Fannie Mae has upgraded its economic outlook for 2020, saying it expects the economy to get a big boost from growth in the housing market.
Fannie Mae’s Economic and Strategic Research Group said in a report this week that housing helped the economy to grow in the third quarter of 2019 for the first time in over 18 months, and says the momentum will continue into the fourth quarter and on to next year.
The
primary driver of economic growth next year will be consumer
spending, but housing will also function as a positive contributor in
the short term, Fannie said. It noted that sales of both existing and
new homes increased in the third quarter. Housing permits, pending
home sales, and housing starts also increased during the same period.
Still,
Fannie admits that the housing sector still faces challenges,
particularly around supply and affordability, which continue to be a
big obstacle for many prospective buyers.
The
economy is also at risk from the ongoing trade tensions between the
U.S. and China, and political uncertainty elsewhere in the world,
Fannie said. But its economists predict the Federal Reserve will make
at least one more interest rate cut in early 2020, before pausing for
the rest of the year.
“Even
as global uncertainties mount, we continue to expect the domestic
economy to produce solid, if not spectacular, growth,” Doug Duncan,
Fannie Mae’s senior vice president and chief economist, said in a
statement. “As we forecasted, housing supported the larger economy
in the third quarter, and we expect it to continue to play a
productive role through the first half of 2020. Positive
contributions from single-family housing construction, home
improvements, and broker fees pushed residential fixed investment
growth to a robust 5.1 percent annualized pace this past quarter, and
we forecast continued but moderating strength as construction
activity and home sales growth continue at a slower pace.”
With
mortgage rates normalizing, Duncan said Fannie experts to see
refinance activity decline in 2020. The refinance share of mortgage
originations will likely drop from a projected 37% in 2019 to 31%.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
Housing supply in markets across the country is in extremely short supply, so much so that home buyers may well find it difficult to find a suitable property this spring.
Indeed, the country’s existing housing supply declined by its steepest year-over-year decrease for 4 years in January, falling by 13.6%, according to realtor.com. The supply of homes for sale in the U.S. is now at its lowest level since realtor.com began tracking the data in 2012, it said.
Worse
still, the shortage is unlikely to be relieved any time soon,
realtor.com said. Volume of newly listed homes is also down, by
10.6%, since last year.
Danielle
Hale, realtor.com’s chief economist, said that homebuyers in the
past year have taken advantage of low mortgage rates and more stable
listing prices, and the result has been a depletion of an already
limit inventory of homes to buy.
“With
fewer homes coming up for sale, we’ve hit another new low of for
sale-listings in January,” Hale said. “This is a challenging sign
for the large numbers of Millennial and Gen Z buyers coming into the
housing market this homebuying season as it implies the potential for
rising prices and fast-selling homes—a competitive market. In fact,
markets such as San Jose in Northern California, which saw inventory
down nearly 40 percent last month, are also seeing prices grow by 10
percent while homes are selling at a blistering pace of 51 days.”
The
shortage of homes is being felt across all price points, not only the
entry-level segment, although that’s where it remains most evident.
In January, there was a 19% drop in inventory of homes priced under
$200,000, while homes in the $200,000 to $750,000 price bracket fell
12%. And even in the upper tier of homes priced above $750,000,
inventory fell by 5.9%
As
inventories fall, home prices are rising. The median U.S. listing
price increased by 3.4 percent year-over-year, reaching $299,995 in
January.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
The core of the GEM is serving founders. Beyond being in the know about industry developments, a big part of founders’ lives is fundraising. We help on that front in three primary ways:
Practice Pitches: Usually a 5-7 minute pitch and 20-30 minutes of Q&A/feedback with 8-12 peers (Rabbu was the most recent “hot seat” participant)
Office Hours: Discussion about raising seed / Series A capital among peers.
Investor-Founder Connections: We put investment opportunities in front of the 30+ VCs and angel investors in the GEM (and, sometimes, to relevant investors outside of the community).
We’re holding our next early-stage fundraising office hours next week (Tuesday, December 8th) and have room for a few non-GEM members to join. In addition to founders in the VC/angel trenches, Jonathan Bednarsh and Mark Hurst will be attending to lend their experience and perspective to the conversation.
Logistics:
Google Meeting. Note this is NOT a webinar.
Tuesday December 8th at 11 AM PST / 2 PM EST.
Limited to 15 participants.
Are you a founder actively raising a pre-seed, seed, or Series A interested in attending? Email me your pitch deck (drew at geekestatelabs dot com) and I’ll provide a calendar invite. We have room for about 5 more.
