a charming atmosphere, golf courses and a wealth of outdoor activities. If you're looking to expand your lifestyle with a well-deserved retreat, or looking to retire to a quieter town with quick access to all the benefits of the Old West, Payson and Pinetop feature a market ready to make your dreams a reality.