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12 Reasons To Hire A Realtor Instead Of Buying A Home On Your Own

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for sale sign

Buying a home for the first time can be overwhelming. While it may be tempting to avoid realtor fees and handle things on your own, having a professional by your side can make the process go more smoothly and provide valuable insight into what's likely one of the biggest purchases of your life.

"Don't try to buy a house with out working with a realtor. Okay, that's it," real estate expert and host of NBC's "Extra's Mansions & Millionaires!" writes in his book Before You Buy! The Homebuyer's Handbook to Today's Market.

Corbett breaks down 12 reasons it pays to hire a realtor. He writes:

  • Access to every home that's on the market via MLS (Multiple Listing Service) and all other sources, including ones that may not be listed publicly.

  • Inside track to the deals before they event hit the market.

  • The ability to combine your Dream House Checklist with your price range.

  • Knowledge of recent comps (comparables) — what similar properties have sold recently and for how much.

  • Knowledge of neighborhoods.

  • Ability to negotiate with the sellers on your behalf.

  • The inside scoop from the sellers' agents.

  • Expertise to negotiate and close the deal.

  • Experience to manage the legalities of foreclosures or other distressed properties. 

  • Muscle to get a deal through the escrow or "under contract" period.

  • A litany of referrals for inspectors, mortgage brokers, and even tradesman for renovations. 

  • Objective professional advice when you have your buyer's remorse meltdown.

DON'T MISS: Some Real Estate Agents Will Go To Crazy Extremes To Sell A House

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The Awesome Architecture Of Frank Gehry

We're Mystified By The Ceiling In This Massive Kids' Playroom In TriBeCa

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We stumbled across this funky playroom in the listing photos for a TriBeCa condo that's on sale for $15.9 million.

The playroom features a drum set, a chalkboard, two hanging chairs, and lots of storage for toys. But we can't figure out what is on the ceiling. It looks like paper mache, or streamers. Whatever it is, it definitely adds to the whimsical ambiance.

wild playroom inside tribeca penthouse

 

DON'T MISS: This $15.5 Million Newport Beach Pad Is Anyone's Dream Home

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VISUALIZED: See The Coolest Buildings Of 2012

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1 Bligh Street building, Sydney

From New York City's Freedom Tower to Singapore's Cooled Conservatories at Gardens by the Bay, we've found the coolest buildings of 2012.

We took into account innovation, creativity, structure, sustainability and buzz and we asked architects, engineers, designers, critics, and academics to weigh in.

We've compiled incredible photos of the buildings to highlight the remarkable architecture.

Click here to see the collection >

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Rich People Are Using Delayed Financing To Game The Housing Market

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auction, bid, bidding, bids

When it comes to buying a new home, there are usually only two ways to go about it –– plunk down a wad of cash or take out a mortgage.

But what if you could do both?

That's how wealthy house hunters and real estate investors in coastal markets like New York and San Francisco have learned to cope with increasing competition. MarketWatch's AnnaMaria Andriotis reports: 

"It’s called delayed financing, in which buyers pay cash for a home and then take out a mortgage soon after closing. Rarely used even two years ago, experts say it has picked up over the past 12 months....

After the deal is done, these buyers also want to regain some liquidity. So they get a mortgage and, in some cases, stash this money in investments that might have higher returns than what they pay in mortgage interest. Other options: They might use it to purchase another property or to simply bolster their cash cushion." 

The strategy has gained traction since 2011, when Fannie Mae eliminated the six-month waiting period preventing new homebuyers from taking "cash out" on homes immediately after borrowing. 

It's not hard to see how it could be appealing. Housing markets have been flooded with real estate investors and homebuyers alike looking to snap up steals on properties sold for steep discounts due to the housing crisis.

"I always tell buyers they're not gonna play with these boys," says Zillow.com real estate expert Brendon DeSimone. "It's the big leagues. They're men with cashier's checks and they're fighting for these homes. They treat them like stock, like candy."

And in the thick of competition, there's no denying cash is the ultimate trump card–– especially when the majority of homebuyers are relying on loan financing.

