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Your Troon Village Real Estate Connection.

As real estate specialists in the Troon area, we are thrilled to provide you this monthly newsletter. Here you’ll find valuable information on homes and homesites for sale within the Troon area. If you have questions on any of the properties you see listed here, or wonder about the market value of YOUR property, give us a call. Visit LisaLucky.com. You will find an easy to navigate, information rich, community resource that shows all properties organized by subdivision. See recent home sales, sales trend charts, and more. Your feedback is welcome. We update this information daily. If you are in the market to move up, size down or purchase investment property, give us a call! Our experience and knowledge base is second to none and we’re happy to offer you an assessment of your property, an analysis of the marketplace and a smart strategy to make your next real estate transaction perhaps the most pleasant and successful you’ve ever encountered!

LisaLucky.com

85026 PERMIT 1441

January | February 2011

REAL ESTATE ACTIVITY IN

FEATURED PROPERTY IN SILVERLEAF AT DC RANCH: 10934 E. Grandview Way • 4 Bed / 9 Bath / 6 Car Garage / 12,761 Sq. Ft. $6,995,000

OTHER LUCKY LISTINGS CURRENTLY FOR SALE IN TROON Address Sq. Ft. / Subdivision List Price 26420 N. 115th Way 1743/Four Peaks $399,000 26543 N. 115th St. 1508/Desert Views $399,999 25985 N. 115th Way 2248/Four Peaks $430,000 25808 N. 115th Pl 2248/Four Peaks $465,000 11660 E. Cavedale Dr. 3043/Desert Summit $699,000 24584 N. 111th St. 3067/Quail Ridge $825,000 27440 N. Alma School Pkwy 3014/The Rocks Club $995,000 11310 E. Desert Vista Rd. 4248/Troon Ridge Estates $1,395,000 10757 E. La Junta Rd. 5555/Artesano $1,895,000 23818 N. 114th St. 9889 E. Happy Valley Rd #5 10500 E. Lost Canyon

FEATURED LOTS .8 Acres/Troon Ridge Estates 4.64 Acres/Casas de Pasas 15.2 Acres/Lost Canyon

$485,000 $995,000 $1,875,000

www.LisaLucky.com

Visit featured properties at www.LisaLucky.com for virtual tours, floor plans or more information on the above listed properties. Call Lisa or Matt for a private showing. All information is deemed reliable but not guaranteed. If your home is currently listed, this is not a solicitation for that listing.

Recreating Favorite Destinations

LUCKY PROPERTIES CURRENTLY PENDING & SOLD Address Subdivision Status List/Sold Price 26246 N. 114th St. Boulder Pass SOLD $1,085,000 10934 E. Grandview Way Silverleaf at DC Ranch PENDING $6,995,000 10553 E. Greythorn Dr. Pinnacle Canyon PENDING $2,450,000 24823 N. 107th Way Artesano (Lot) PENDING $549,000 20704 N 90th Pl Courtyards at DC Ranch PENDING $339,900 4824 E. Barwick Dr. Tatum Ranch PENDING $275,000

ISSN-1939-943X Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

Distressed Property Educate Yourself on the Tax Consequences

Simple Yet Sophisticated Cielo’s Striped Bass

Troon’s

Real Estate Report


If you’ve ever visited a hotel, restaurant, nightclub, or sumptuous boutique and fallen in love with the décor, you may wonder how to recreate that feeling in your home. Maybe it’s transforming your bedroom into that luxurious spa resort suite you stayed in on your anniversary or rethinking your dining room and making it look more like that uber-cool bistro you ate at last week with your gal pals. Can it be done? We say yes—and so are more and more area residents who are trading in tired, traditional room decors for up-to-the-minute and unbelievable spaces. “I do think that many clients try and take things that they had seen at a resort, a restaurant, or from a trip and find a way to apply [these elements] to their home settings and everyday life,” says Allan Rosenthal, lead designer at Linear Fine Woodworking, LLC (LinearFineWoodworking.com) in Phoenix. “It reminds them of more relaxing and interesting days. It’s the subtlety of it that reminds them of their original experience.” Who wouldn’t want to recapture memories of good times—be it a vacation, a dinner out, or just finding the perfect pair of shoes—and reflect back on these moments when you’re back at home? Your first step to recreating your inspiration room or place is to make notes of what exactly you love about it: the lighting fixtures, the flooring, the woodwork, the color scheme, the upholstery and accessories— whatever it is that you think of when you close your eyes. Make sure to write down the key elements that make you feel so special when you’re in that space. If you can, return to your favorite spot and bring along a slim digital camera to snap shots of some of your dream design details. Be sure to use all these notes and images when working with your interior designer, because when it comes to home design, a picture is worth a thousand words! For more insight, it might be possible to find out who the interior designer of the

