The Walt Disney World resort in Florida has four theme parks, two water parks, a handful of hotels and a golf course. A little-known secret also worth visiting is Disney’s BoardWalk.
Filled with restaurants, hotels and a dueling piano bar, Disney’s BoardWalk offers ticket-free entry and plenty of things to do.
What is Disney’s BoardWalk?
Disney’s BoardWalk is an entertainment area within walking distance from the Epcot theme park. It surrounds the same lake where water taxis ferry guests from Epcot to various hotels.
The quarter-mile BoardWalk is a single connected walkway from the BoardWalk over to Disney’s Beach Club Resort, Disney’s Yacht Club Resort and Epcot.
This means you can have a leisurely stroll (or bike) throughout the area without crossing roads or leaving the atmosphere.
Disney’s BoardWalk hotels
On the Disney BoardWalk, you’ll find one hotel: Disney’s BoardWalk Inn. As a deluxe resort, you can expect to pay upward of $619 per night, though, you can enjoy a pool with a large water slide and very easy access to Epcot.
Across from the BoardWalk, you’ll find Disney’s Yacht Club Resort and Disney’s Beach Club Resort. These feature more of a beach theme than the BoardWalk Inn while still remaining relatively close.
The Walt Disney World Dolphin Hotel and the Walt Disney World Swan Hotel are just off the BoardWalk. These two properties are unique as you can book with Marriott Bonvoy points, which means you can potentially save on your stay while remaining close to the action.
Disney’s BoardWalk restaurants
There are 11 restaurants and bars at Disney’s BoardWalk, ranging from sit-down options to an ice cream parlor.
Table service
Those who’ve been to Disney World have probably heard about table service and quick-service dining. As it sounds, table service dining includes a more elevated experience, where you and your group sit down to enjoy your meal. This includes:
Big River Grille & Brewing Works.
Flying Fish.
Trattoria al Forno.
Quick service
Quick-service dining is similar to fast food, though that doesn’t mean it’s lower quality. Instead, these are the types of meals you grab and go at a counter. The choices are:
BoardWalk Deli.
BoardWalk Joe’s Marvelous Margaritas.
Pizza Window.
Other options
AbracadaBar.
BoardWalk Ice Cream.
Funnel Cake Cart.
The Cake Bake Shop Bakery by Gwendolyn Rogers (coming soon).
The Cake Bake Shop Restaurant by Gwendolyn Rogers (coming soon).
Why is it important to know which restaurants are table service versus quick service? Because those who are staying at an eligible resort can take advantage of the Disney Dining Plan, a service that allows you to prepay all of your meals.
Although paused in 2020, Disney has announced that those traveling to Walt Disney World can add the Dining Plan to their package beginning Jan. 9, 2024.
Disney’s BoardWalk attractions
You’ll find standard amenities as a guest staying at Disney’s BoardWalk Inn, though these options may also be available to day visitors. Recreational activities include:
Mini golf.
Surrey bike rentals.
Campfire songs and marshmallow roasting.
Pickleball.
Playground.
Otherwise, Disney’s BoardWalk is one of the best spots for adults to spend time. This is because of both the Atlantic Dance Hall and Jellyrolls.
No, those weren’t typos. The Atlantic Dance Hall and Jellyrolls bar are available to those 21 and older only. The Atlantic Dance Hall is a dance hall open every evening from 8 p.m. to 1 a.m. and is free of charge.
Jellyrolls is a dueling piano bar featuring sing-alongs with the audience. It’s walk-in only and is open from 7 p.m. to 1:45 a.m. every night, though Disney’s site warns that it’s extremely popular, so you’ll want to arrive early. Note there’s an entrance fee.
Disney’s BoardWalk transportation
Traveling to the BoardWalk? Walt Disney World Resort is crisscrossed with several transportation options, including an aerial gondola and water taxis. You can access the BoardWalk by:
Driving.
Disney Skyline (aerial gondola).
Taking a water taxi.
There is minimal official parking at the BoardWalk, so those coming by car must park at Disney’s BoardWalk Inn or Epcot. It’s also possible to use Disney’s valet service.
If you’re staying at a Walt Disney World resort, take a look at the individual options available before heading over. Certain resorts include access to the Skyliner, as does Disney’s Hollywood Studios.
If you’ve started your day at the Transportation and Ticket Center (the hub for Magic Kingdom), you can also opt to take the monorail over to Epcot, then walk from Epcot to the BoardWalk.
The BoardWalk at Disney recapped
The Walt Disney World resort is a sprawling complex with many things to do. This includes Disney’s BoardWalk, which evokes the ambiance you’d find at the boardwalks in Santa Cruz, California; Coney Island, New York; and Atlantic City, New Jersey.
While it may not be the most recognizable spot in Disney World, it offers options that range from dining, dancing all night or simply strolling around the promenade.
(Top photo courtesy of Walt Disney World)
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Essentially, rent-to-own homes offer an alternative pathway to homeownership for individuals who might not otherwise be in a position to buy a house outright. It’s a strategy that represents the quintessential entrepreneurial mindset — seeing opportunities where others see only obstacles.
What is a rent-to-own home?
A rent-to-own property arrangement, sometimes also called a lease option or a lease-to-own agreement, is a deal in which a person rents a home for a specific period of time, typically between one to three years, with the option to purchase the home at the end of that period.
It’s a plan designed to facilitate homeownership for people who need time to save for a down payment, improve their credit or get their financial house in order. A portion of the monthly rent payment is typically set aside and used as a contribution toward the future purchase of the house.
Why are rent-to-own homes popular? What are some pros of this setup?
Rent-to-own homes continue to gain popularity, and there are a few compelling reasons why. At their core, these arrangements offer a unique blend of flexibility and opportunity that resonates with many potential homeowners.
Flexibility
One key reason is the financial flexibility rent-to-own homes offer. Not everyone has the resources to dive straight into homeownership, and traditional mortgage arrangements might be out of reach. Rent-to-own homes present a viable solution, allowing individuals to move into their dream home right away, while also providing a structured plan to eventually buy that home. It’s about breaking down a seemingly insurmountable financial leap into manageable steps.
Home prices
Another driving factor is the prospect of locked-in purchase prices. Given the volatility of real estate markets, the ability to set a future purchase price at the start of the lease agreement can be an enticing prospect. It offers a form of financial predictability, a rare commodity in an ever-fluctuating housing market.
Furthermore, rent-to-own homes also serve as a testing ground. They’re an option that allows potential homeowners to experience living in the home and neighborhood before making a long-term commitment. This ‘try before you buy’ aspect is a significant draw, reducing the risks of buyer’s remorse.
Building equity
Lastly, the concept of building equity from day one is attractive. Instead of paying rent with no long-term benefits, individuals in a rent-to-own agreement have the satisfaction of knowing that part of their monthly payment is going toward their future home ownership. This empowers people to invest in their future, even if they aren’t quite ready to fully commit to a mortgage.
However, it’s essential to understand that, while rent-to-own homes offer certain advantages, they aren’t a magic bullet solution. Like any financial arrangement, they come with their own risks and potential pitfalls. But for those who are clear about their financial capabilities and long-term plans, rent-to-own homes can be a strategic stepping stone on the path to homeownership.
Potential drawbacks of rent-to-own properties
However, renting to own is not for everyone. Here are some cons to consider when looking at this rent arrangement that might be non-starters for you.
Non-refundable payments
If the renter decides not to purchase the house at the end of the lease, they forfeit the extra money they have been paying towards the purchase. This can be a considerable loss, as these payments are typically non-refundable.
Maintenance responsibility
In many rent-to-own agreements, the renter is responsible for maintenance and repairs. This can be costly and differs from most traditional rental agreements where the landlord is typically responsible for these costs.