Still, there's some red tape to consider before taking the delayed financing route: 

Real estate expert and blogger Dan Green highlights a few rules to consider: 

  • The new mortgage may not exceed the documented property purchase price
  • The original purchase must have been arms-length
  • The original HUD-1 must document that the sale occurred
  • The original HUD-1 must confirm that no financing was used
  • A title search must show that no liens exist on the property
  • Funds used for original purchase must be documented

See Also: 15 ways to win a real estate bidding war > 

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10 Gigantic Walk-In Closets You Could Practically Live In

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napa valley closet

One of the biggest perks of living in a luxury home is the walk-in closet.

Today's walk-in closets, sometimes called "dressing suites," can even have their own fireplace, sofa, and TV.

These 10 really made us drool. And most of these closets are in homes that are currently on the market.

This closet is inside actress Kate Walsh's Los Angeles home. The home is on sale for $4 million.

Click here to see photos of the rest of the house >



'Real Housewives' star Adrienne Maloof's former home had a dressing room just for shoes, complete with a television set. The house just sold for $20 million.

Click here to see photos of the rest of the house >



This house in Aspen has a massive closet. There's a great spot for the lady of the house to apply makeup. It's on sale for $20 million.

Click here to see photos of the rest of the house >



See the rest of the story at Business Insider

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HOUSE OF THE DAY: Buy The Most Expensive Home In Sydney For $58.5 Million

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most expensive home in australia

There's a new most expensive home for sale in Sydney, Australia. For $58.5 million, the estate known as "Mandalay" in Point Piper can be yours.

The house is currently owned by William Webb, a former tobacco company CEO, and his wife Marijke, according to The Herald Sun. The couple bought the home in 2004 for $20 million.

The house has five bedrooms, six bathrooms, and 21,520 square feet of living space. 

Real estate agent Kevin Whelan of Coldwell Banker Double Bay told The Herald Sun he expected a wealthy Chinese buyer looking for a holiday house to snatch up the property.

Welcome to Mandalay, on the tip of Point Piper peninsula.



It's designed like a grand European mansion.



The walls are all white, but the home is hardly plain.



See the rest of the story at Business Insider

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Ray Allen Is Renting This Awesome Beachfront House In Florida For $50,000 A Month

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ray allen

Ray Allen left Boston for Miami this year but he hasn't picked up and moved his whole family there yet.

Right now, he's renting a place, an amazing place, for $50,000 a month, according to Gossip Extra.

The house has private beachfront property, 9 bedrooms, 10 bathrooms, and a beautiful backyard area complete with a pool.

Not bad for a rental.

Here's the front of the house



And the entrance way



The master bathroom is all marble



See the rest of the story at Business Insider

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The Incredible Disparity Between Park Ave., Manhattan And Park Ave., Bronx

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the most expensive zip code in the country, 10065, new york city, upper east side, park avenueIt was in a cab driving down Fifth Avenue, passing an apartment building on E. 66th Street, that Michael Gross, author of a book about the rich and famous residents of 740 Park Ave., realized that the best way to write about aristocrats was through real estate.

"The whole idea that America has no caste system was the sub-theme of my first book about Ralph Lauren," Gross told Business Insider. "And that notion, that there isn't one, is ridiculous."

When some people are living in $90 million penthouses and others are in 300-square-foot micro-apartments, it's hard to disagree with Gross.

"These buildings are a perfect way to tell a larger story," he said. "I wanted to write about the wealthiest, and most discerning people. ... Real estate is kind of the perfect vehicle to do that. Those buildings are natural. Only rich people can live there."

In the new documentary "Park Avenue: Money, Power, and the American Dream," a film directed by muckraking vet Alex Gibney and inspired by Gross' book on 740 Park Avenue, social disparity and the wealth gap are explored further. The documentary premieres Nov. 12 on PBS.

The film shows that those who live on the Manhattan's Park Avenue use their wealth and power to "manipulate the game" and "bend the rules" to help themselves get richer. In the documentary, experts talk about how presidential candidates would come to 740 Park Avenue to fundraise money for their campaigns.

park avenue bronx

On the flip side, Park Avenue in the Bronx is the poorest congressional district in the country.