Featuring Cielo at Hotel Theodore 480.308.1100 | HotelTheodore.com

CRISPY SKIN STRIPED BASS For the fish: INGREDIENTS 2 each 6 oz. skin-on striped bass filets 6 each blanched skin-on fingerling potatoes 2 Tbs. leeks, julienned 1/2 cup corn kernels 2 cloves garlic, sliced 2 pieces bacon, julienned 1 tsp. tarragon, minced 2 sprigs parsley, minced 2 Tbs. extra virgin olive oil 2 Tbs. unsalted butter METHOD Preheat oven to 400 degrees. In sauté pan over medium-high heat, pour in olive oil and heat to almost smoking point. Pan must be hot so fish will not stick. Season fish liberally on both sides and sauté skin side down. Shake pan slightly to ensure fish is not sticking. Transfer to oven to finish about two minutes. Heat another medium sauté pan and start rendering bacon until crispy. Add potatoes and brown. Add corn, leeks and garlic. Once cooked, add salt, pepper and herbs and toss in butter. Remove from heat. Remove fish from oven making sure skin is crispy. Allow to rest on folded paper towels. For the Tomato Brodo: INGREDIENTS 1 14 oz. can San Marzano tomatoes 2 cloves garlic, sliced 1 bulb fennel, chopped 2 each shallots, sliced 1 cup white wine 4 sprigs tarragon 4 leaves basil, hand torn 6 sprigs parsley 1/4 cup extra virgin olive oil METHOD In 6-quart saucepan, heat olive oil on medium-high just until there is a light smoke. Sauté fennel, shallots and garlic until translucent. Add tomatoes and mash with a potato masher until chunky. Add white wine and simmer reducing by a 1/4. Add herbs and pull off of heat. With a stick blender, puree until smooth. Pass through a fine mesh strainer and season with salt and white pepper. Set aside but keep warm until plating. TO PLATE On the plate, arrange corn and potatoes into a little pile. Place fish at an angle coming off of the corn and potato. Place the sauce on the plate around the fish in the desired amount and garnish with micro greens or your favorite fresh herbs. Serves: Two

space is and glean advice from them—or hire them on the spot! One residential project strongly influenced by a special spot—the Arizona Biltmore Resort & Spa and its iconic geometric concrete blocks, which were cut to look like a freshly cut palm tree—is the stunning home (pictured here), designed by Rosenthal. In this case, the homeowner “had already selected the stone tiles on the walls and that helped to set the pace of what the space really needed in design,” says Rosenthal. “And that had the Biltmore written all over it.” A little knowledge and self-direction helped, too. “Along with her confidence in what she liked and some of the ideas that she had from pictures in magazines and such, it really gave us a great direction to go,” he explains. So go ahead and start snapping and clipping out magazine pics—they are important clues for designers to work with.   Once your designer has reviewed your portfolio of ideas and images, he or she will be able to adapt the design to your home and, in essence, make it your own. Perhaps it’s using the color of your inspiration space that you love; no need to copy the entire space, just use the colors and textures of the space to get the same feel. Or perhaps it’s one dramatic element—such as the geometric tiles used in the home designed by Rosenthal—that will give your space the look you desire. Of course, it’s important to remember that inspiration from a room or space you’re admiring in a hotel or resort or restaurant means much more than copying. “I think when you see a design that you like, it’s more important to capture the essence of what you like and to work toward making it your own,” says Rosenthal. “That comes down to working with people who understand that. When we see something that a particular client loves, we never try to copy it, but we find a way [to get at what] they loved about it without hurting the original designer’s integrity.” Job well done!