Risk of forfeiture
If the renter fails to abide by the terms of the agreement, they may lose their right to purchase the property and forfeit all payments made towards the purchase price.
The history of the rent-to-own contract
Rent-to-own homes, as a concept, trace back to the 1950s and 1960s, a period of significant changes in the housing market. During this time, returning World War II veterans and the resulting baby boom led to an increased demand for housing. However, many individuals found themselves unable to secure a mortgage due to strict lending standards. Rent-to-own homes emerged as a viable rental agreement solution to bridge this gap, allowing regular people to gradually work towards homeownership.
The approach gained even more traction during the late 1970s and early 1980s when the United States experienced a surge in interest rates, which made traditional mortgages less affordable for many prospective homeowners. The rent-to-own model gave people the chance to lock in a future purchase price and bypass the high-interest rates of their time.
The 2008 financial crisis and the ensuing tightening of mortgage lending standards again brought the rent-to-own option into the limelight. With many people’s credit scores damaged and banks more cautious about lending, rent-to-own homes became an alternative path to homeownership for those who might otherwise be left out in the cold.
The future of the rent-to-own housing market
As we look towards the future of the rent-to-own housing market, there are several factors at play. The aftermath of the COVID-19 pandemic and the subsequent economic volatility has left many people in challenging financial situations, possibly making the rent-to-own model more attractive to a larger audience.
Additionally, technology is playing a more significant role in the real estate market. Online platforms can connect renters and property owners, making the process of finding, inspecting and signing rent-to-own agreements more accessible and transparent than ever before. This technological shift could democratize the rent-to-own process, making it a more prevalent choice in the housing market.
It’s also important to keep in mind that the rent-to-own market’s growth will also depend on various factors like changes in real estate laws, fluctuations in the economy and shifts in societal attitudes toward homeownership.
Lastly, there’s an increased call for consumer protection in the rent-to-own sector. As the market grows, so too does the need for regulations to protect consumers from unscrupulous practices. The future might see more standardized contracts, more transparent disclosures and enhanced protections for those who choose this route to homeownership.
Is this rental agreement right for you?
Rent-to-own homes offer a unique blend of renting and buying, giving people a fresh shot at the dream of homeownership. As with any financial strategy, it’s critical to fully understand the implications and potential risks, making the most out of this innovative approach to securing a home.
It’s a market that has evolved throughout history, adapted to the changing times, and is likely to continue evolving in the future. There’s no better place to start your search for that perfect rent-to-own home than right here, right now.
When choosing a life insurance beneficiary, it is very important to be clear in the designations of who is going to receive the benefits after the death of the insured.
Due to specifications regarding the wording of beneficiaries, certain members of the family may be left out, while others may be unintentionally included.
It becomes especially complicated when there is an ex-spouse involved, or adopted children.
Should the beneficiary die before the insured, then a contingent receives the benefits instead.
However, this can become complicated if the contingent is a minor and no guardian has been designated. The process of determining insurance beneficiaries can be complicated, especially given the changing family situations that happen with divorce and death.
When deciding on your insurance beneficiaries, make sure the beneficiaries are clearly distinguished, with varying levels of contingents.
Specifying Your Beneficiaries
When writing out who will receive life insurance benefits upon your death, simply putting one-word designations like “spouse”, “children”, or “grandchildren” isn’t enough anymore. If you put “spouse,” then former spouses may be included in the event of a divorce. In the case that children are the beneficiaries, then which children will be included must be specified.
Are they only children from your marriage, or do children born out of wedlock count?
Also, it must be specified if adopted children are included, or the children of a spouse which you may have adopted as well. The same applies for any grandchildren. Also, if the children are minors, it is generally recommended that a guardian be appointed, as benefits aren’t usually paid to minors.
The beneficiaries can be specific, or a class. Specific beneficiaries are identified by name and relationship to the insured, while a class is identified mainly by relationship, such as “children.” If a class is chosen as a beneficiary, who belongs to that class needs to be clearly identified, as legal complications can arise if the class isn’t distinguished.
Also, it is advisable to have several levels of contingencies. In the case that a beneficiary dies, the benefits will go to the contingent.
However, if the contingency dies as well as the beneficiary, the benefits may be left in limbo, or to be disputed by other family members. That is why several contingencies must be clearly identified, as many complications can arise considering the possibilities of a changing family structure.
How Much Life Insurance Will Your Beneficiaries Need?
As important as it is to find your right beneficiary, you have to make sure that person(s) is left with enough money to cover any financial obligations you will leave behind. So let’s take a look at some of the factors that help you decide how much coverage you need to buy.
You always need to calculate your current debt situation first. The main goal of your life insurance plan is to give your family the money needed to pay off all your bills and debts. The number you come up with should be the baseline for how much coverage you start looking for.
If it’s in your budget we also suggest adding a few years worth of salary to the final total as well. Your income has helped support the family for years and a sudden loss could bring on major lifestyle changes. To stave that quick change it’s best to up the value some to provide some breathing room as they cope with a drop in household income.
Another category to account for is the funeral expenses. While you may not realize it, funerals are expensive. Funerals can come in around $10,000, and is a big expense that some might not be ready to pay. Your coverage will give your family the money that they need to fulfill your family wishes.
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Getting Affordable Life Insurance
In addition to choosing the right beneficiary, and ensuring that they will have enough money, it’s also important to get the most affordable life insurance plan available. A lot of applicants are surprised to see how cheap a life insurance plan can be, regardless of how much life insurance you need.
One of the easiest ways to get lower insurance rates is by cutting out tobacco. Users pose a much greater risk to have health problems like cancer or heart problems, which equals a greater risk to the insurance company. By mitigating that risk they’ll be charging you much more for your insurance coverage, and that charge could be twice the quoted amount.
The medical exam you’ll go through is going to show the carrier a snapshot of your overall health. If you’re overweight, then your premiums are going to be around 50% higher than a person that rates healthy. So when you know the date you want to apply its best to start living a healthier life a few months before. Eat a little cleaner, exercise a little more. These actions will keep your premiums down.
Another action is to lay off the gas pedal. When the insurance company is reviewing your application, they are going to pull your driving records. With a lengthy accident or ticket history, the carrier could see you as a high-risk applicant, which is going to translate into more expensive coverage. Slowing down on your way to work in the morning can save you hundreds of dollars every year, not to mention you won’t have to pay those expensive speeding tickets.
Our last tip is the easiest step for you. Compare, compare, compare. And you can make it even easier by working with us! We have years of experience working with quality insurance companies and we’ve helped all types of applicants get the perfect plan for you. Our status as independent agents allows us to gather as many quotes as fast as possible and present them to you in a simple form.
Explore all Possibilities with Life Insurance Beneficiaries
When deciding on life insurance beneficiaries, it is best to consider all possible situations. While it may become complex and it is grim to think of the future deaths of you or family members, all of these things do happen. Save your possible beneficiaries the trouble of having to dispute the distribution of benefits, and make sure to define the beneficiaries as specifically as possible.
Don’t use vague wording that may include or leave out people you don’t wish to.
You will want to make sure your benefits go to the intended recipients after your death. Try speaking with a life insurance advisor to determine how to properly designate your beneficiaries.
Citing prepayment speeds at multi-year lows, Spector noted those volumes continued to drive the organic growth of the company’s servicing portfolio, which ended the quarter at more than $576 billion in unpaid principal balance. Inflationary market blamed for quarterly performance Spector blamed the various inflation-induced dynamics for the lowered gains from last year: “With mortgage … [Read more…]
“This period of time, from an investment perspective, is some of the best environments we have seen in years. The time is now. While we are a mortgage REIT, I like to think of us as an asset manager operating as a REIT.”