In the opening scenes of the documentary, the narrator evaluates the rare chance that someone growing up on the Bronx's Park Avenue would end up living on Manhattan's. Geographically, they are close (about a 10-minute drive), but in terms of lifestyle, the two couldn't be more different.

Of the 700,000 people who live in this district in the South Bronx, 40 percent live in poverty. The average person makes less than $40 a day, according to the documentary.

"From here the view has looked very different the past 30 years ... it's looked very different than the other Park Avenue," the narrator says. "They've seen their wages drop, and the prices of almost everything else go through the roof. They've lost their jobs because of bankers across the river. ... They're even worse off than they were a generation ago."

After a discussion of income disparity, the film delves into how the super-rich are spending their money: on real estate. In many cases, their Park Avenue condos are passed down along family lines, assuring that the wealth stays within the family.

park avenue

Now go inside 740 Park Avenue >

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The Most Elaborate Ice Hotels Around The Globe

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Hotel De Glace

Instead of letting snow and ice pile up outside, intrepid hoteliers in Norway, Sweden, Canada and Finland have all sought to make the best of the colder temps with a tourist attraction like no other — the ice hotel.

But these vacation destinations are more than just big igloos. They have world-class restaurants, activities ranging from Northern Lights night-watching to husky snow sled rides, and toasty accommodations despite the 17-23 degree rooms.

Plus, they're well-crafted. All the hotels feature intricate ice and snow sculptures and are built to last, with many standing well into the summer despite the warmer climate.

This is the entrance to the ICEHOTEL in Sweden. It originally started as a design project in Jukkasjärv, Sweden, 22 years ago, but is now one of the most famous hotels in the world.

Source: Business Insider



All the suites are different, like this "Dimensional Journey Suite." Guests also receive warm winter clothes, gloves, and shoes to help them sleep, plus a breakfast buffet and morning sauna.

Source: Business Insider



There's even an Ice Chapel!

Source: Business Insider



See the rest of the story at Business Insider

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6 Incredible Concert Venues That Every Music-Loving Traveler Must Visit

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congress theater chicago

Music has been uniting people and bridging cultures ever since we started banging on rocks, dancing around fire, and blowing through the bones of cave bears 40,000 years ago.

Thousands of years later, you can go anywhere in the world and catch a show by artists in any genre, from soaking in the best symphonic orchestras to shuffling to the hardest electro DJs.

Watch a living legend make history at a sprawling arena concert or discover a local band before they explode out of the underground. From experimental emerging artists to the biggest pop stars in the world, fans have turned the best venues and amphitheaters into international music icons.

So if you’re looking to see a great live show in a completely unique environment, catch a concert at one of Party Earth’s favorite music venues from around the world.

This story was originally published by Party Earth.

Paradiso: Amsterdam

One of the best places to catch Amsterdam events and concerts is at a beautiful 19th-century church that’s been converted into a massive venue and nightclub.

Paradiso attracts some of the biggest pop, rock, and electronic artists in the world and the acts that have graced the stage here read like a history of the Grammy Hall of Fame. Past performances have included rock legends like The Rolling Stones, U2, Pink Floyd, and Metallica, as well as international pop stars like Adele and Lady Gaga.

Weteringschans 6-8
1017, Amsterdam



Columbia Halle: Berlin

While Berlin is crowded with nightclubs and music venues, Columbia Halle stands out from the rest.

With ultra-modern designs and second story balconies to hide away in, this venue brings out thousands of fans for Berlin events and concerts ranging from Gotye to M83 to Snoop Dogg (or Lion, or whatever it is he goes by today).

Columbia Halle boasts some of the best acoustics in Europe and its dazzling lightshows make for a multisensory musical experience.

Columbia Halle—Berlin
Columbiadamm 13-21
10965 Berlin, Germany



Le Grand Rex: Paris

Doubling as an Art Deco style cinema from 1932, Le Grand Rex is also one of the best music venues in the city, as well as its largest.

Crowds pack out the floor for the best concerts in Paris, under a ceiling made to look like a starry night sky. Past performers at Le Grand Rex include musical giants like Wilco, Tori Amos, Smashing Pumpkins, Tom Waits, and Radiohead.

