The Kolb Team Newsletter – May 2019
Summer has settled into Sun Lakes and those of us still here are cooling off in the pools and trying to get golf or tennis in before 10 a.m.! Although it is a dry heat, it is still a beautiful place to be, and a perfect time to take advantage of some of the indoor attractions Phoenix has to offer. The Heard Museum, Musical Instrument Museum, and Basha’s Art Gallery offer amazing culture and history and nice air-conditioned venues.
Take in a movie at one of the spectacular theaters that offer reclining chairs, meals, cocktails, and soda or water. Alamo Theater in Chandler and IPIC in Scottsdale are two great ones.
Spend the day at a lake. Canyon, Saguaro, and Roosevelt Lakes are a short drive and offer boat rentals. Gather up some friends, pack a cooler, and enjoy a day at beautiful canyon-walled lakes.
One of our personal favorites is to take advantage of the summer specials at resort properties. Valley Ho in Scottsdale offers some great rates in a totally renovated modern setting within walking distance to just about anything you could want.
Lucille Ball, Bing Crosby, and Tony Curtis are among guests that migrated to Arizona and made this hotel home for the winter months.
For you snowbirds who returned home for the summer, we know you are enjoying cooler temps and time with your families and friends. We look forward to seeing you in the fall! Our real estate team is fulltime, year-round. Lest you think summer is the worst time to sell your house, we sold 33 homes last year between May and September 30th. You can always reach us online or at 480-809-5759.
Giving Back Day: Rotary of Chandler
Carey, Trish, and John volunteered at the 79th annual Chandler Rotary Track Meet March 23 and 24 at Chandler High School.
The track meet is the Chandler Rotary’s largest annual fundraiser, raising money that is donated to local community organizations and for student scholarships.
Over 170 schools and 3500 athletes from eight states participated in this year’s event. The Kolb Team is proud to participate in this event that furthers the Rotary’s mission of Service Above Self.
Who Doesn’t Adore a Red Door?
Whether it’s a car, a dress, or a door, red is a striking and bold color choice. It’s a color we associate with passion, drive, intensity and expression. When it comes to red doors, it may be more than just aesthetics.
Throughout history this paint choice has symbolized many colorful traditions.
A few common meanings of red doors:
- Debt-free: Homeowners in Scotland paint their doors red in celebration of paying off their mortgage.
- Welcome: In early America, front doors were painted red to signify travelers were welcome to stop and rest their horses.
- Good Luck: In China, it’s a tradition to paint the front door red just before the New Year. This practice is said to invite good luck and happiness into your home.
- Positive Vibe: Feng Shui followers believe that red brings positive energy to a home.
- Ghostbuster (who ya gonna call!): In Ireland, a red door is thought to ward off evil spirits.
- Last, but not least, Albert Einstein painted his front door red, making it stand out from his neighbors’ homes. This clever strategy helped him tell which house was his. Even theoretical physicists need a little help sometimes!
Tips for Staging your Home to Sell Fast
FIRPTA – Foreign Investment in Real Property Tax Act (Canadians and other Foreign Friends who own real estate in the U.S. – this is a must read!)
This is a complicated and technical act that applies to any non-U.S. citizen who disposes of property in the United States. Tax applies on all properties sold for over $300,000. The tax is between 10 and 20 percent depending on circumstances.
Some exceptions apply and an attorney or accountant will need to assist with answering questions and completing appropriate forms. IRS Form 8288-B is the application for either a reduced or waived amount of FIRPTA tax. If you plan to file this, be aware that the title company must have proof that the paperwork necessary for the application has been sent to the IRS BEFORE close of escrow. They will need a copy of the 8288-B form AND a copy of the confirmation for delivery (Fed-X or UPS label) showing that the package has been sent to the IRS. So, it is essential that you do some pre-planning prior to listing your home for sale.
If a waiver is not requested, you will want a title company that works well with FIRPTA. Some title companies will offer to hold funds for 90 days and some will not. The advantage to using a title company that will hold the funds, is that gives you and your accountant time to calculate gains/losses and apply to the IRS to have the funds released to you if applicable. Otherwise, you will be filing a US tax return for a refund of any monies owed to you.
Homes sold for less than $300,000 may have no withholding required under FIRPTA if the sales price is $300,000 or less, and the buyer signs an affidavit at or before closing stating they intend to use property for personal purposes for at least 50 percent of the time the property is occupied for each of the first two 12 month periods immediately after closing. That would typically be a snowbird or investors who purchased the home as a rental.
FIRPTA can be a very confusing and complex area and you will want good counsel when making decisions. We partner with qualified accountants and attorneys, should the need arise. If you are a foreign investor in U.S. Property and thinking of selling, let us know in advance and we will recommend some resources for you.
Thinking of Partial Remodel or a Full-Blown Renovation?
Terry Harrison Herbeck, a Sun Lakes Oakwood resident and Kolb Team preferred vendor is a master at turning your visions into reality. Several of our clients have hired Terry and are thrilled with their newly updated home.
Terry has been practicing architectural space planning and interior design since 1982 – she taught interior design at orange coast college and worked as the senior designer for a large, semi-custom home builder in southern California
To the right, there is a link to one of her blog posts about home renovation. This one is about ‘Kitchen Remodels’.
For more information about Harrison Herbeck contact us online and type “More Info about Terry Harrison Herbeck”
“The Kolb Team assisted us in purchasing a home in Ironwood. They displayed uncanny insight into the buying process by listening to what their clients were saying, and then following through with unparalleled dedication. They were always both extremely professional, yet were very easy to work with and a joy to work alongside.
Their dedicated follow through and attention to detail made the process very smooth, and they were very knowledgeable when questions or problems developed.
We were impressed with the teamwork that they shared, and we would not hesitate to use them again when we buy or sell real estate in the future. We are very comfortable in recommending “THE KOLB TEAM” to our friends and relatives, many, who like ourselves, have a real estate industry background.”
Get the Most Recent Sales Report
Click on the link below to see which homes sold in each of the five Sun Lakes communities last month. If you are interested in a home value for your home, contact us here. And, it’s not too late to sell your home, as we sold over 30 homes last year between May and August.
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