By Marianne K. Kingman J.D., LL.M. Tax Attorney / President & CEO, Kingman Winslow, LLC

EXAMPLE — IF PERSONALLY LIABLE FOR MORTGAGE DEBT (i.e., RECOURSE DEBT): John Doe buys a house and uses it as his personal residence. He pays $500,000 for the house with a down payment of $50,000 and takes out a mortgage loan of $450,000. He is personally liable for the mortgage. When the remaining balance of the mortgage is $400,000, John Doe defaults and the lender bank accepts his voluntary conveyance of the home, cancelling the loan. Similar comparable homes at the time are selling for $300,000. The Tax Code treats this transaction as a sale whether it is a

foreclosure or a short sale arrangement. John Doe incurs a nondeductible loss of $200,000, the amount by which his house’s adjusted basis (purchase price including adjustments over time) of $500,000 exceeds its market value of $300,000. No deduction for the loss because John Doe uses the house as a personal residence. (If John had used the house as a rental or commercial property, the loss would be deductible.) John Doe also has reportable (taxable) income of $100,000 when the bank cancels the loan. The $100,000 is the amount by which the debt of $400,000 exceeds the market value of $300,000. The bank will send an IRS Form 1099-A to John Doe and to the IRS reporting the numbers in the example. The 1099-A indicates the foreclosure bid price ($300,000), the amount of John Doe’s debt ($400,000), and the fact that he was personally liable. Debt cancellation (in this example, $100,000) is taxed at the individual’s tax rate for ordinary income. Note that the outcome is exactly the same from a tax perspective whether the property was foreclosed upon or whether the owner engaged in a short sale arrangement with the bank/lender DOES LACK OF PERSONAL LIABILITY ON THE MORTGAGE CHANGE THE TAX OUTCOME (i.e., NON-RECOURSE DEBT)? Yes. The IRS says sellers who are not personally liable for a debt will realize an amount that includes the full cancelled debt, even if the value of the property that is security for the debt is less, which can be offset depending on your adjusted basis in the property. Note that many items can affect the final calculation of basis. For instance, a casualty loss suffered by flood damage or fire will adjust your basis upward (and therefore reduce your taxes) if the money to pay for the repairs does not come out of insurance proceeds. Note that most people

have personally liability on their mortgage. The only groups who may not are pension plans or non-profit entities. EXAMPLE — IF NOT PERSONALLY LIABLE FOR MORTGAGE: Jane Doe buys a home valued at $300,000 and puts $30,000 down. She takes out a mortgage of $270,000. Ms. Doe stops making payments. The bank forecloses on a loan balance of $260,000, and the market value of the home has fallen to $250,000. Jane Doe has an adjusted basis of $265,000 due to a casualty loss of $5,000 (this represents the $270,000 mortgage less the $5,000 casualty loss). The amount she realizes on the foreclosure is $260,000. Jane Doe figures her gain and/or loss, for debt cancellation purposes, by comparing $260,000 (the amount realized) to her basis of $270,000. Jane Doe has debt-forgiveness income of $10,000; however, because of the increase in her basis by the $5,000 casualty loss, only $5,000 is now taxable. EXCEPTION TO THE GENERAL IRS TAX RULES FOR INSOLVENT HOMEOWNERS: Homeowners who can prove they are insolvent can avoid taxation, if the sum of your debts (including the mortgage) is greater than the value of your assets. However, you will need to prove this to the IRS and must submit an IRS form to establish to the IRS that you meet the qualifications. It is well-advised, therefore, to seek proper representation when seeking settlement with the IRS. Also, anyone seeking to claim insolvency must do so quickly, as the Internal Revenue Code specifically limits the amount of time during which a taxpayer making

