Frida Kahlo and Diego Rivera

Through August 20, 2017

This exhibit offers a rare opportunity to see firsthand masterpieces by two of the most important and recognizable artists of the 20th century. Bank of America is the Presenting Sponsor for Frida Kahlo and Diego Rivera, making Phoenix its only North American stop on a world tour.

Thirty-three works by the famed Mexican artists, from the Jacques and Natasha Gelman Collection, are to be exhibited in the newly opened Virginia G. Piper Charitable Trust Grand Gallery through Aug. 20, 2017. The Gelmans were Mexican-based European emigres who were friends of the artists. On view will be Kahlo’s Self Portrait with Monkeys and Diego on My Mind, and Rivera’s Calla Lily Vendor and Sunflowers. In addition, the exhibit includes more than 50 photographs taken by Edward Weston, Lola Álvarez Bravo and Frida Kahlo’s father, Guillermo Kahlo, among others. The exhibit also will feature clothing and jewelry of the style and region that Frida Kahlo chose to wear.

This is a special ticketed exhibition of $7 in addition to general museum admission for non-members. Basic Membership members receive free general admission but not to the exhibition. Admission to the exhibition is free to members at the Experience Frida and Diego level and above. For more information on membership, please visit our membership page.

Michael Orr, Founder and Owner of The Cromford Report, breaks down the most recent housing market data in the Arizona Journal of Real Estate & Business:  "Below $175,000 there are just over $1,000 single-family homes offered for sale.  It is worth remebering how this contrasts with June 2011 when there were over 14,000."

I can attest to this observation by Mr. Orr as I just closed a transaction in this price range on the buy-side. My clients ended up purchasing a nice end-unit condo at 3rd Avenue Palms in Phoenix.  It was not easy, as a competing offer came in the first day the property came on the market, and was a full-price cash offer. The upside for Buyers who are successful in this price range range of scarce inventory is appreciation.  Mr Orr writes, " . . . anyone trying to buy a single-family home under $175,000 is going to be faced with a very high level of competition from other buyers, which drives prices up and aggravates the supply problem yet further."

Moving further up the price range, we see moslty vibrant activity until the 1.5M and above mark.  From $200,000 to $500,000 there are more listings than the previous two years, yet high-frequency sales are carving out existing inventory.  Orr writes, " . . . the annual sales rate has increased almost 50 percent from 20,012 to 29,982, so the extra supply is completely dwarfed by the growth in demand.  Inventory has declined from 134 to 96 days which means sellers have the advantage and so continued appreciation is in the short-term forecast."

The pattern continues, albeit to a lesser extent in the $500,000 to $1,500,000 price range.  The listings count is higher than 2 years ago, however sales counts have increased even more.  Therefore, price pressure has impacted this segment of the market also.  Orr states, "So here we can see that the growth in demand is faster than the growth in supply and after a weak period since peaking in mid-summer 2015, prices in most luxury areas are on the rise again,  particularly for homes under $1.5 million."

Above 1.5 million there are more opportunities depending on where you are shopping for a home.  However, in some neighborhoods, such as the Arcadia Neighborhood of Phoenix, we are increasingly seeing tear downs and rehabs changing hands quickly.  Many of these properties are sold without posting to the Multiple Listing Service.  In the "Arcadia "Proper" neighborhood of Phoenix, the activity is jaw-dropping.  There are teams of construction workers bringing-to-life the dreams of affluent entrepreneurs and established business owners.  However, this is an exception to overall sales activity in the 1.5M plus price category.  Mr. Orr observes, "We can see that inventory is over 600 days from homes priced above $1.5 million, and here annual sales have risen from 547 to 596, and increas of only 9 percent, while supply is up from 1,030 to 1,140, a rise of 11 percent.  Now we see a problem.  When supply increases as a faster rate than demand, sellers are at a disadvantage.  Pricing will have a hard time making substantial upward progress until this condition changes."

Selling or buying a home is stressful.  Combining the two can be a tricky endeavour.  Steps need to be taken to ensure this process is carried out smoothly, and matches your needs while taking into consideration the current housing market environment.  In a Seller's market, sellers have more control over their options of making this transition more smoothly.  Let's take a look at some ways of handling selling and buying a replacement home:

1) Selling a home with no contingencies:  

This option means accepting a buyer's offer, and then being under immense pressure to find a "perfect" replacement home assuming the sale of your home is scheduled to close escrow in only 30-40 days.  If you find your dream replacement home, but during the escrow period it ends up cancelling for some reason (this happens frequently), then you are stuck in a real time crunch.  A solution in this scenario to give yourself more time is to make sure the sale of your home is a longer escrow period (3-4 months). You can then have more time to carry out inspections and negotiate on your replacement home. In addition, you will still have time to find another home if the first one falls out of escrow.

2) Selling a home contingent on finding a replacement home:

This is a way to take the pressure off.  Make sure the sale of your home stipulates it is based on your ability find a replacement home and obtain a fully executed contract.  If you do not find a suitable replacement home, then you are not obligated to sell yours.  In a Seller's Market, you are much more likely to have a Buyer accept this type of arrangement.

3)  Selling and 'leasing back' your home:

This alternative also works well in a Seller's Market.  You simply agree to a Buyer's offer contingent on a leaseback.  This may work well for a Buyer who loves your home, yet is not ready to move right away.  It also gives them an opportunity to earn some rental income prior to taking occupancy.  It gives you, the seller, peace of mind knowing you can focus solely on purchasing without immense pressure.

4) Selling, then renting prior to purchasing a replacement home:

Sell your home, then go rent for 3-12 months.  The advantage with this method is when renting, you can learn about a particular neighborhood you love, and "try it out" for awhile.   This gives plenty of time to explore areas and homes leading to a prudent decision. There are always nuances and unexpected aspects of living somewhere new.  Having time to sort through both good and bad realities of living somewhere new can help ensure a good decision.

If you have questions about what route to take when selling your home and buying a new one, contact me for a complimentary consultation.  I can be reached at 480-825-2870.