Nierenberg spoke to analysts after Rithm announced Wednesday that it delivered a $357.4 million GAAP net income in the second quarter of 2023 — higher than the $68.9 million the prior quarter. Earnings available for distribution reached $297.9 million in the second quarter, compared to $171 million in the previous quarter.
In June, Rithm invested $145 million to purchase $1.4 billion of consumer loans from Goldman Sachs and purchased 371 newly built single-family rental properties from Lennar. In July, the company acquired 200 newly-built townhomes from Dream Finders Homes and announced the acquisition of Sculptor Capital Management for $639 million.
Rithm had 1.8 billion of total cash and liquidity to support its acquisitions at the end of the second quarter.
“Subsequent to quarter end, we announced the acquisition of Sculptor Capital Management. This acquisition helps accelerate our growth in the alternative asset management space, as Sculptor’s $34 billion of AUM complements Rithm’s $7bn of permanent equity capital and $30+ billion balance sheet,” Nierenberg said. “With the introduction of new capital rules being instituted on banks and the highest level of rates seen in 20+ years, the investing environment has not been this good in years.”
Bank regulators last week released a proposal to increase capital requirements for banks under the Basel III regulation.
Rithm executives, who said the market is at a transition point in tightening from monetary to regulatory, estimate that regulations open up over $1.5 trillion to $2 trillion in funding needs with $170 billion in additional capital requirements. Assets impacted include mortgages, funding to corporates, market-making and trading intermediations and fee-based businesses.
Mortgage business
Rithm’s mortgage business delivered a combined pre-tax income of $326.9 million in the second quarter of 2023, compared to $164 million in the previous quarter.
Originations returned to profitability, with $8.7 million in pre-tax income from April to June. Volumes increased to $9.9 billion in the second quarter, higher than the $7 billion in the previous quarter. However, gain-on-sale margins decreased to 1.25% in Q2 2023, from 1.61% in Q1 2023, due to “channel mix and overall market conditions,” the company said.
“We don’t need to originate a unit to do volume. We want to originate units that are core to our business, where we are doing something that is going to make money for LPs and shareholders. So, whether we do an extra billion dollars in origination in a channel, or a billion dollars less in a channel, we care about one thing, obviously servicing our customers and then driving profitability for our shareholders and LPs,” Nierenberg said.
Rithm’s mortgage production is expected to be between $8 billion and $10 billion in Q3 2023.
The company recently filed a confidential S-1 to spin off its mortgage business. Nierenberg said the separated business may include all the origination operations and most servicing assets, but some MSRs may stay back. He said Rithm does not plan “to turn around and just sell down the entire thing” but wants flexibility with a listed company.
“With where mortgage companies are trading, I don’t know that anybody trades at a significant premium at this point. And quite frankly, we just think the timing is right now with the scale and what the team has done around with the New Rez brand and obviously the Caliber acquisition.”
Servicing contributed $357.3 million in profits during the second quarter. The company’s mortgage servicing rights portfolio (MSRs) totaled $598 billion in unpaid principal balance (UPB) as of June 30, 2023, down from $603 billion as of March 31, 2023.
According to Nierenberg, Rithm continues to move mortgage servicing rights from some of its subservicers back in-house. However, the executive anticipates “there’s limited upside for us” regarding MSR values, so while Rithm monitors where rates are, the company will start putting “more hedges on against that asset as we go forward.”
After the earnings release, analysts at BTIG said they “Continue to see value in the equity, which could offer the optionality to participate in a spin off of the originator/servicer while owning a growing and re-purposed asset manager at a potentially attractive valuation.”
The company’s stock was trading at $10.20 on Wednesday afternoon, up by 1.54% after the earnings report.
Whether you’re relocating to a new house in Tacoma, WA, or an apartment in Houston, TX, moving to a new city or state can be an exciting adventure, but the process of long-distance relocation can also be overwhelming. Proper planning and organization are crucial to ensuring a smooth and successful move. In this comprehensive guide, Redfin provides you with ten valuable tips to make your long-distance move stress-free and efficient.
1. Start planning early
Long-distance moves require careful planning, so start as early as possible. Ideally, begin the process at least 8 to 12 weeks before your intended move date. Create a detailed moving checklist and timeline to keep track of important tasks. This includes researching moving companies, sorting and decluttering belongings, and scheduling necessary services such as transferring utilities. Also take into account how many moving boxes you’ll need.
2. Hire a reputable moving company
Choosing the right moving company is essential for a successful long-distance move. Research several companies and read online reviews to assess their reputation and customer satisfaction. Obtain written estimates from multiple movers and compare their services and prices. Look for companies with proper licensing, insurance, and a good track record of handling long-distance moves.
3. Purge unnecessary items
Long-distance moves can be costly based on the volume of your belongings. Take this opportunity to declutter your home thoroughly. Donate, sell, or discard items you no longer need or use. Consider hosting a garage sale or selling items online to earn some extra cash for your moving expenses. Reducing the number of items to move will not only save you money but also make the packing and unpacking process much more manageable.
“Sell or donate unwanted items,” says Eshon Howard of The Hard Body Haulers. “This will free up space in your home and reduce the amount of stuff you have to move. You can even host a garage sale or sell your items online to make some extra money.”
4. Organize important documents
During a move, important documents can easily get lost or misplaced. Gather and organize essential documents such as passports, IDs, birth certificates, medical records, financial paperwork, and any contracts related to your new home. Keep them in a safe and easily accessible place, and consider carrying these documents with you personally rather than packing them in boxes.
5. Pack methodically
Packing your belongings room by room is a practical and efficient approach. Start with the items you use less frequently and work your way to daily essentials. Use high-quality packing materials to protect your belongings during transit. Invest in sturdy moving boxes, bubble wrap, packing paper, and quality tape. Fragile items should be wrapped individually to prevent damage.
Label each box with its contents and the room it belongs to. This will make unpacking a breeze and help movers place boxes in the correct rooms in your new home. Additionally, keep an inventory list of your packed items. Number the boxes and write down the contents in a notebook, or use a moving inventory app. Having a detailed list will help you ensure that nothing gets lost during transportation and will serve as a reference when filing insurance claims, if necessary.
Marcin Cwaliński of Ampol Moving, Inc suggests doing the packing yourself to stay organized and save money. “In order to keep costs down, we advise anyone who is moving to be as organized as possible,”he says. “Try to pack your own boxes, versus having a moving company to do it for you. If at all possible, bring as many items as possible to the garage or a main level of your house. This will speed things up, thus saving you money.“
6. Take inventory
“With a move of any size, it is prudent to have an accurate assessment of your property,” says Thomas Engelhart of 513 Movers. Create a detailed inventory of all your belongings before the move. It’s particularly crucial for long-distance moves, where your belongings may be transported with other items. Having an inventory will help you keep track of your possessions and ensure that everything arrives safely at your new home. It will also be beneficial for insurance purposes in case of any unforeseen accidents or damage during the move.
7. Plan your travel and accommodation
If you’re driving to your new location, plan the route in advance and make reservations for accommodations along the way if needed. Calculate the distance, travel time, and any potential stops you might want to make. Consider the best time to travel to avoid heavy traffic or inclement weather conditions.
If your move involves air travel, book your flights well ahead of time to secure the best prices. Arrange for transportation from the airport to your new home in advance. If you have pets, ensure they have proper travel arrangements as well.
8. Notify important parties
One of the critical steps in a long-distance move is notifying relevant parties of your upcoming relocation. Inform your current and new utility providers about your move-out and move-in dates to ensure a seamless transfer of services. Also, notify your banks, insurance companies, credit card providers, and any other institutions you have accounts with about your change of address.