Through Fashion’s Looking Glass: Europe in the 1950s and 1960s Phoenix Art Museum, January 12th 602.257.1222 | PhxArt.org Lovers of the art of fashion will enjoy their journey through the land of fashion lead by docent Lois Albert. Along the way, you’ll visit the fashion capital Paris in the 1950s, after the effects of World War II. Your next stop is swinging London, where the fun and free spirit of the youth affected their fashion industry with miniskirts, bobbed hair and the ever-popular manmade fabric. This historical and thoughtful discussion is included with your museum admission. Barrow Grand Ball Arizona Biltmore Resort, January 15th 602.406.3041 | SupportBarrow.org Have a “ball” at the Barrow Neurological Foundation’s main event of the year. This lively evening consists of fine dining, ballroom dancing and, of course, a one-of-a-kind auction. Proceeds benefit Barrow Neurological Institute in its dedication to research projects and providing important funding for innovative scientific studies. The organization’s goal is to beat last year’s funds of $2.5 million raised. Barrett-Jackson Collector Car Event WestWorld of Scottsdale, January 17th – 23rd 480.663.6255 | Barrett-Jackson.com Well-known to locals and international travelers, this annual celebrated auction is more than just a venue for the sale of automobiles. The week-long event includes multiple VIP private parties, fashion shows, live entertainment, and even a road rally. This is where true car aficionados come to see, and where the celebrities and fashionistas come to be seen. Don’t miss it! Spring Awakening ASU Gammage Auditorium, January 27th – 28th 480.965.5062 | ASUGammage.com As winner of eight Tony Awards including Best Musical, this new-age show is like no other. The story follows a group of 19th-century German students through their self discovery as they change from child into adult. It depicts how morality, sexuality and rock ‘n roll shape what they once were, into who they will become. Leave the children at home for this one, as the show explores many risqué topics.

Short Sales and Foreclosures – Understanding the Potential Tax Consequences Unless you have been sleeping through the real estate “crisis,” no doubt you have probably heard about the increasing rate of distressed homeowners nationwide resulting in foreclosures or short sales. Both a foreclosure and a short sale will have long-lasting negative impacts on a borrower/property owner’s credit score, thus making it difficult to purchase any other property in the near future. Moreover, the cancellation of the mortgage by the bank upon foreclosure will also trigger taxable income to the borrower/homeowner. A short sale transaction can also have long-lasting impacts on your credit rating. Moreover, the homeowner may still face a sizeable tax bill under Internal Revenue Service (IRS) rules. Under the IRS rules, the homeowner who sells his home in a short sale may get a Form 1099 from the lender/bank for the total amount of the mortgage balance “forgiven” — even if the lender agrees to “forgive” the debt by agreeing to the short sale. The property is therefore treated by the IRS as if it were sold for the total outstanding balance of the loan, or the sale price if it is higher. Taxability of the gain and deductibility of the loss depend on the nature of the property sold.

JANUARY | FEBRUARY 2011

insolvency claims may approach the IRS. As such, don’t wait to seek a tax professional to represent you when seeking a settlement. FORECLOSURE VS. SHORT SALE: Short sale provides a better option if you are facing a foreclosure. First, the short sale option will most probably reduce your tax liability because in foreclosures, properties are sold at rock bottom prices. If the short sale means that the bank recovers more against the original mortgage amount, then you pay less in taxes on the cancellation of indebtedness income tax discussed above. Second, in a short sale you will be able to apply for an FHA home loan within 3 years of the closing of the short sale. This is because of new government guidance released from the FHA within the past few months. These two factors make the short sale a much better option for the long term. To discuss your personal options, you may want to contact: Marianne K. Kingman J.D., LL.M. Tax Attorney / President & CEO, Kingman Winslow, LLC 602.354.7172 | KingmanWinslow.com

Music in the Garden: Traveler Desert Botanical Garden, February 6th 480.941.1225 | DBG.org Enjoy a relaxing afternoon under the Valley’s blue skies as you enjoy the sounds of local musical artist Traveler. Hungry guests can partake in the fabulous brunch and spirited drinks available at a chef-attended station for an additional cost. During intermission, surprise your companion with a complimentary dance lesson taught by professional instructors on the professional ballroom dance floor. 56th Annual Scottsdale Arabian Horse Show WestWorld of Scottsdale, February 17th – 27th 480.515.1122 | ScottsdaleShow.com Billed as the largest and most prestigious Arabian horse show in the world, the show has grown from 50 horses at its inception in 1955 to nearly 2400 horses bringing top owners, trainers and breeders from around the world to compete for a chance at winning. Among the gorgeous equine eye candy, you’ll find plenty of bling and boutique shopping under the tents!