High above the Las Vegas Strip, solar panels blanketed the roof of Mandalay Bay Convention Center — 26,000 of them, rippling across an area larger than 20 football fields.
From this vantage point, the sun-dappled Mandalay Bay and Delano hotels dominated the horizon, emerging like comically large golden scepters from the glittering black panels.Snow-tipped mountains rose to the west.
It was a cold winter morning in the Mojave Desert. But there was plenty of sunlight to supply the solar array.
“This is really an ideal location,” said Michael Gulich, vice president of sustainability at MGM Resorts International.
The same goes for the rest of Las Vegas and its sprawling suburbs.
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Sin City already has more solar panels per person than any major U.S. metropolis outside Hawaii, according to one analysis. And the city is bursting with single-family homes, warehouses and parking lots untouched by solar.
L.A. Times energy reporter Sammy Roth heads to the Las Vegas Valley, where giant solar fields are beginning to carpet the desert. But what is the environmental cost? (Video by Jessica Q. Chen, Maggie Beidelman / Los Angeles Times)
There’s enormous opportunity to lower household utility bills and cut climate pollution — without damaging wildlife habitat or disrupting treasured landscapes.
But that hasn’t stopped corporations from making plans to carpet the desert surrounding Las Vegas with dozens of giant solar fields — some of them designed to supply power to California. The Biden administration has fueled that growth, taking steps to encourage solar and wind energy development across vast stretches of public lands in Nevada and other Western states.
Those energy generators could imperil rare plants and slow-footed tortoises already threatened by rising temperatures.
They could also lessen the death and suffering from the worsening heat waves, fires, droughts and storms of the climate crisis.
Researchers have found there’s not nearly enough space on rooftops to supply all U.S. electricity — especially as more people drive electric cars. Even an analysis funded by rooftop solar advocates and installers found that the most cost-effective route to phasing out fossil fuels involves six times more power from big solar and wind farms than from smaller local solar systems.
But the exact balance has yet to be determined. And Nevada is ground zero for figuring it out.
The outcome could be determined, in part, by billionaire investor Warren Buffett.
The so-called Oracle of Omaha owns NV Energy, the monopoly utility that supplies electricity to most Nevadans. NV Energy and its investor-owned utility brethren across the country can earn huge amounts of money paving over public lands with solar and wind farms and building long-distance transmission lines to cities.
But by regulatory design, those companies don’t profit off rooftop solar. And in many cases, they’ve fought to limit rooftop solar — which can reduce the need for large-scale infrastructure and result in lower returns for investors.
Mike Troncoso remembers the exact date of Nevada’s rooftop solar reckoning.
It was Dec. 23, 2015, and he was working for SolarCity. The rooftop installer abruptly ceased operations in the Silver State after NV Energy helped persuade officials to slash a program that pays solar customers for energy they send to the power grid.
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“I was out in the field working, and we got a call: ‘Stop everything you’re doing, don’t finish the project, come to the warehouse,’” Troncoso said. “It was right before Christmas, and they said, ‘Hey, guys, unfortunately we’re getting shut down.’”
After a public outcry, Nevada lawmakers partly reversed the reductions to rooftop solar incentives. Since then, NV Energy and the rooftop solar industry have maintained an uneasy political ceasefire. Installations now exceed pre-2015 levels.
Today, Troncoso is Nevada branch manager for Sunrun, the nation’s largest rooftop solar installer. The company has enough work in the state to support a dozen crews, each named for a different casino. On a chilly winter morning before sunrise, they prepared for the day ahead — laying out steel rails, hooking up microinverters and loading panels onto powder-blue trucks.
But even if Sunrun’s business continues to grow, it won’t eliminate the need for large solar farms in the desert.
Some habitat destruction is unavoidable — at least if we want to break our fossil fuel addiction. The key questions are: How many big solar farms are needed, and where should they be built? Can they be engineered to coexist with animals and plants?
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And if not, should Americans be willing to sacrifice a few endangered species in the name of tackling climate change?
To answer those questions, Los Angeles Times journalists spent a week in southern Nevada, touring solar construction sites, hiking up sand dunes and off-roading through the Mojave. We spoke with NV Energy executives, conservation activists battling Buffett’s company and desert rats who don’t want to see their favorite off-highway vehicle trails cut off by solar farms.
Odds are, no one will get everything they want.