Don’t forget to update your address with relevant government agencies such as the postal service, the Department of Motor Vehicles, and the Internal Revenue Service (IRS). Additionally, inform subscriptions, friends, family, and other contacts of your new address to continue receiving mail and packages without interruptions.
9. Pack an essentials box
Packing an essentials box is a simple yet incredibly useful step that can save you time and stress during and after your move. Pack a box with items you’ll need immediately upon arrival at your new home. This may include toiletries, a change of clothes, important documents, basic kitchen supplies, essential tools, and any items that will help you settle in comfortably during the first few days.
Keep this essentials box with you during the move, rather than having it transported with the rest of your belongings. That way, you can easily access these important items without rummaging through packed boxes when you first arrive at your new residence.
10. Stay positive and stay flexible
Lastly, remember that moving, especially long-distance, can be challenging and unpredictable. Unexpected issues may arise, but maintaining a positive attitude and staying flexible can make the process more manageable. Embrace the adventure and the new opportunities that await you in your new location.
The share of refinances in mortgage origination volume dipped below 50% for the first time in 15 months in March, according to Black Knight‘s new monthly data report, the Originations Market Monitor. With interest rates continuing to tick up, the purchase mortgage market is where most lenders will focus operations over the next year.
Since December 2019, millions of homeowners have been able to save hundreds of dollars a month in mortgage payments by refinancing to record-low mortgage rates, often in the 2% range. Thanks to the Fed’s intervention to lower the cost of borrowing, many homeowners shaved 125 basis points or more on their mortgages over the past year. That was a boon for mortgage lenders, the vast majority of which rode the refi wave to historic origination volume and record profits in 2020.
But the strengthening U.S. economy and acceleration of COVID-19 vaccines has pushed interest rates back up dramatically over the last quarter. By mid-January, mortgage rates began to rebound from historic lows, and by the end of March, Black Knight estimated the average 30-year mortgage rate sat near 3.34%. That was up 60 basis points from February, though still down 20 basis points from the same time last year.
In March, the share of refinancings fell to 48%, forcing many lenders to quickly pivot away from refis and toward the purchase market.
“Recent – and sharp – upward movements in interest rates have shifted the mortgage originations landscape very quickly,” said Scott Happ, Black Knight’s president of secondary marketing technologies. “The wave of refinance activity of the last year and some months has suddenly given way to a purchase-heavy mix. The implications of this shift touch nearly every area of mortgage lending, which in turn has implications for the wider economy.”
How outsourcing gives lenders an advantage in 2021’s purchase market
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Despite refi activity in freefall, overall rate lock volume was up 2.5% in March, with purchase locks jumping 32% from February. Cash-out refinance locks also rose 4% month-over-month.
The three metropolitan areas with the greatest percentage of lock volume was the Los Angeles-Long Beach-Anaheim metro, New York-Newark-New Jersey metro and the Washington-Arlington-Alexandria metro. In the NY-NJ-PA metro in particular, rate lock data was up 11.7% month-over-month, and refis still took more than half of the origination volume.
But the top 20 metros were neck-and-neck for whether purchases or refis made up more of the lending pie.
“This marks the first time – but almost certainly not the last – that purchase loans have made up a majority share of monthly mortgage lending since December 2019,” said Happ. “We also saw credit scores pull back, a trend that’s likely to continue among refis as high-credit borrowers, who have been largely driving record volumes, exit the market.”
If these homeowners do slowly exit the market, credit availability will continue to open up for borrowers with lower credit scores and options for higher LTV products. Zillow‘s senior economist Jeff Tucker estimates this next wave of buyers will be millennials.
“More affordable, medium-sized metro areas across the Sun Belt saw significantly more people coming than going – especially from more expensive, larger cities farther north and on the coasts,” said Tucker. “The pandemic has catalyzed purchases by millennial first-time buyers, many of whom can now work from anywhere.”
On average, Black Knight estimated a typical credit score for a conforming loan was around 751 in March, six points lower than a year ago. On the other hand, credit scores averaged close to 666 for FHA loans, around four points higher year-over-year. According to the report, Black Knight said it’s seen year-to-date increases in the share of FHA and non-conforming originations, while conforming volumes – though still representing the lion’s share of March lending – are down.
The Jefferson Avenue commercial district in Buffalo, New York, is anchored by a supermarket.
There are dozens of other businesses and services along the 12-block corridor — a couple of bank branches, a library, a coffee shop, gas stations, a small plaza with a dollar store and a primary care clinic and a business incubator for entrepreneurs of color.
But Tops Friendly Markets, the only grocery store on Buffalo’s vast East Side, is the center of activity. More than just a place to buy food, pick up medications and use an ATM, the store is a communal gathering space in a predominantly Black neighborhood that, for generations, has been segregated, isolated and disenfranchised from the wealthier — and whiter — parts of the city.
Which explains how it came to be the site of a mass shooting on a spring day in May of last year. On that Saturday, a gunman, who lived 200 miles away in another part of the state, drove to Jefferson Avenue and went into Tops, and in just a few minutes killed 10 people, injured three and inflicted mass trauma across the community.
It is a scenario that has sadly, and repeatedly, played out in other parts of the country that have experienced mass shootings. But this one came with a twist: The gunman’s intention was to kill as many Black people as possible.
To achieve that, he specifically targeted a ZIP code with one of the highest percentages of Black residents in New York state. All 10 who died that day were Black.
“The mere fact that someone can research, ‘Where will the greatest number of Black people be … on a Saturday morning,’ that’s not by chance,” said Franchelle Parker, a community organizer and executive director of Open Buffalo, a nonprofit focused on racial, economic and ecological justice. “That’s not a mistake. It’s a community that’s been deeply segregated for decades.”
The day of the shooting, Parker, who grew up in nearby Niagara Falls, was driving to Tops, where she planned to buy a donut and an unsweetened iced tea before heading into the Open Buffalo office, which is located a block away from Tops. The mother of two had intended to complete the mundane task of cleaning up her desk — “old coffee cups and stuff” — after a busy week.
She saw the news on Twitter and didn’t know if she should keep driving to Jefferson Avenue or turn around and go back home. She eventually picked the latter.
When she showed up the next day, there were thousands of people grieving in the streets. “The only way that I could explain my feeling, it was almost like watching an old war movie when a bomb had gone off and someone’s in, like, shell shock. That’s how it felt,” said Parker, vividly recounting the community’s collective trauma in a meeting room tucked inside of Open Buffalo’s second-story office on Jefferson Avenue.
Almost immediately following the May 14, 2022, massacre, which was the second-deadliest mass shooting in the United States last year, conversations locally and nationally turned to the harsh realities of the East Side and how long-standing factors that affect the daily life of residents — racism, poverty and inequity — made the community an ideal target for a white supremacist.
Now, more than a year after the tragedy, there is growing concern that not enough is being done fast enough to begin to dismantle those factors. And amid those conversations, there are mounting calls for the banking industry — whose historical policies and practices helped cement the racial segregation and disinvestment that ultimately shaped the East Side — to leverage its collective power and influence to band together in an effort to create systemic change.
The ideas about how banks should support the East Side and better embed themselves in the neighborhood vary by people and organizations. But the basic argument is the same: Banks, in their role as financiers and because of the industry’s history of lending discrimination, are obligated to bring forth economic prosperity in disinvested communities like the East Side.
I know banks are often looked upon sort of like a panacea, but I don’t particularly see it that way. I think others have a role to play in all of this.
