The Tale of The Lakes at Annecy

The Lakes at Annecy, or Val Vista Classic (as it’s also known) is a beautiful gated community off of Val Vista Dr & Williams Field Rd.  Not only does it have an amazing location near the 202 freeway, but it’s also right by the San Tan Village Mall with all of its things to do.  Great restaurants are less than a mile away (which can be a bit of a long walk for some, but perfect for us. We recommend Blue Wasabi, High Tide, & La Calabria if you haven’t been) and Higher Grounds Roastery & Café is located just outside of the main gate.  On the inside, there’s plenty of walking paths around several lakes and bridges, with tree lined streets, multiple community pools, basketball courts and playgrounds.  Trend Homes started building this community in 2007, featuring European style architecture with plenty of community green space outside your front door.  With a mixture of single family and townhomes, it was the premier lock and leave community.

 

Alas, all was not perfect.  Trend Homes declared bankruptcy in early 2008 and was sold in May to Najafi Cos., a Phoenix-based private investment firm.  Like many communities at the time, the 930-home Lakes at Annecy sat mostly empty.  Other than the

 

completed community pools and spas, lakes and roads, there were only a handful of homes that were developed near the front and around the sides of community, leaving the middle and back of the lots mostly filled with dirt.  Sometime after, Ryland Homes acquired Trend’s remaining assets at the end of 2012, but made no plans for continuing to build at The Lakes at Annecy although they finished some of Trend’s other neighborhoods. Ryland Homes and Standard Pacific Corp, two of the largest home builders at the time, merged in 2015 to become CalAtlantic Homes.

 

The latest to happen was that Lennar Homes announce last year that they were buying out CalAtlantic, although the merger won’t be completed until February 2018.

 

 

The good news though, is that Lennar Homes is finally planning to finish out The Lakes at Annecy! They are taking the back section for Inspiration at Annecy, which features two-three bedroom townhomes, ranging from 1,053-1,465 sqft.  They’re unique in the fact that everything is included in the home (no more being nickeled and dimed for upgrades) and the buyer has the choice of flooring and cabinet color (although if you want really upgraded flooring, there is a separate cost for that). Inspiration at Annecy is now for sale, and though they’ve not had their grand opening yet, have been selling pretty well.

 

Maracay Homes has also purchased 216 home sites in front of the community, and will be opening for sales in the fall of 2018.  Their plan is to offer homes ranging from 1,500 to 2,000 sqft. More news is to be announced.

 

For more area news, or if you’d like to know more about The Lakes at Annecy, please contact The McKinley Group at 480-355-8645 or at Info@LocateArizonaHomes.com today!

 

Homeowner Tax Changes

The new tax law that was signed into effect at the end of 2017 will affect all taxpayers. Homeowners should familiarize themselves with the areas that could affect them which may require some planning to maximize the benefits.

Some of the things that will affect most homeowners are the following:

  • Reduces the limit on deductible mortgage debt to $750,000 for loans made after 12/14/17. Existing loans of up to $1 million are grandfathered and are not subject to the new $750,000 cap.

 

  • Homeowners may refinance mortgage debts existing on 12/14/17 up to $1 million and still deduct the interest, so long as the new loan does not exceed the amount of the existing mortgage being refinanced.
  • Repeals the deduction for interest on home equity debt through 12/31/25 unless the proceeds are used to substantially improve the residence.
  • The standard deduction is now $12,000 for single individuals and $24,000 for joint returns. It is estimated that over 90% of taxpayers will elect to take the standard deduction.
  • Property taxes and other state and local taxes are limited to $10,000 as itemized deductions.
  • Moving expenses are repealed except for members of the Armed Forces.
  • Casualty losses are only allowed provided the loss is attributable to a presidentially-declared disaster.

The capital gains exclusion applying to principal residences remains unchanged. Single taxpayers are entitled to $250,000 and married taxpayers filing jointly up to $500,000 of capital gain for homes that they owned and occupied as principal residences for two out of the previous five years.

 

Not addressed in the new tax law, the Mortgage Forgiveness Relief Act of 2007 expired on 12/31/16. This temporary law limited exclusion of income for discharged home mortgage debt for principal homeowners who went through foreclosure, short sale or other mortgage forgiveness. Debt forgiven is considered income and even though the taxpayer may not be obligated for the debt, they would have to recognize the forgiven debt as income.

These changes could affect a taxpayers’ position and should be discussed with their tax adviser.

If you need a good tax adviser, Contact me today (Info@LocateArizonaHomes.com OR 480-355-8645).  I know some both in Chandler and the Phoenix Metropolitan area.