If you’ve ever visited a hotel, restaurant, nightclub, or sumptuous boutique and fallen in love with the décor, you may wonder how to recreate that feeling in your home. Maybe it’s transforming your bedroom into that luxurious spa resort suite you stayed in on your anniversary or rethinking your dining room and making it look more like that uber-cool bistro you ate at last week with your gal pals. Can it be done? We say yes—and so are more and more area residents who are trading in tired, traditional room decors for up-to-the-minute and unbelievable spaces. “I do think that many clients try and take things that they had seen at a resort, a restaurant, or from a trip and find a way to apply [these elements] to their home settings and everyday life,” says Allan Rosenthal, lead designer at Linear Fine Woodworking, LLC (LinearFineWoodworking.com) in Phoenix. “It reminds them of more relaxing and interesting days. It’s the subtlety of it that reminds them of their original experience.” Who wouldn’t want to recapture memories of good times—be it a vacation, a dinner out, or just finding the perfect pair of shoes—and reflect back on these moments when you’re back at home? Your first step to recreating your inspiration room or place is to make notes of what exactly you love about it: the lighting fixtures, the flooring, the woodwork, the color scheme, the upholstery and accessories— whatever it is that you think of when you close your eyes. Make sure to write down the key elements that make you feel so special when you’re in that space. If you can, return to your favorite spot and bring along a slim digital camera to snap shots of some of your dream design details. Be sure to use all these notes and images when working with your interior designer, because when it comes to home design, a picture is worth a thousand words! For more insight, it might be possible to find out who the interior designer of the

Featuring Cielo at Hotel Theodore 480.308.1100 | HotelTheodore.com

CRISPY SKIN STRIPED BASS For the fish: INGREDIENTS 2 each 6 oz. skin-on striped bass filets 6 each blanched skin-on fingerling potatoes 2 Tbs. leeks, julienned 1/2 cup corn kernels 2 cloves garlic, sliced 2 pieces bacon, julienned 1 tsp. tarragon, minced 2 sprigs parsley, minced 2 Tbs. extra virgin olive oil 2 Tbs. unsalted butter METHOD Preheat oven to 400 degrees. In sauté pan over medium-high heat, pour in olive oil and heat to almost smoking point. Pan must be hot so fish will not stick. Season fish liberally on both sides and sauté skin side down. Shake pan slightly to ensure fish is not sticking. Transfer to oven to finish about two minutes. Heat another medium sauté pan and start rendering bacon until crispy. Add potatoes and brown. Add corn, leeks and garlic. Once cooked, add salt, pepper and herbs and toss in butter. Remove from heat. Remove fish from oven making sure skin is crispy. Allow to rest on folded paper towels. For the Tomato Brodo: INGREDIENTS 1 14 oz. can San Marzano tomatoes 2 cloves garlic, sliced 1 bulb fennel, chopped 2 each shallots, sliced 1 cup white wine 4 sprigs tarragon 4 leaves basil, hand torn 6 sprigs parsley 1/4 cup extra virgin olive oil METHOD In 6-quart saucepan, heat olive oil on medium-high just until there is a light smoke. Sauté fennel, shallots and garlic until translucent. Add tomatoes and mash with a potato masher until chunky. Add white wine and simmer reducing by a 1/4. Add herbs and pull off of heat. With a stick blender, puree until smooth. Pass through a fine mesh strainer and season with salt and white pepper. Set aside but keep warm until plating. TO PLATE On the plate, arrange corn and potatoes into a little pile. Place fish at an angle coming off of the corn and potato. Place the sauce on the plate around the fish in the desired amount and garnish with micro greens or your favorite fresh herbs. Serves: Two