Le Grand Rex—Paris
1 Boulevard Poissonnière
 75002, Paris



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'UNITED WE STAND': Moving Scenes From NYC's Veteran's Day Parade

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veteran's day parade 2012 nyc, veterans, military, defense, bi, dng. nov 2012

Over 25,000 marchers and 600,000 spectators gathered in Manhattan along 5th Avenue between 25th and 56th St. for this year's Veteran's Day Parade. The New York City event, is the biggest Veteran's Day parade in the nation and is televised nationally. 

This year's theme "United We Stand" held special significance for New York as it continues its recovery from Hurricane Sandy. The National Guard and many veterans have been involved in relief efforts.

The parade this year marks the 200th Anniversary of the War of 1812, and the 150th of the Medal of Honor, and it is also part of the ongoing Department of Defense Commemoration of the 50th Anniversary of the Vietnam War.

It was a moving day and impressive spectacle.

The parade marches up Fifth Avenue from 23rd St.



City officials and New York politicians lead the march, here is Mayor Bloomberg with Senator Schumer.



Young ROTC members wait near Madison Park to get started.



See the rest of the story at Business Insider

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Smashburger Is Trying To Revolutionize 'Better Burgers'

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smashburger event

Smashburger is growing fast. The "better burger" chain has more than 100 locations nationwide, and plans to double that number soon.

Click here to skip to the photos >

The man behind the concept is Tom Ryan. He's a long-time food exec who's known for his prowess developing new products and marketing programs.

In his past, he worked on big-time items like McDonald's McGriddles and Dollar Menu, Pizza Hut's Stuffed Crust Pizza and Quiznos' Sammies.

Ryan's latest focus is getting beer more integrated into his better burger concept. He's trying to pair craft beer with Smashburger's fare.

"I truly think beer is the new wine," Ryan tells us. He says he's doing it to help distinguish the brand, and that he wants Smashburger to stay at the "cutting edge" of innovation. 

Ryan wants his brand to be seen as consistently ahead of the game — a revolutionary concept that keeps evolving. Smashburger wants to "carry the torch for the modern burger lover." Nothing should be standard.

He's touring Smashburger's various regions to find local breweries to be partners. So far, he has Chicago, Minneapolis, San Diego, New York and Phoenix set, and he's working on Las Vegas, Dallas and Miami.

We stopped by New York City's only Smashburger location in Fort Greene, Brooklyn, for a beer-and-burger pairing event hosted by Ryan.

Smashburger's only location in New York City is in Fort Greene, Brooklyn, on DeKalb Ave. across the street from Long Island University.



You get an upscale feel inside the restaurant — something integral to the "better burger' concept that helps set it apart from traditional fast food.



This is what we're here for — a pairing party.



See the rest of the story at Business Insider

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The Scene At The Rockaways Is Still Surreal, Weeks After Being Devastated By Sandy

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nationwide insurance, rockaway park, rockaway beach, far rockaway, new york city, queens, sandy, relief, recovery, hurricane, frankenstorm, damage, destruction, nyc, bi, dng, nov 2012

Last Saturday, we went out the Rockaways in Queens, NY to see how they are faring in the aftermath of Hurricane Sandy. The area was one of the hardest in the storm and the situation remains bleak. 

Residents we spoke to said power, gas, and heat remained out for many. Though LIPA estimates it may return power to the remaining 80,000 residents without power on Tuesday.

Go straight to the photos >

Nights are cold and dangerous. One man, a veteran who was formerly homeless, told us that some people in his apartment complex were setting off fire alarms to get residents to allow them inside so they could rob them. 

While FEMA and Red Cross as well as a handful of corporations including, LIPA, Chase, and Allstate Insurance are on hand, Occupy Wall Street has also set up a strong operation under the guise Occupy Sandy.

As we followed one person through the day, they sought out the essentials. Basic food items for the next meal, water, a mask to help avoid breathing in the noxious air in many areas, and medicine he needed. 

We stopped at a FEMA center and went past the devastated boardwalk and a ruined main street. 

Buildings have been totally destroyed. One drug rehabilitation home had to be evacuated to a nearby area after the first two floors were flooded during the storm. 

Wreckage blocks many roads and construction workers are still having a difficult time getting around. Streets are still being cleared of sand and rubble.