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The tortoise in the coal mine
Biologist Bre Moyle easily spotted the small yellow flag affixed to a scraggly creosote bush — one of many hardy plants sprouting from the caliche soil, surrounded by rows of gleaming steel trusses that would soon hoist solar panels toward the sky.
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Moyle leaned down for a closer look, gently pulling aside branches to reveal a football-sized hole in the ground. It was the entrance to a desert tortoise burrow — one of thousands catalogued by her employer, Primergy Solar, during construction of one of the nation’s largest solar farms on public lands outside Las Vegas.
“I wouldn’t stand on this side of it,” Moyle advised us. “If you walk back there, you could collapse it, potentially.”
I’d seen plenty of solar construction sites in my decade reporting on energy. But none like this.
Instead of tearing out every cactus and other plant and leveling the land flat — the “blade and grade” method — Primergy had left much of the native vegetation in place and installed trusses of different heights to match the ground’s natural contours. The company had temporarily relocated more than 1,600 plants to an on-site nursery, with plans to put them back later.
The Oakland-based developer also went to great lengths to safeguard desert tortoises — an iconic reptile protected under the federal Endangered Species Act, and the biggest environmental roadblock to building solar in the Mojave.
Desert tortoises are sensitive to global warming, residential sprawl and other human encroachment on their habitat. The U.S. Fish and Wildlife Service has estimated tortoise populations fell by more than one-third between 2004 and 2014.
Scientists consider much of the Primergy site high-quality tortoise habitat. It also straddles a connectivity corridor that could help the reptiles seek safer haven as hotter weather and more extreme droughts make their current homes increasingly unlivable.
Before Primergy started building, the company scoured the site and removed 167 tortoises, with plans to let them return and live among the solar panels once the heavy lifting is over. Two-thirds of the project site will be repopulated with tortoises.
Workers removed more tortoises during construction. As of January, the company knew of just two tortoises killed — one that may have been hit by a car, and another that may have been entombed in its burrow by roadwork, then eaten by a kit fox.
Primergy Vice President Thomas Regenhard acknowledged the company can’t build solar here without doing any harm to the ecosystem — or spurring opposition from conservation activists. But as he watched union construction workers lift panels onto trusses, he said Primergy is “making the best of the worst-case situation” for solar opponents.
“What we’re trying to do is make it the least impactful on the environment and natural resources,” he said. “What we’re also doing is we’re sharing that knowledge, so that these projects can be built in a better way moving forward.”
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The company isn’t saving tortoises out of the goodness of its profit-seeking heart.
The U.S. Bureau of Land Management conditioned its approval of the solar farm, called Gemini, on a long list of environmental protection measures — and only after some bureau staffers seemingly contemplated rejecting the project entirely.
Documents obtained under the Freedom of Information Act by the conservation group Defenders of Wildlife show the bureau’s Las Vegas field office drafted several versions of a “record of decision” that would have denied the permit application for Gemini. The drafts listed several objections, including harm to desert tortoises, loss of space for off-road vehicle drivers and disturbance of the Old Spanish National Historic Trail, which runs through the project site.
Separately, Primergy reached a legal settlement with conservationists — who challenged the project’s federal approval in court — in which the company agreed to additional steps to protect tortoises and a plant known as the three-corner milkvetch.
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The company estimates just 2.5% of the project site will be permanently disturbed — far less than the 33% allowed by Primergy’s federal permit. Regenhard is hopeful the lessons learned here will inform future solar development on public lands.
“This is something new. So we’re refining a lot of the processes,” he said. “We’re not perfect. We’re still learning.”
By the time construction wraps this fall, 1.8 million panels will cover nearly 4,000 football fields’ worth of land, just off the 15 Freeway. They’ll be able to produce 690 megawatts of power — as much as 115,000 typical home solar systems. And they’ll be paired with batteries, to store energy and help NV Energy customers keep running their air conditioners after sundown.
Unlike many solar fields, Gemini is close to the population it will serve — just a few dozen miles from the Strip. And the affected landscape is far from visually stunning, with none of the red-rock majesty found at nearby Valley of Fire State Park.
But desert tortoises don’t care if a place looks cool to humans. They care if it’s good tortoise habitat.
Moyle, Primergy’s environmental services manager, pointed to a small black structure at the bottom of a fence along the site’s edge — a shade shelter for tortoises. Workers installed them every 800 feet, so that if any relocated reptiles try to return to the solar farm too early, they don’t die pacing along the fence in the heat.
“They have a really, really good sense of direction,” Moyle said. “They know where their homes are. They want to come back.”