space is and glean advice from them—or hire them on the spot! One residential project strongly influenced by a special spot—the Arizona Biltmore Resort & Spa and its iconic geometric concrete blocks, which were cut to look like a freshly cut palm tree—is the stunning home (pictured here), designed by Rosenthal. In this case, the homeowner “had already selected the stone tiles on the walls and that helped to set the pace of what the space really needed in design,” says Rosenthal. “And that had the Biltmore written all over it.” A little knowledge and self-direction helped, too. “Along with her confidence in what she liked and some of the ideas that she had from pictures in magazines and such, it really gave us a great direction to go,” he explains. So go ahead and start snapping and clipping out magazine pics—they are important clues for designers to work with.   Once your designer has reviewed your portfolio of ideas and images, he or she will be able to adapt the design to your home and, in essence, make it your own. Perhaps it’s using the color of your inspiration space that you love; no need to copy the entire space, just use the colors and textures of the space to get the same feel. Or perhaps it’s one dramatic element—such as the geometric tiles used in the home designed by Rosenthal—that will give your space the look you desire. Of course, it’s important to remember that inspiration from a room or space you’re admiring in a hotel or resort or restaurant means much more than copying. “I think when you see a design that you like, it’s more important to capture the essence of what you like and to work toward making it your own,” says Rosenthal. “That comes down to working with people who understand that. When we see something that a particular client loves, we never try to copy it, but we find a way [to get at what] they loved about it without hurting the original designer’s integrity.” Job well done!

By Marianne K. Kingman J.D., LL.M. Tax Attorney / President & CEO, Kingman Winslow, LLC

EXAMPLE — IF PERSONALLY LIABLE FOR MORTGAGE DEBT (i.e., RECOURSE DEBT): John Doe buys a house and uses it as his personal residence. He pays $500,000 for the house with a down payment of $50,000 and takes out a mortgage loan of $450,000. He is personally liable for the mortgage. When the remaining balance of the mortgage is $400,000, John Doe defaults and the lender bank accepts his voluntary conveyance of the home, cancelling the loan. Similar comparable homes at the time are selling for $300,000. The Tax Code treats this transaction as a sale whether it is a

foreclosure or a short sale arrangement. John Doe incurs a nondeductible loss of $200,000, the amount by which his house’s adjusted basis (purchase price including adjustments over time) of $500,000 exceeds its market value of $300,000. No deduction for the loss because John Doe uses the house as a personal residence. (If John had used the house as a rental or commercial property, the loss would be deductible.) John Doe also has reportable (taxable) income of $100,000 when the bank cancels the loan. The $100,000 is the amount by which the debt of $400,000 exceeds the market value of $300,000. The bank will send an IRS Form 1099-A to John Doe and to the IRS reporting the numbers in the example. The 1099-A indicates the foreclosure bid price ($300,000), the amount of John Doe’s debt ($400,000), and the fact that he was personally liable. Debt cancellation (in this example, $100,000) is taxed at the individual’s tax rate for ordinary income. Note that the outcome is exactly the same from a tax perspective whether the property was foreclosed upon or whether the owner engaged in a short sale arrangement with the bank/lender DOES LACK OF PERSONAL LIABILITY ON THE MORTGAGE CHANGE THE TAX OUTCOME (i.e., NON-RECOURSE DEBT)? Yes. The IRS says sellers who are not personally liable for a debt will realize an amount that includes the full cancelled debt, even if the value of the property that is security for the debt is less, which can be offset depending on your adjusted basis in the property. Note that many items can affect the final calculation of basis. For instance, a casualty loss suffered by flood damage or fire will adjust your basis upward (and therefore reduce your taxes) if the money to pay for the repairs does not come out of insurance proceeds. Note that most people

have personally liability on their mortgage. The only groups who may not are pension plans or non-profit entities. EXAMPLE — IF NOT PERSONALLY LIABLE FOR MORTGAGE: Jane Doe buys a home valued at $300,000 and puts $30,000 down. She takes out a mortgage of $270,000. Ms. Doe stops making payments. The bank forecloses on a loan balance of $260,000, and the market value of the home has fallen to $250,000. Jane Doe has an adjusted basis of $265,000 due to a casualty loss of $5,000 (this represents the $270,000 mortgage less the $5,000 casualty loss). The amount she realizes on the foreclosure is $260,000. Jane Doe figures her gain and/or loss, for debt cancellation purposes, by comparing $260,000 (the amount realized) to her basis of $270,000. Jane Doe has debt-forgiveness income of $10,000; however, because of the increase in her basis by the $5,000 casualty loss, only $5,000 is now taxable. EXCEPTION TO THE GENERAL IRS TAX RULES FOR INSOLVENT HOMEOWNERS: Homeowners who can prove they are insolvent can avoid taxation, if the sum of your debts (including the mortgage) is greater than the value of your assets. However, you will need to prove this to the IRS and must submit an IRS form to establish to the IRS that you meet the qualifications. It is well-advised, therefore, to seek proper representation when seeking settlement with the IRS. Also, anyone seeking to claim insolvency must do so quickly, as the Internal Revenue Code specifically limits the amount of time during which a taxpayer making