Many community members have come together to provide food. Kenny Peña, the owner of Suncycle Studios was cooking hot dogs. He turned his store into a donation center. After draining the water and sand.

Some business owners we spoke with said they wouldn't be reopening, the damage was too severe.

Residents were also mixed about whether they would stay. 

And everyone told us we better leave before it got dark.

The situation is grim and until basic necessities like power and gas are restored it is looking to get worse. 

Traffic getting into the area is intense. The road is filled with volunteers and large trucks. Many from out of state, we saw Alabama, Louisiana, North Carolina, Massachusetts, and Virginia plates among others.



Rockaway Beach and B 114th St. has been completely decimated.



Whole buildings have been destroyed.



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'Brothel' Mother: 'My Favorite Two Things In The World Are Sex And Money'

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british pounds

A mother-of-two accused of running a £500,000 a year online escort agency told a court: "My two favourite things in the world are money and sex".

Marie McKinlay, 40, is alleged to have employed up to 25 high-class prostitutes with an array of talents including "girlfriend experience" to experience as a pornography actress.

Prosecutors claim the former escort bankrolled her two daughters' private school education with her profits from Agency Allure and rented a £1,500 a month four-bed home.

Clients were charged between £300 an hour and £1,500 for a 14-hour overnight booking that "must include some sleep".

Giving evidence yesterday Mrs McKinlay, who denies controlling a lucrative prostitution ring, she admitted forming the agency in 2002 with five other women who all "in control".

Asked why she began in the vice trade, she told Southwark Crown Court: "I've been asked this question many times over the years and the way I answer it is, my two favourite things in the world are money and sex, I absolutely love both of them, and a job that allows me to put them both together, why wouldn't I?"

She said she had been able to meet "a class of gentlemen that I had never met before". She added: "Wealthy people, not just wealthy people, people who worked in certain careers, like the City."

It said it enabled her to meet a "broader spectrum of people" and lead a lavish lifestyle including trips to Dubai, Paris, Geneva, where she stayed in five star hotels

Mrs McKinlay said she began work as hostess in her mid-twenties at the Stork Club, in Piccadilly, after a stint as a wardrobe assistant on the West End production of Miss Saigon.

She said she left the club because she 'got sick of the drinking', telling jurors she 'had to drink champagne and only champagne' from 9pm to 2am every day.

She then worked as an escort both independently and for a woman based in South Kensington before setting up Allure.

She said that by 2003 she was the only remaining founder member and following the birth of her first child she had taken over running the administrative side of the business.

She told the court that photos used online were supplied and owned by the girls and that any information on their online profile was checked by the girls before it was put on the website.

Prosecutors allege McKinlay, who was detained at an address in Southampton in July 2011, banked more than £350,000 in profits from the racket.

Mrs McKinlay, of Lewisham, southeast London, denies controlling prostitution for gain and converting criminal property between December 2008 and July 2011.

The trial continues.

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The Most Diverse Zip Code In America

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irving-texasAbraham Lincoln proclaimed Thanksgiving a national holiday during the Civil War, in an attempt to restore peace and unity to the United States. In today’s diverse America, Thanksgiving remains widely celebrated and crosses religious, racial, and ethnic lines (though some Native Americans consider Thanksgiving a Day of Mourning), with Americans from different regions of the US and different countries around the globe bringing their own traditions to the Thanksgiving table.

This Thanksgiving, we wanted to see which neighborhoods best reflect American diversity. To do so, we identified the country’s most diverse neighborhoods and metros using Census data on race and ethnicity. We measured diversity as the share of a metro area’s or ZIP code’s population in its largest racial or ethnic group: the smaller the share of the largest group, the more diverse the neighborhood is. For instance, an area that is 70% White (the largest group), 20% Black, and 10% Asian is less diverse than one that is 60% Hispanic (the largest group), 30% White, and 10% Black. In this example, the second neighborhood is more diverse because the largest group accounts for 60% of the population versus 70% in the first neighborhood (see note about Census racial and ethnic definitions at end of post).