Primergy will study what happens when tortoises do come back. Will they benefit from the shade of the solar panels? Or will they struggle to survive on the industrialized landscape?
And looming over those uncertainties, a more existential query: With global warming beginning to devastate human and animal life around the world, should we really be slowing or stopping solar development to save a single type of reptile?
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Moyle was ready with an answer: Tortoises are a keystone species. If they’re doing well, it’s a good sign of a healthy ecosystem in which other desert creatures — such as burrowing owls, kit foxes and American badgers — are positioned to thrive, too.
And as the COVID-19 pandemic has demonstrated, human survival is inextricably linked with a healthy natural world.
“We take one thing out, we don’t know what sort of disastrous effect it’s going to have on everything else,” Moyle said.
We do, however, know the consequences of relying on fossil fuels: entire towns burning to the ground, Lake Mead three-quarters empty, elderly Americans baking to death in their overheated homes. With worse to come.
The shifting sands of time
A few miles south, another solar project was rising in the desert. This one looked different.
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A fleet of bulldozers, scrapers, excavators and graders was nearly done flattening the land — a beige moonscape devoid of cacti and creosote. The solar panel support trusses were all the same height, forming an eerily rigid silver sea.
When I asked Carl Glass — construction manager for DEPCOM Power, the contractor building this project for Buffett’s NV Energy — why workers couldn’t leave vegetation in place like at Gemini, he offered a simple answer: drainage. Allowing the land to retain its natural contours, he said, would make it difficult to move stormwater off the site during summer monsoons.
Safety was another consideration, said Dani Strain, NV Energy’s senior manager for the project. Blading and grading the land meant workers wouldn’t have to carry solar panels and equipment across ground studded with tripping hazards.
“It’s nicer for the environment not to do it,” Strain said. “But it creates other problems. You can’t have everything.”
This kind of solar project has typified development in the Mojave Desert.
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And it helps explain why the Center for Biological Diversity’s Patrick Donnelly has fought so hard to limit that development.
The morning after touring the solar construction sites, we joined Donnelly for a hike up Big Dune, a giant pile of sand covering five square miles and towering 500 feet above the desert floor, 90 miles northwest of Las Vegas. The sun was just beginning its ascent over the Mojave, bathing the sand in a smooth umber glow beneath pockets of wispy cloud.
On weekends, Donnelly said, the dune can be overrun by thousands of off-road vehicles. But on this day, it was quiet.
Energy companies have proposed more than a dozen solar farms on public lands surrounding Big Dune — some with overlapping footprints. Donnelly doesn’t oppose all of them. But he thinks federal agencies should limit solar to the least ecologically sensitive parts of Nevada, instead of letting companies pitch projects almost anywhere they choose.
“Developers are looking at this as low-hanging fruit,” he said. “The idea is, this is where California can build all of its solar.”
We trekked slowly up the dune, our bodies casting long shadows in the early morning light. When we took a breather and looked back down, a trail of footprints marked our path. Donnelly assured us a windy day would wipe them away.
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“This is why I live here, man,” he said. “It’s the most beautiful place on Earth, in my mind.”
Donnelly broke his back in a rock-climbing accident, so he used a walking stick to scale the dune. He lives not far from here, at the edge of Death Valley National Park, and works as the nonprofit Center for Biological Diversity’s Great Basin director.
As we resumed our journey, the wind blowing hard, I asked Donnelly to rank the top human threats to the Mojave. He was quick to answer: The climate crisis was No. 1, followed by housing sprawl, solar development and off-road vehicles.
“There’s no good solar project in the desert. But there’s less bad,” he said. “And we’re at a point now where we have to settle for less bad, because the alternatives are more bad: more coal, more gas, climate apocalypse.”
That hasn’t stopped Donnelly and his colleagues from fighting renewable energy projects they fear would wipe out entire species — even little-known plants and animals with tiny ranges, such as Tiehm’s buckwheat and the Dixie Valley toad.
“I’m not a religious guy,” Donnelly said. “But all God’s creatures great and small.”
After a steep stretch of sand, we stopped along a ridge with sweeping views. To our west were the Funeral Mountains, across the California state line in Death Valley National Park — and far beyond them Mt. Whitney, its snow-covered facade just barely visible. To our east was Highway 95, cutting across the Amargosa Valley en route from Las Vegas to Reno.
It’s along this highway that so many developers want to build.
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“We would be in a sea of solar right now,” Donnelly said.