Through Fashion’s Looking Glass: Europe in the 1950s and 1960s Phoenix Art Museum, January 12th 602.257.1222 | PhxArt.org Lovers of the art of fashion will enjoy their journey through the land of fashion lead by docent Lois Albert. Along the way, you’ll visit the fashion capital Paris in the 1950s, after the effects of World War II. Your next stop is swinging London, where the fun and free spirit of the youth affected their fashion industry with miniskirts, bobbed hair and the ever-popular manmade fabric. This historical and thoughtful discussion is included with your museum admission. Barrow Grand Ball Arizona Biltmore Resort, January 15th 602.406.3041 | SupportBarrow.org Have a “ball” at the Barrow Neurological Foundation’s main event of the year. This lively evening consists of fine dining, ballroom dancing and, of course, a one-of-a-kind auction. Proceeds benefit Barrow Neurological Institute in its dedication to research projects and providing important funding for innovative scientific studies. The organization’s goal is to beat last year’s funds of $2.5 million raised. Barrett-Jackson Collector Car Event WestWorld of Scottsdale, January 17th – 23rd 480.663.6255 | Barrett-Jackson.com Well-known to locals and international travelers, this annual celebrated auction is more than just a venue for the sale of automobiles. The week-long event includes multiple VIP private parties, fashion shows, live entertainment, and even a road rally. This is where true car aficionados come to see, and where the celebrities and fashionistas come to be seen. Don’t miss it! Spring Awakening ASU Gammage Auditorium, January 27th – 28th 480.965.5062 | ASUGammage.com As winner of eight Tony Awards including Best Musical, this new-age show is like no other. The story follows a group of 19th-century German students through their self discovery as they change from child into adult. It depicts how morality, sexuality and rock ‘n roll shape what they once were, into who they will become. Leave the children at home for this one, as the show explores many risqué topics.

Short Sales and Foreclosures – Understanding the Potential Tax Consequences Unless you have been sleeping through the real estate “crisis,” no doubt you have probably heard about the increasing rate of distressed homeowners nationwide resulting in foreclosures or short sales. Both a foreclosure and a short sale will have long-lasting negative impacts on a borrower/property owner’s credit score, thus making it difficult to purchase any other property in the near future. Moreover, the cancellation of the mortgage by the bank upon foreclosure will also trigger taxable income to the borrower/homeowner. A short sale transaction can also have long-lasting impacts on your credit rating. Moreover, the homeowner may still face a sizeable tax bill under Internal Revenue Service (IRS) rules. Under the IRS rules, the homeowner who sells his home in a short sale may get a Form 1099 from the lender/bank for the total amount of the mortgage balance “forgiven” — even if the lender agrees to “forgive” the debt by agreeing to the short sale. The property is therefore treated by the IRS as if it were sold for the total outstanding balance of the loan, or the sale price if it is higher. Taxability of the gain and deductibility of the loss depend on the nature of the property sold.

JANUARY | FEBRUARY 2011

insolvency claims may approach the IRS. As such, don’t wait to seek a tax professional to represent you when seeking a settlement. FORECLOSURE VS. SHORT SALE: Short sale provides a better option if you are facing a foreclosure. First, the short sale option will most probably reduce your tax liability because in foreclosures, properties are sold at rock bottom prices. If the short sale means that the bank recovers more against the original mortgage amount, then you pay less in taxes on the cancellation of indebtedness income tax discussed above. Second, in a short sale you will be able to apply for an FHA home loan within 3 years of the closing of the short sale. This is because of new government guidance released from the FHA within the past few months. These two factors make the short sale a much better option for the long term. To discuss your personal options, you may want to contact: Marianne K. Kingman J.D., LL.M. Tax Attorney / President & CEO, Kingman Winslow, LLC 602.354.7172 | KingmanWinslow.com