America’s Most Diverse Metros
Among the 100 largest metros, San Jose is the most diverse. San Jose is 35% White (the largest group), 31% Asian, 28% Hispanic, 3% two-or-more races, and 2% Black. In no other metro does the largest group have a share smaller than 35%. New York ranks second, with a population that is 39% White, 28% Hispanic, 19% Black, and 12% Asian. Four of the ten most diverse large metros in the U.S. are in California: San Jose, Oakland, Orange County, and San Francisco. Only one – New York – is in the Northeast, and not one is in the Midwest.

America’s Most Diverse Metros

#

U.S. Metro% population in largest group

1

San Jose, CA

35%

2

New York, NY-NJ

39%

3

Oakland, CA

40%

4

Houston, TX

40%

5

Honolulu, HI

43%

6

Fort Lauderdale, FL

44%

7

Orange County, CA

44%

8

Memphis, TN-MS-AR

46%

9

San Francisco, CA

46%

10

Albuquerque, NM

47%

A lower percentage of population in the largest group means greater diversity. Among 100 largest metros.

The map below shows the diversity index for counties across America. Diversity is highest in California and Hawaii, as well as much of the South. The least-diverse parts of the country (i.e. those with the highest share in the largest group), in contrast, are in New England and parts of PennsylvaniaOhio, and West Virginia.  Among the 100 largest metros, Pittsburgh is the least diverse: it is 87% White, 8% Black, 2% Asian, and 1% Hispanic. El Paso also stands out as America’s least-diverse large metro that is not majority-White: El Paso is 82% Hispanic, 13% White, and 3% Black. Hispanics are the majority in FresnoSan Antonio, andMiami as well. In none of the 100 largest metros are Blacks or Asians a majority. The metro with the highest percentage of Blacks is Memphis, at 45%, and the metro with the highest percentage of Asians is Honolulu, at 43%.

Trulia Where to find Diversity in America Map

 

 

America’s Most Diverse Neighborhoods
The diversity people experience day-to-day, though, depends on how diverse their neighborhood is. If members of a racial or ethnic group tend to live near each other in specific neighborhoods, even diverse metros could have mostly segregated neighborhoods. So let’s turn to diversity within neighborhoods, which we define as ZIP codes.

The most diverse neighborhood in America is the ZIP code 75038. Located just east of the Dallas-Fort Worth airport, this ZIP code includes the neighborhoods of Broadmoor Hills and Song in Irving, TX. That ZIP code is 26% Asian, 25% Black, 23% Hispanic, and 23% White. The next-most diverse neighborhoods are Queens Village (11428) in the borough of Queens, New York, and San Francisco’s Treasure Island (94130).

America’s Most Diverse Neighborhoods

#ZIP codeNeighborhoodU.S. Metro% population in largest group

1

75038Irving
(Broadmoor Hills / Song)
Dallas, TX

25.7%

2

11428Queens VillageNew York, NY-NJ

26.4%

3

94130Treasure IslandSan Francisco, CA

27.2%

4

77407LakemontHouston, TX

27.9%

5

96786WahiawaHonolulu, HI

28.5%

6

96731KahukuHonolulu, HI

28.7%

7

98178Rainier ViewSeattle, WA

28.8%

8

02125DorchesterBoston, MA

29.1%

9

96707KapoleiHonolulu, HI

29.2%

10

95834South NatomasSacramento, CA

29.2%

A lower percentage of population in the largest group means greater diversity. Among 100 largest metros.

What do these neighborhoods have in common? Although many, likeQueens Village and Dorchester, are within the city limits, they are not the densest, most central, or best-known neighborhoods. None of the top-10 most diverse neighborhoods in the country is a familiar name to out-of-towners. Also, some of the most diverse neighborhoods in America are located in metro areas that aren’t especially diverse overall, like Seattle (67% White) and Boston (69% White).

Expensive neighborhoods aren’t very diverse.  As Blacks and Hispanics have lower incomes, on average, than Whites, the neighborhoods with the most expensive housing tend to be largely White: New York’s West Village (10014) is 83% White, as is Beverly Hills (90210). But so-called “hipster” neighborhoods are somewhat more mixed: Brooklyn’sWilliamsburg (11211) is 65% White and 26% Hispanic; Chicago’s Wicker Park (60622) is 58% White, 29% Hispanic, and 7% Black; San Francisco’s Mission District (94110) is 42% White, 38% Hispanic, and 12% Asian; and Los Angeles’s Silver Lake (90026) is 57% Hispanic, 21% White, and 17% Asian.