Having heard plenty of rural residents say they don’t want to look at such a sea, I asked Donnelly if this was a bad spot for solar because it would ruin the glorious views. He told me he never makes that argument, “because honestly, views aren’t really the primary concern at this moment. The primary concern is stopping the biodiversity crisis and the climate crisis.”
“There are certain places where we shouldn’t put solar because it’s a wild and undisturbed landscape,” he said.
As far as he’s concerned, though, the Amargosa Valley isn’t one of those landscapes, what with Highway 95 running through it. The same goes for Dry Lake Valley, where NV Energy’s solar construction site is already surrounded by energy infrastructure.
What Donnelly would like to see is better planning.
He pointed to California, where state and federal officials spent eight years crafting a desert conservation plan that allows solar and wind farms across a few hundred thousand acres while setting aside millions more for protection. He thinks a similar process is crucial in Nevada, where four-fifths of the land area is owned by the federal government — more than any other state.
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If Donnelly had his way, regulators would put the kibosh on solar farms immediately adjacent to Big Dune. He’s worried they could alter the movement of sand across the desert floor, affecting several rare beetles that call the dune home.
But if the feds want to allow solar projects along the highway to the south, near the Area 51 Alien Center?
“Might not be the end the world,” Donnelly said.
He shot me a grin.
“You know, one thing I like to do …”
Without warning, he took off racing down the dune, carried by momentum and love for the desert. He laughed as he reached a natural stopping point, calling for us to join him. His voice sounded free and full of possibility.
Some solar panels on the horizon wouldn’t have changed that.
Shout it from the rooftops
Laura Cunningham and Kevin Emmerich were a match made in Mojave Desert heaven.
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Cunningham was a wildlife biologist, Emmerich a park ranger when they met nearly 30 years ago at Death Valley. She studied tortoises for government agencies and later a private contractor. He worked with bighorn sheep and gave interpretive talks. They got married, bought property along the Amargosa River and started their own conservation group, Basin and Range Watch.
And they’ve been fighting solar development ever since.
That’s how we ended up in the back of their SUV, pulling open a rickety cattle gate off Highway 95 and driving past wild burros on a dirt road through Nevada’s Bullfrog Hills, 100 miles northwest of Las Vegas.
They had told us Sarcobatus Flat was stunning, but I was still surprised by how stunning. I got my first look as we crested a ridge. The gently sloping valley spilled down toward Death Valley National Park, whose snowy mountain peaks towered over a landscape dotted with thousands of Joshua trees.
“Everything we’re looking at is proposed for solar development,” Cunningham said.
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Most environmentalists agree we need at least some large solar farms. Cunningham and Emmerich are different. They’re at the vanguard of a harder-core desert protection movement that sees all large-scale solar farms on public lands as bad news.
Why had so many companies converged on Sarcobatus Flat?
The main answer is transmission. NV Energy is seeking federal approval to build the 358-mile Greenlink West electric line, which would carry thousands of megawatts of renewable power between Reno and Las Vegas along the Highway 95 corridor.
The dirt road curved around a small hill, and suddenly we found ourselves on the valley floor, surrounded by Joshua trees. Some looked healthy; others had bark that had been chewed by rodents seeking water, a sign of drought stress. Scientists estimate the Joshua tree’s western subspecies could lose 90% of its range as the world gets hotter and droughts get more intense.
But asked whether climate change or solar posed a bigger threat to Sarcobatus Flat, Cunningham didn’t hesitate.
“Oh, solar development hands down,” she said.
Nearly 20 years ago, she said, she helped relocate desert tortoises to make way for a test track in California. One of them tried to return home, walking 20 miles before hitting a fence. It paced back and forth and eventually died of heat exhaustion.
Solar farms, she said, pose a similar threat to tortoises. And at Sarcobatus Flat, they would cover a high-elevation area that could otherwise serve as a climate refuge for Joshua trees, giving them a relatively cool place to reproduce as the planet heats up.
“It makes no sense to me that we’re going to bulldoze them down and throw them into trash piles. It’s just crazy,” she said.
In Cunningham and Emmerich’s view, every sun-baked parking lot in L.A. and Vegas and Phoenix should have a solar canopy, every warehouse and single-family home a solar roof. It’s a common argument among desert defenders: Why sacrifice sensitive ecosystems when there’s an easy alternative for fighting climate change? Especially when rooftop solar can reduce strain on an overtaxed electric grid and — when paired with batteries — help people keep their lights on during blackouts?
The answer isn’t especially satisfying to conservationists.