Music in the Garden: Traveler Desert Botanical Garden, February 6th 480.941.1225 | DBG.org Enjoy a relaxing afternoon under the Valley’s blue skies as you enjoy the sounds of local musical artist Traveler. Hungry guests can partake in the fabulous brunch and spirited drinks available at a chef-attended station for an additional cost. During intermission, surprise your companion with a complimentary dance lesson taught by professional instructors on the professional ballroom dance floor. 56th Annual Scottsdale Arabian Horse Show WestWorld of Scottsdale, February 17th – 27th 480.515.1122 | ScottsdaleShow.com Billed as the largest and most prestigious Arabian horse show in the world, the show has grown from 50 horses at its inception in 1955 to nearly 2400 horses bringing top owners, trainers and breeders from around the world to compete for a chance at winning. Among the gorgeous equine eye candy, you’ll find plenty of bling and boutique shopping under the tents!


Your Troon Village Real Estate Connection.

As real estate specialists in the Troon area, we are thrilled to provide you this monthly newsletter. Here you’ll find valuable information on homes and homesites for sale within the Troon area. If you have questions on any of the properties you see listed here, or wonder about the market value of YOUR property, give us a call. Visit LisaLucky.com. You will find an easy to navigate, information rich, community resource that shows all properties organized by subdivision. See recent home sales, sales trend charts, and more. Your feedback is welcome. We update this information daily. If you are in the market to move up, size down or purchase investment property, give us a call! Our experience and knowledge base is second to none and we’re happy to offer you an assessment of your property, an analysis of the marketplace and a smart strategy to make your next real estate transaction perhaps the most pleasant and successful you’ve ever encountered!

LisaLucky.com

85026 PERMIT 1441

January | February 2011

REAL ESTATE ACTIVITY IN

FEATURED PROPERTY IN SILVERLEAF AT DC RANCH: 10934 E. Grandview Way • 4 Bed / 9 Bath / 6 Car Garage / 12,761 Sq. Ft. $6,995,000

OTHER LUCKY LISTINGS CURRENTLY FOR SALE IN TROON Address Sq. Ft. / Subdivision List Price 26420 N. 115th Way 1743/Four Peaks $399,000 26543 N. 115th St. 1508/Desert Views $399,999 25985 N. 115th Way 2248/Four Peaks $430,000 25808 N. 115th Pl 2248/Four Peaks $465,000 11660 E. Cavedale Dr. 3043/Desert Summit $699,000 24584 N. 111th St. 3067/Quail Ridge $825,000 27440 N. Alma School Pkwy 3014/The Rocks Club $995,000 11310 E. Desert Vista Rd. 4248/Troon Ridge Estates $1,395,000 10757 E. La Junta Rd. 5555/Artesano $1,895,000 23818 N. 114th St. 9889 E. Happy Valley Rd #5 10500 E. Lost Canyon

FEATURED LOTS .8 Acres/Troon Ridge Estates 4.64 Acres/Casas de Pasas 15.2 Acres/Lost Canyon

$485,000 $995,000 $1,875,000

www.LisaLucky.com

Visit featured properties at www.LisaLucky.com for virtual tours, floor plans or more information on the above listed properties. Call Lisa or Matt for a private showing. All information is deemed reliable but not guaranteed. If your home is currently listed, this is not a solicitation for that listing.

Recreating Favorite Destinations

LUCKY PROPERTIES CURRENTLY PENDING & SOLD Address Subdivision Status List/Sold Price 26246 N. 114th St. Boulder Pass SOLD $1,085,000 10934 E. Grandview Way Silverleaf at DC Ranch PENDING $6,995,000 10553 E. Greythorn Dr. Pinnacle Canyon PENDING $2,450,000 24823 N. 107th Way Artesano (Lot) PENDING $549,000 20704 N 90th Pl Courtyards at DC Ranch PENDING $339,900 4824 E. Barwick Dr. Tatum Ranch PENDING $275,000

ISSN-1939-943X Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

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