Chiwuike Owunwanne, corporate responsibility officer at KeyBank
“Banks have been very good at providing charitable contributions to the Black community. They get an ‘A’ for that,” said The Rev. George Nicholas, an East Side pastor who is also CEO of the Buffalo Center for Health Equity, a four-year-old enterprise focused on racial, geographic and economic health disparities. “But doing the things that banks can do in terms of being a catalyst for revitalization and investment in this community, they have not done that.”
To be sure, banks’ ability to reverse the course of the community isn’t guaranteed — and there is no formula to determine how much accountability they should hold to fix deeply entrenched problems like racism. Several Buffalo-area bankers said that while the Tops shooting heightened the urgency to help the East Side, the industry itself cannot be the sole driver of change.
“There are a lot of institutions … that can certainly play a part in reversing the challenges that we see today,” said Chiwuike “Chi-Chi” Owunwanne, a corporate responsibility officer at KeyBank, the second-largest bank by deposits in Buffalo. “I know banks are often looked upon sort of like a panacea, but I don’t particularly see it that way. I think others have a role to play in all of this.”
A long history of segregation
How the East Side — and the Tops store on Jefferson Avenue — became the destination for a racially motivated mass murderer is a story about racism, segregation and disinvestment.
Even as it bears the nickname “the city of good neighbors,” Buffalo has long been one of the most racially segregated cities in the United States. Of the 114,965 residents who live on the East Side, 59% are Black, according to data from the 2021 U.S. Census American Community Survey. The percentage is even higher in the 14208 ZIP code, where the Tops store is located. In that ZIP code, among 11,029 total residents, nearly 76% are Black, the census data shows.
The city’s path toward racial segregation started in the early 20th century when a small number of job-seeking Black Americans migrated north to Buffalo, a former steel and auto manufacturing hub at the far northwestern end of New York state. Initially, they moved into the same neighborhoods as many of the city’s poorer immigrants and lived just east of what is today the city’s downtown district. As the number of Blacks arriving in Buffalo swelled in the 1940s, they were increasingly confronted with various housing challenges, including racist zoning laws and restrictive deed covenants that kept them from buying homes in more affluent white areas.
Black Buffalonians also faced housing discrimination in the form of redlining, the practice of restricting the flow of capital into minority communities. In 1933, as the Great Depression roiled the economy, a temporary federal agency known as the Home Owners’ Loan Corporation used government bonds to buy out and refinance mortgages of properties that were facing or already in foreclosure. The point was to try to stabilize the nation’s real estate market.
As part of its program, HOLC created maps of American cities, including Buffalo, that used a color coding scheme — green, blue, yellow and red — to convey the perceived riskiness of making loans in certain neighborhoods. Green was considered minimally risky; other areas that were largely populated by immigrant, Black or Latino residents were labeled red and thus determined to be “hazardous.”
“The goal was to free up mortgage capital by going to cities and giving banks a way to unload mortgages, so they could turn around and make more mortgage loans,” said Jason Richardson, senior director of research at the National Community Reinvestment Coalition, an association of more than 750 community-based organizations that advocates for fair lending. “It was kind of a radical concept and it has evolved over the decades into our modern mortgage finance system.”
The Federal Housing Administration, which was established as a permanent agency in 1934, used similar methods to map urban areas and labeled neighborhoods from “A” to “D,” with “A” considered to be the most financially stable and “D” considered the least. Neighborhoods that were largely Black, even relatively stable ones, were put in the “D” category.
The result was that banks, which wanted to be able to sell mortgage loans to the FHA, were largely dissuaded from making loans in “risky” areas. And Buffalo’s East Side, where the majority of Blacks were settling, was deemed risky. Unable to get loans, Blacks couldn’t buy homes, start businesses or build equity. At the same time, large industrial factories on the East Side were closing or moving away, limiting job opportunities and contributing to rising poverty levels.
“Today what we’re left with is the residue of this process where we’ve enshrined … a pattern of economic segregation that favors neighborhoods that had fewer Black people in them and generally ignores neighborhoods that had African Americans living in them,” Richardson said.
Case in point: Research by the National Community Reinvestment Coalition shows that three-quarters of neighborhoods that were once redlined are low- to moderate-income neighborhoods today, and two-thirds of them are majority minority communities.
Adding to the division between Blacks and whites in Buffalo was the construction of a highway called the Kensington Expressway. Built during the 1960s, the below-grade, limited-access highway proved to be a speedy way for suburban workers to get to their downtown jobs. But its construction cut off the already-segregated East Side even more from other parts of the city, displacing residents, devaluing houses and destroying neighborhoods and small businesses.
As a result of those factors and more, many Black residents have become “trapped” on the East Side, according to Dr. Henry Louis Taylor Jr., a professor of urban and regional planning at the University at Buffalo. In 1987, Taylor founded the UB Center for Urban Studies, a research, neighborhood planning and community development institute that works on eliminating inequality in cities and metropolitan regions. In September 2021, eight months before the Tops shooting, the Center for Urban Studies published a report that compared the state of Black Buffalo in 1990 to present-day conditions. The conclusion: Nothing had changed for Blacks over 31 years.
As of 2019, the Black unemployment rate was 11%, the average household income was $42,000 and about 35% of Blacks had incomes that fell below the poverty line, the report said. It also noted that just 32% of Blacks own their homes and that most Blacks in the area live on the East Side.
“Those figures remain virtually unchanged while the actual, physical conditions that existed inside of the community worsened,” Taylor told American Banker in an interview in his sun-filled office at the center, located on the University at Buffalo’s city campus. “When we looked upstream to see what was causing it, it was clear: It was systemic, structural racism.”
Banks’ moral obligations
As the East Side struggled over the decades with rampant poverty, dilapidated housing, vacant lots and disintegrating infrastructure, banks kept a physical presence in the community, albeit a shrinking one. In mid-2000, there were at least 20 bank branches scattered across the East Side, but by mid-2022, the number had fallen to around 14, according to the Federal Deposit Insurance Corp.’s deposit market share data. The 14 include four new branches that have opened since early 2019 — Northwest Bank, KeyBank, Evans Bank and BankOnBuffalo.
The first two branches, operated by Northwest in Columbus, Ohio, and KeyBank, the banking subsidiary of KeyCorp in Cleveland, were requirements of community benefits agreements negotiated between each bank and the National Community Reinvestment Coalition. In both cases, Northwest and KeyBank agreed to open an office in an underserved community.
Evans Bank opened its first East Side branch in the fall of 2021. The office is located in the basement of an $84 million affordable senior housing building that was financed by Evans, a $2.1 billion-asset community bank headquartered south of Buffalo in Angola, New York.
Banks have been very good at providing charitable contributions to the Black community. They get an ‘A’ for that. But doing the things that banks can do in terms of being a catalyst for revitalization and investment in this community, they have not done that.
The Rev. George Nicholas, an East Side pastor who is also CEO of the Buffalo Center for Health Equity
On the community and economic development front, banks have had varying levels of participation. Buffalo-based M&T Bank, which holds a whopping 64% of all deposits in the Buffalo market and is one of the largest private employers in the region, has made consistent investments in the East Side by supporting Westminster Community Charter School, a kindergarten through eighth-grade school, and the Buffalo Promise Neighborhood, a nonprofit organization focused on improving access to education in the city’s 14215 ZIP code.
Currently, Buffalo Promise Neighborhood operates four schools. In addition to Westminster, it runs Highgate Heights Elementary, also K-8, as well as two academies that serve children ages six weeks through pre-kindergarten. Twelve M&T employees are dedicated to the program, according to the Buffalo Promise Neighborhood website. The bank has invested $31.5 million into the program since its 2010 launch, a spokesperson said.