Finally, while many non-diverse neighborhoods are almost exclusively White, non-White doesn’t necessary mean diverse. Chicago’s Englewood(60621) and two of Washington DC’s Anacostia neighborhoods (20019and 20020) are at least 95% Black; Boyle Heights (90023) in Los Angeles and Miami’s Hialeah (33012) are at least 95% Hispanic; and Monterey Park (91755) in Los Angeles and Flushing (11355) in Queens are both at least 70% Asian.

Here are the most diverse neighborhoods in the New York, Los Angeles, Chicago, San Francisco, and Washington metro areas. [See Appendix Below]

Housing Markets in Diverse Neighborhoods
Do Americans want to live in diverse neighborhoods – or are they avoiding them?

We looked at changes in both occupied households (based on U.S. Postal Service data, just as in our recent post showing suburbs growing faster than urban areas) and home prices (based on homes for sale onTrulia) in the past year, comparing diverse neighborhoods, defined as those where no racial or ethnic group accounts for more than 50% of the population, and other neighborhoods. The more diverse neighborhoods have both higher population growth and stronger price growth in the past year – and they’re a bit more expensive to begin with:

 

% change in households,
Oct 2011 –
Oct 2012

% change in median price per sqft,
Oct 2011 –
Oct 2012

Median price per sqft

Diverse neighborhoods

0.61%

1.9%

$157

Other neighborhoods

0.49%

1.2%

$142

Among 100 largest metros. Within these metros, 17% of the population lives in diverse neighborhoods, and the rest in other neighborhoods.

Americans, therefore, are moving toward diverse neighborhoods. However, growth in those neighborhoods could affect their diversity: if prices in diverse neighborhoods rise, lower-income residents may get priced out over time. Because the two largest minority racial/ethnic groups – Blacks and Hispanics – have lower incomes, on average, than Whites, rising prices could reduce diversity in those markets. When the next Census rolls around in 2020, the list of most-diverse neighborhoods in the US could look very different.

Technical note: the 2010 Census asked two questions about race and ethnicity: one about Hispanic or Latino origin, and one about race. The official Census race categories are White; Black or African American; American Indian or Alaska Native; Asian; Native Hawaiian or Other Pacific Islander; and Some Other Race. People can select more than one race. People of Hispanic or Latino origin can identify as any race.

We follow the convention of many demographic researchers and create racial/ethnic categories that do not overlap. “Hispanic and Latino” and “two or more races” are both considered separate categories. Using this approach, the U.S. population is 63.7% White, 16.3% Hispanic or Latino, 12.2% Black or African American, 4.7% Asian, 0.7% American Indian or Alaska Native, 0.2% Native Hawaiian or Other Pacific Islander, 0.2% some other race, and 1.9% two or more races, for a total of 100%.

In this post, for simplicity, we refer to each racial or ethnic category by the first name or phrase used by the Census: White, Hispanic, Black, Asian, and so on.

See this report for more on how the Census asks about and reports on race and ethnicity.

 

Appendix: the most diverse neighborhoods in five major metros

Trulia's Diversity for New York Metro Area Map

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Jed leads Trulia’s housing research and provides insight on market trends and public policy to major media outlets including TIME magazine, CNN, and numerous others. Jed’s background includes a Ph.D. in Economics from Harvard University and more than 15 years of publications and research management in economic development, land use and housing policy, and consumer technology adoption.

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Why Millionaires And Celebrities All Flock To The Same Famous Buildings

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$44 million 15 central park west apartment

740 Park Avenue. 15 Central Park West. The Park Imperial. One57.

Besides their extremely high listing prices, these Manhattan apartment buildings have one thing in common: celebrities and the super-rich all want to call them home.

In a documentary airing tonight on PBS called "Park Avenue: Money, Power, and the American Dream," author Michael Gross talks about how the "1 percent of the 1 percent" have always flocked to buildings such as 740 Park Avenue.

"Birds of a feather flock together," Gross says.