Other banks are making contributions in other ways. In addition to the Jefferson Avenue branch and as part of its community benefits plan, Northwest Bank, a $14.2 billion-asset bank, supports a financial education center through a partnership with Belmont Housing Resources of Western New York. Meanwhile, the $198 billion-asset KeyBank gave $30 million for bridge and construction financing for Northland Workforce Training Center, a $100 million redevelopment project at a former manufacturing complex on the East Side that was partially funded by the state.
BankOnBuffalo’s East Side branch is located inside the center, which offers KeyBank training in advanced manufacturing and clean energy technology careers. A subsidiary of $5.6 billion-asset CNB Financial in Clearfield, Pennsylvania, BankOnBuffalo’s office opened a month after the shooting. The timing was coincidental, but important, said Michael Noah, president of BankOnBuffalo.
“I think it just cemented the point that this is a place we need to be, to be able to be part of these communities and this community specifically, and be able to build this community up,” Noah said.
In terms of public-private collaboration, some banks have been involved in a deeper way. In 2019, New York state, which had already been pouring $1 billion into Buffalo to help revitalize the economy, announced a $65 million economic development fund for the East Side. The initiative is focused on stabilizing neighborhoods, increasing homeownership, redeveloping commercial corridors including Jefferson Avenue, improving historical assets, expanding workforce training and development and supporting small businesses and entrepreneurship.
In conjunction with the funding, a public-private partnership called East Side Avenues was created to provide capital and organizational support to the projects happening along four East Side commercial corridors. Six banks — Charlotte, North Carolina-based Bank of America, the second-largest bank in the nation with $2.5 trillion of assets; M&T, which has $203 billion of assets; KeyBank; Warsaw, New York-based Five Star Bank, which has about $6 billion of assets; Northwest and Evans — are among the 14 private and philanthropic organizations that pledged a combined $8.4 million to pay for five years’ worth of operational support, governance and finance, fundraising and technical assistance to support the nonprofits doing the work.
Laura Quebral, director of the University at Buffalo Regional Institute, which is managing East Side Avenues, said the banks were the first corporations to step up to the request for help, and since then have provided loans and other products and education to keep the program moving.
Their participation “is a signal to the community that banks cared and were invested and were willing to collaborate around something,” Quebral said. “Being at the table was so meaningful.”
Richard Hamister is Northwest’s New York regional president and former co-chair of East Side Avenues. Hamister, who is based in Buffalo, said banks are a “community asset” that have a responsibility to lift up all communities, including those where conditions have arisen that allow it to be a target of racism like the East Side.
“We operate under federal charters, so we have an obligation to the community to not only provide products and services they need but also support when you go through a tragedy like that,” Hamister said. “We also have a moral obligation to try to help when things are broken … and to do what we can. We can’t fix everything, but we’ve got to fix our piece and try to help where we can.”
In the wake of a tragedy
After the massacre, there was a flurry of activity within banks and other organizations, local and out-of-town, to respond to the immediate needs of East Side residents. With the community’s only supermarket closed indefinitely, much of the response centered around food collection and distribution. Three of M&T’s five East Side branches, including the Jefferson Avenue branch across the street from Tops, became food distribution sites for weeks after the shooting. On two consecutive Fridays, Northwest provided around 200 free lunches to the community, using a neighborhood caterer who is also the bank’s customer. And BankOnBuffalo collected employee donations that amounted to more than 20 boxes of toiletries and other items that were distributed to a nonprofit.
At the same time, M&T, KeyBank and other banks began financial donations to organizations that could support the immediate needs of the community. KeyBank provided a van that delivered food and took people to nearby grocery stores. Providence, Rhode Island-based Citizens Financial Group, whose ATM inside Tops was inaccessible during the store’s temporary closure, installed a fee-free ATM near a community center located about a half-mile north of Tops, and later put a permanent ATM inside the center that remains there today. And M&T rolled out a short-term loan program to provide capital to East Side small-business owners.
One of the funds that benefited from banks’ support was the Buffalo Together Community Response Fund, which has raised $6.2 million to address the long-term needs of the East Side.
Bank of America and Evans Bank each donated $100,000 to the fund, whose list of major sponsors includes four other banks — JPMorgan Chase, Citigroup, M&T and KeyBank. Thomas Beauford Jr., a former banker who is co-chair of the response fund, said banks, by and large, directed their resources into organizations where the dollars would have an immediate impact.
“Banks said, ‘Hey, you know … it doesn’t make sense for us to try to build something right now. … We will fund you in the work you’re doing,'” said Beauford, who has been president and CEO of the Buffalo Urban League since the fall of 2020. “I would say banks showed up in a big way.”
Fourteen months later, banks say they are committed to playing a positive role on the East Side. For the second year, KeyBank is sponsoring a farmers’ market on the East Side, an attempt to help fill the food desert in the community. Last fall, BankOnBuffalo launched a mobile “bank on wheels” truck that’s stationed on the East Side every Wednesday. The 34-foot-long truck, which is staffed by two people and includes an ATM and a printer to make debit cards, was in the works before the shooting, and will eventually make four stops per week around the Buffalo area.
Evans has partnered with the city of Buffalo to construct seven market-rate single family homes on vacant lots on the East Side. The relationship with the city is an example of how banks can pair up with other entities to create something meaningful and lasting, more than they might be able to do on their own, said Evans President and CEO David Nasca.
The bank has “picked areas” where it can use its resources to make a difference, Nasca said.
“I don’t think the root causes can be ameliorated” by banks alone, he said. “We can’t just grant money. It has to be within our construct of a financial institution that invests and supports the public-private partnership. … All the oars [need to be] pulling together or this doesn’t work.”
‘Little or no engagement with minorities’
All of these efforts are, of course, welcomed by the community, but there is still criticism that banks haven’t done enough to make up for their past contributions to segregating the city. And perhaps more importantly, some of that criticism centers on banks failing to do their most basic function in society — provide credit.
In 2021, the New York State Department of Financial Services issued a report about redlining in Buffalo. The regulator looked at banks and nonbank lenders and found that loans made to minorities in the Buffalo metro area made up 9.74% of total loans in Buffalo. Overall, Black residents comprise about 33% of Buffalo’s total population of more than 276,000, census data shows.
The department said its investigation showed the lower percentage was not due to “excessive denials of loan applications based on race or ethnicity,” but rather that “these companies had little or no engagement with minorities and generally made scant effort to do so.”
“The unsurprising result of this has been that few minority customers or individuals seeking homes in majority-minority neighborhoods have made loan applications … in the first instance.”
Furthermore, accusations of redlining persist today, even though the practice of discriminating in housing based on race was outlawed by the Fair Housing Act of 1968.
In 2014, Evans was accused of redlining by the New York State Attorney General, which said the community bank was specifically avoiding making mortgage loans on the East Side. The bank, which at the time had $874 million of assets, agreed to pay $825,000 to settle the case, but Nasca maintains that the charges were unfounded. He points to the fact that the bank never had a fair lending or fair housing violation, no specific incidents were ever claimed and that the bank’s Community Reinvestment Act exam never found evidence of discriminatory or illegal credit practices.
The bank has a greater presence on the East Side today, but that’s because it has grown in size, not because it is trying to make up for previous accusations of redlining, he said.
“Ten years ago, our involvement [on the East Side] certainly wasn’t what you’re seeing today,” Nasca said. “We were looking to participate more, but we were participating within our means and our reach. As we have grown, we have built more resources to be able to do more.”
Shortly after accusations were made against Evans, Five Star Bank, the banking arm of Financial Institutions in Warsaw, New York, was also accused of redlining by the state Attorney General. Five Star, which has been growing its presence in the Buffalo market for several years, wound up settling the charges for $900,000 and agreeing to open two branches in the city of Rochester.