Gross told Business Insider that the super-rich find comfort in being around other millionaires and billionaires. Established residential areas like the Upper East Side are also known for their schools, whereas schools in up-and-coming neighborhoods like TriBeCa may suffer from overcrowding.

Want proof that the rich and famous are all living in the same handful of buildings? Just look at their rosters.

In the days before the Great Depression, 740 Park was home to oil tycoons. Now, moguls like Steve Schwarzman and David Koch call the building home.

Russian billionaire Dmitry Rybolovlev recently dropped $88 million on an apartment for his daughter at 15 Central Park West. Designer Vera Wang, Goldman Sachs CEO Lloyd Blankfein, and Bob Costas also live there. One57 is also receiving a mass amount of foreign buyers.

The Park Imperial building has more of a celebrity crowd, including P. Diddy, Christoper Meloni of "Law & Order," and Deepak Chopra.

"If you can afford the best, why not have it?" Gross said.

Now see who lives inside 15 Central Park West >

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You Might Think These People Are Crazy For Swimming In Venice's Flooded Streets Once You See How Their Sewer System Works

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Flooding in Venice, tourists swimming

Torrential rains and unusually high tide has caused widespread flooding in Venice, Italy, leaving 75 percent of the city under water this week. 

Although high tide, known as Acqua Alta, is common during this time of year, Sunday's water levels reached 5 feet, the sixth highest since records began in 1872. 

See how Venice's old sewer system works > 

Many Venetians and tourists took the opportunity to throw on bathing suits and enjoy a swim in the city's flooded streets and squares — though we're not sure how good of an idea this is. 

The city does not have a complete modern sewage system, meaning its canals are also its sewer system. This poses some obvious health and sanitation concerns.  

An Italian hotelier, whose hotel entrance was flooded, described the health risks to the Sydney Morning Herald. He said: "this is not clean water — you need to mop with disinfectant twice after it goes down."

A video called Venice Backstage describes how the floating city works, including its old sewer system. We've highlighted the main points, but recommend checking out the full documentary to learn more about the city's canals, buildings and history.  

High water, called acqua alta, spills water from Venice's canals onto the streets.

See the full video > 



Although some residents and tourists are making the best of the rising waters, it should pose basic health concerns.

See the full video > 



That's because some parts of Venice still rely on the historical sewer system.

See the full video > 



See the rest of the story at Business Insider

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Striking Photos Of Hindus Celebrating Diwali The Festival Of Lights

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india diwali

Hindus in India and around the world are celebrating Diwali also known as the festival of lights. 

This is one of the most important festivals for Hindus and is marked by the Hindu calendar. The lights represent the triumph of good over evil and through this festival Hindus worship Lakshmi, the goddess of wealth.

The festival is marked by various rituals, and includes lighting firecrackers and an exchange of gifts. It is also common for public sector employees to go door-to-door asking for a Diwali bonus.

On Dhanteras Indians go shopping for gold jewelry, a tradition that has become hugely important to gold trading.

A potter makes diyas (earthen lamps) for the Hindu festival of Diwali.



Diyas (lamps) light up a field ahead of Diwali. The diyas are lit to signify the triumph of good over evil.



A girl lights divas around a rangoli (a decorative design made on floors) to welcome the Hindu goddess Lakshmi into her home.



See the rest of the story at Business Insider

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Cire Trudon Candles For Men

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These are Cire Trudon candles, courtesy of MR PORTER.

Why We Love Them: Cire Trudon has been making candles since 1643 for some very discerning clientele, including French royalty and Napoléon Bonaparte. But these aren't your ordinary drugstore candles — the Cire Trudon brand forgoes flowery scents in favor of heady concoctions of clove, tobacco, leather, cedar, and cut grass.

Each candle is artisanally crafted and packaged in hand-blown glass jars with Cire Trudon's emblem, and has 60-70 hours of burning time.

Cire Trudon Candles

Where To Buy: Available through MR PORTER.

Cost: $85-$110.

Want to nominate a cool product for Stuff We Love? Send an email to Megan Willett at mwillett@businessinsider.com with "Stuff We Love" in the subject line.

Don't Miss: The Astronaut's Powered Recliner

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