KeyBank is currently being accused of redlining by the National Community Reinvestment Coalition. In a 2022 report, the group said that KeyBank is engaging in systemic redlining by making very few home purchase loans in certain neighborhoods where the majority of residents are Black. Buffalo is one of several cities where the bank’s mortgage lending “effectively wall[ed] out Black neighborhoods,” especially parts of the East Side, the report said.
KeyBank denied the allegations. In March, the coalition asked regulators to investigate the bank’s mortgage lending practices.
Beyond providing more credit, some community members believe that banks should be playing a larger role in addressing other needs on the East Side. And the list of needs runs the gamut from more grocery stores to safe, affordable housing to infrastructure improvements such as street and sidewalk repairs.
Alexander Wright is founder of the African Heritage Food Co-op, an initiative launched in 2016 to address the dearth of grocery store options on the East Side, where he grew up. Wright said that while banks’ philanthropic efforts are important, banks in general “need to be in a place of remediation” to fix underlying issues that the industry, as a whole, helped create. (After publication of this story, Wright left his job as CEO of the African Heritage Food Co-Op.)
Aside from charitable donations, banks should be finding more ways to work directly with East Side business owners and entrepreneurs, helping them with capital-building support along the way, Wright said. One place to start would be technical assistance by way of bank volunteers.
“Banks are always looking to volunteer. ‘Hey, want to come out and paint a fence? Want to come out and do a garden?'” Wright said. “No. Come out here and help Keshia with bookkeeping. Come out here and do QuickBooks classes for folks. Bring out tax experts. Because these are things that befuddle a lot of small businesses. Who is your marketing person? Bring that person out here. Because those are the things that are going to build the business to self-sufficiency.
“Anything short of the capacity-building … that will allow folks to rise to the occasion and be self-sufficient I think is almost a waste,” Wright added. “We don’t need them to lead the plan. What we need them to do is be in the community and [be] hearing the plan and supporting it.”
Parker, of Open Buffalo, has similar thoughts about the role that banks should play. One day, soon after the massacre, an ATM appeared down the street from Tops, next to the library that sits across the street from Parker’s office. Soon after the ATM was installed, Parker began fielding questions from area residents who were skeptical of the machine and wanted to know if it was legitimate. But Parker didn’t have any information to share with them. “There was no outreach. There was no community engagement. So I’m like, ‘Let me investigate,'” she said. “I think that’s a symptom of how investment is done in Black communities, even though it may be well-intentioned.”
As it turns out, the temporary ATM belonged to JPMorgan Chase. The megabank has had a commercial banking presence in Buffalo for years, but it didn’t operate a retail branch in the region until last year. Today it has four branches in operation and plans to open another two by the end of the year, a spokesperson said.
After the Tops shooting, the governor’s office reached out to Chase asking if the bank could help in some way, the spokesperson said in response to the skepticism. The spokesperson said that while the Chase retail brand is new to the Buffalo region, the company has been active in the market for decades by way of commercial banking, private banking, credit card lending, home lending and other businesses.
In addition to the ATM, the bank provided funding to local organizations including FeedMore Western New York, which distributes food throughout the region.
“We are committed to continuing our support for Buffalo and helping the community increase access to opportunities that build wealth and economic empowerment,” the spokesperson said in an email.
In the year since the massacre, there has been some progress by banks in terms of their interest in listening to the East Side community and learning about its needs, said Nicholas. But he hasn’t felt an air of urgency from the banking community to tackle the issues right now.
“I do experience banks being a little more open to figuring out what their role is, but it’s slow. It’s slow,” said Nicholas. The senior pastor of the Lincoln Memorial United Methodist Church, located about a mile north from Tops, Nicholas is part of a 13-member local advisory committee for the New York arm of Local Initiatives Support Coalition, or LISC. The group is focused on mobilizing resources, including banks, to address affordable housing in Western New York, specifically in the inner city, as well as training minority developers and connecting them to potential investors, Nicholas said.
Of the 13 members, seven are from banks — one each from M&T, Bank of America, BankOnBuffalo, Evans and KeyBank, and two members from Citizens Financial Group. One of the priorities of LISC NY is health equity, and the fact that banks are becoming more engaged in looking at health disparities is promising, Nicholas said. Still, they have more work to do, he said.
“I need them to think more on how to strengthen and build the economy on the East Side and provide leadership around that, not only to provide charitable things, but using sound business and banking and community development principles to say, ‘OK, if we’re going to invest in this community, these are the types of things that need to happen in this community,’ and then encourage their partners and other people they work with … to come fully in on the East Side.”
Some bankers agree with the community activists.
“Putting a branch in is great. Having a bank on wheels is great,” said Noah of BankOnBuffalo. “But if you’re not embedded in the community, listening to the community and trying to improve it, you’re not creating that wealth and creating a better lifestyle for everyone.”
What could make a substantial difference in terms of banks’ impact on the community is a combination of collaboration and leadership, said Taylor. He supports the idea of banks leading the charge on the creation of a comprehensive redevelopment and reinvestment plan for the East Side, and then investing accordingly and collaboratively through their charitable foundations.
“All of them have these foundations,” Taylor said. “You can either spend that money in a strategic and intentional way designed to develop a community for the existing population, or you can spend that money alone in piecemeal, siloed, sectorial fashion that will look good on an annual report, but won’t generate transformational and generational changes inside a community.”
Banks might be incentivized to work together because it could mean two things for them, according to Taylor: First, they’d have an opportunity to spend money in a way that would have maximum impact on the East Side, and second, if done right, the city and the banks could become a model of the way to create high levels of diversity, equity and inclusion in an urban area.
“If you prove how to do that, all that does is open up other markets of consumption all over the country because people want to figure out how to do that same thing,” Taylor said.
Some of that is already happening, at least on a bank-by-bank case, said KeyBank’s Owunwanne. Through the KeyBank Foundation, the company is able to leverage different relationships that connect nonprofits to other entities and corporations that can provide help.
“I see this as an opportunity for us to make not just incremental changes, but monumental changes … as part of a larger group,” Owunwanne said “Again, I say that not to absolve the bank of any responsibility, but just as a larger group.”
Downstairs from Parker’s office, Golden Cup Coffee, a roastery and cafe run by a husband and wife team, and some other Jefferson Avenue businesses are trying to build up a business association for existing and potential Jefferson-area businesses. Parker imagined what the group could accomplish if one of the banks could provide someone on a part-time basis to facilitate conversations, provide administrative support and coordinate marketing efforts.
“In the grand scheme of things, when we’re talking about a multimillion dollar [bank], a part-time employee specifically dedicated to relationship-building and building out coalitions, it sounds like a small thing,” Parker said. “But that’s transformational.”
Here’s an interesting, though not surprising data point from Zillow. It turns out properties located next to Starbucks locations are bigger winners in terms of home price appreciation.
The company found this out by comparing a database of Starbucks locations with its own housing data. They even paid Starbucks corporate a visit to get the skinny, or perhaps venti, on how it selects its lucrative locations.
Specifically, Zillow analyzed historical home price appreciation in areas located within a quarter of a mile of a Starbucks coffee shop.
What they discovered was that homes that are now near a Starbucks would have sold for $137,000 back in 1997, while those not near a Starbucks would have only sold for $102,000, on average.
Okay, so homes not near a Starbucks actually started out considerably cheaper. But wait, what happened since then.
Well, the homes located next to Starbucks appreciated 96% to $269,000, while the Starbucks-neglected homes only increased 65% to $168,000. So it sounds like the rich got richer.
Find a Home Near Starbucks, or at Minimum a Dunkin’ Donuts
Homes located next to Starbucks (within a 1/4 mile) fetch a premium
Compared to those without a local Starbucks
Prices have risen substantially higher for the Starbucks-adjacent homes
And even the homes near Dunkin’ Donuts locations
Zillow also debunked the idea that it could just be a coffeehouse nearby that’s driving property values higher.
They did so by looking at homes next to Starbucks vs. homes next to a Dunkin’ Donuts location.
Both actually saw stronger appreciation than the norm, but Starbucks homes increased 96%, while Dunkin’ homes only moved 80% higher since 1997.
Overall, all properties in the U.S. increased just 65% from 1997 to 2013.
Homes next to a Starbucks location also recovered faster than other homes, perhaps a testament to the all-knowing location team at Starbucks corporate.
Apparently about 20 analytics experts oversee their location selection process, assessing things like area traffic patterns and existing businesses to determine if a potential site will be a winner.
And while they’ve certainly had some duds, they seem to be on point a lot more than they aren’t, as the data reveals.
So if you’re unsure about a certain area, check to see if a Starbucks is nearby. And by nearby, I mean really close because let’s face it; you’re never that far away from a Starbucks…
Street Names Also Matter
Apparently the name of your street
Can also dictate the value of your property
With lettered street names better than numbered street names
And suffixes like Lane better than Street
Zillow also claims that street names matter when it comes to property value.
They came away with three main data points. One, that names tend to be better than numbers. So it’s perhaps better to live on Main St. than it is 1st St.
Street suffixes also matter. Supposedly it’s better to live on a lane rather than a street, as inconsequential as that may sound. Perhaps lane is more associated with a quaint neighborhood, while street might be akin to an older, urban area.
Lastly, they claim that you should look for a home on a uniquely named street. Apparently homes on Main St. are worth the least, while homes on streets named “Lake” and “Sunset” are worth the most.
Kind of makes sense if you think about it, as silly as it might be. Now you probably shouldn’t make a home purchase decision based on whether there’s a Starbucks around, or just because the street name sounds cool.
But these little details could provide clues about the neighborhood and its potential for growth and real estate investment.
If you scan the headlines from time to time, it won’t take long to notice that a slew of celebrities have been caught up in legal troubles lately. From famous actors and musicians to reality stars, high-profile individuals often make headlines for getting on the wrong side of the law—even when their alleged crimes aren’t what you might expect. To glimpse how tough times can hit anyone—even those in the limelight who appear perfect to us— look at this shocking list of celebrities we bet you didn’t know had been accused of these crimes!
1. Vince Neil of Motley Crue
One user posted, “Vince Neil of Motley Crue killed his friend and crippled two others in a drunk driving accident and served 15 days in prison for it. It had no impact on his career.”
Another commenter replied, “He is probably the most selfish person I’ve ever seen. His autobiography makes you hate him more. That’s quite an accomplishment!”
One Redditor added, “If you hate him for that, listen to him sing live now, and you will hate him even more.”
2. Caitlyn Jenner
“Caitlyn Jenner [seems to have] committed vehicular manslaughter and walked away,” shared one user.
Another replied, “BUCKLE UP, BUCKAROOS!”
One commenter responded, “Ricky Gervais made a joke about this like the Emmys or something. Said how brave Caitlyn was, did a lot for women and trans rights, Yada Yada… then sheepishly says ‘Didn’t do a lot for women drivers though.’“
3. Stephen Collins
One Redditor shared, “That dude who plays the dad on 7th Heaven.”
Another user exclaimed, “Stephen Collins.”
One commenter added, “A family friend’s daughter went to a very pricey rehab. Stephen Collins’ daughter was also there and shared her own story of… abuse by her father. This is not something that I, nor they, would have shared due to the agreement of anonymity, except it has now become public knowledge. Truly appalling, unfathomable terror, pain, and heartbreak this man has caused to the people around him.”
4. Katie Price
One user posted, “Katie Price, AKA Jordan. She harassed and threatened her ex’s new partner while on a restraining order. She was driving [with a] disqualification for speeding, drunk driving, etc. Threatened with jail multiple times. Finally caught driving without license insurance and crashing the car high on drugs. Free.”
Another Redditor added, “There’s a huge petition right now to ban her from keeping animals because of how many animals have died in her care too. Mainly dogs she lets roam freely. One died again last few weeks after being hit by a car.”
5. OJ Simpson
“OJ Simpson nearly decapitated his ex-wife and brutally murdered a bystander. People still gather around him to take selfies at football games,” commented one user.
Another user responded, “I hope those waiters were watching their backs.”
One commenter added, “If I’m his server, he’s eating with spoons.”
6. Chris Brown
An online user posted, “Chris Brown.”
One user commented, “My mom went on a cruise that he was on, and people ignored him, and he was booed constantly. I liked that story.”
One Redditor explained and shared, “Brown was driving a vehicle with Robyn F. as the front passenger on an unknown street in Los Angeles. Robyn F. picked up Brown’s cellular phone and observed a three-page text message from a woman who Brown had a previous sexual relationship with.
“‘A verbal argument ensued, and Brown pulled the vehicle over on an unknown street, reached over to Robyn F. with his right hand, opened the car door, and attempted to force her out. Brown could not force Robyn F. out of the vehicle because she wore a seat belt. When he could not force her to exit, he took his right hand and [began to hit and punch her, causing multiple bruises and bloodshed.]
“Brown resumed punching Robyn F., and she interlocked her fingers behind her head and brought her elbows forward to protect her face. She then bent over at the waist, placing her elbows and face near her lap in [an] attempt to protect her face and head…
“Brown continued to punch Robyn F. on her left arm and hand, causing her to suffer a contusion on her left triceps (sic)… and… on her left hand.
“Robyn F. began screaming for help, and Brown exited the vehicle and walked away. A resident in the neighborhood heard Robyn F.’s plea for help and called 911, causing a police response. An investigation was conducted, and Robyn F. was issued a Domestic Violence Emergency Protective Order.’
“At the end of his statement, Andrews said Brown sent a text message nine days later apologizing. In the text message, Brown apologized for what he had done to Robyn F. and advised [Rihanna’s assistant] Ford that he was going to get help.”
7. Ted Kennedy
“Ted Kennedy—kinda of a celebrity, famous family, name, and politician,” one user posted.
Another user commented, “I used to fish on Chappy. That bridge he drove off has no side rails. It is a flat wood plank bridge and narrow. You don’t have to be drunk to drive off it. Teddy was plastered tho. Common on the Vineyard and in Edgartown for everyone. That bridge goes to basically a dead end. He drove the wrong way—suspicious.
“He pulls himself out of the water and walks miles to the ferry (literally a 60-second trip from dock to dock in Edgartown. Too late. He has to swim across. He walks home. Go to sleep.
“LEO inspects the car and finds the body of Mary Jo. Teddy isn’t charged or really even bothered by LEO at all about it.”
8. Roman Polanski
One Redditor shared, “Roman Polanski. Sure, he’ll be prosecuted if he ever returns to the US, but he’s been living a nice life in France for decades & occasionally still releases a movie. His reputation took a hit, but otherwise, his life seems pretty great.”
9. Karl Malone
“Karl Malone, an all-time NBA center who is still celebrated and revered to this day, impregnated a 13-year-old girl when he was 20 and a sophomore in college. The family settled out of court, but [an assault] of this magnitude seems like one of those crimes that shouldn’t be able to be settled out of court,” one user commented.
10. Pete Townshend
One user posted, “Pete Townshend claiming that he was doing research for his book when caught trying to subscribe to a child p-rn website.”
Another added, “It’s weird cos Chris Langham (actor in The Thick of It) got caught in the same sting and also claimed it was for research purposes to get into character for a show he was doing. But Langham was completely blacklisted, and Townshend wasn’t.”
Do you agree with the list of actors above? Leave us a comment!
Source: Reddit.
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