For all the virtues of rooftop solar, it’s an expensive way to generate clean power — and keeping energy costs low is crucial to ensure that lower-income families can afford electric cars, another key climate solution. A recent report from investment bank Lazard pegged the cost of rooftop solar at 11.7 cents per kilowatt-hour on the low end, compared with 2.4 cents for utility solar.
Even when factoring in pricey long-distance electric lines, utility-scale solar is typically cheaper, several experts told me.
“It’s three to six times more expensive to put solar on your roof than to put it in a large-scale project,” said Jesse Jenkins, an energy systems researcher at Princeton University. “There may be some added value to having solar in the Los Angeles Basin instead of the middle of the Mojave Desert. But is it 300% to 600% more value? Probably not. It’s probably not even close.”
There’s a practical challenge, too.
The National Renewable Energy Laboratory has estimated U.S. rooftops could generate 1,432 terawatt-hours of electricity per year — just 13% of the power America will need to replace most of its coal, oil and gas, according to research led by Jenkins.
Add in parking lots and other areas within cities, and urban solar systems might conceivably supply one-quarter or even one-third of U.S. power, several experts told The Times — in an unlikely scenario where they’re installed in every suitable spot.
Energy researcher Chris Clack’s consulting firm has found that dramatic growth in rooftop and other small-scale solar installations could reduce the costs of slashing climate pollution by half a trillion dollars. But even Clack said rooftops alone won’t cut it.
“Realistically, 80% is going to end up being utility grid no matter what,” he said.
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All those industrial renewable energy projects will have to go somewhere.
Sarcobatus Flat may not be the answer. Federal officials classified all three solar proposals there as “low priority,” citing their proximity to Death Valley and potential harm to tortoise habitat. One developer withdrew its application last year.
Before leaving the area, Cunningham pointed to a wooden marker, one of at least half a dozen stretching out in a line. I walked over to take a closer look and discovered it was a mining claim for lithium — a main ingredient in electric-car batteries.
If solar development didn’t upend this valley, lithium extraction might.
On the beaten track
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The four-wheeler jerked violently as Erica Muxlow pressed her foot to the gas, sending us flying down a rough dirt road with no end in sight but the distant mountains. Five-point safety straps were the only things stopping us from flying out of our seats, the vehicle leaping through the air as we reached speeds of 40 mph, then 50 mph, the wind whipping our faces.
It was like riding Disneyland’s Matterhorn Bobsleds — just without the Yeti.
Ahead of us, Muxlow’s neighbor Jimmy Lewis led the way on an electric blue motorcycle, kicking up a stream of sand. He wanted us to see thousands of acres of public lands outside his adopted hometown of Pahrump, in Nevada’s Nye County, that could soon be blocked by solar projects — cutting off access to off-highway vehicle enthusiasts such as himself.
“You could build an apartment complex or a shopping mall here, and it would be the same thing to me,” he said.
To progressive-minded Angelenos or San Franciscans, preserving large chunks of public land for gas-guzzling, environmentally destructive dirt bikes might sound like a terrible reason not to build solar farms that would lessen the climate crisis.
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But here’s the reality: Rural Westerners such as Lewis will play a key role in determining how much clean energy gets built.
Not long before our Nevada trip, Nye County placed a six-month pause on new renewable energy projects, citing local concerns about loss of off-road vehicle trails. Similar fears have stymied development across the U.S., with rural residents attacking solar and wind farms as industrial intrusions on their way of life — and local governments throwing up roadblocks.
For Lewis, the conflict is deeply personal.
He moved here from Southern California more than a decade ago, trading life by the beach for a five-acre plot where he runs an off-roading school and test-drives motorcycles for manufacturers. His warehouse was packed with dozens of dirt bikes.
“This is my life. Motorcycles, motorcycles, motorcycles,” he said, laughing.
Lewis has worked to stir up opposition to three local solar farm proposals. So far, his efforts have been in vain.
One project is already under construction. Peering through a fence, we saw row after row of trusses, waiting for their photovoltaic panels. It’s called Yellow Pine, and it’s being built by Florida-based NextEra Energy to supply power to California.
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Lewis learned about Yellow Pine when he was riding one of his favorite trails and was surprised to find it cut off. He compared the experience to riding the best roller-coaster at a theme park, only to have it grind to a halt three-quarters of the way through.
“I don’t want my playground taken away from me,” he said.
“Me neither!” a voice called out from behind us.
We turned and were greeted by Shannon Salter, an activist who had previously spent nine months camping near the Yellow Pine site to protest the habitat destruction. She and Lewis had never met, but they quickly realized they had common cause.
“It’s the opposite of green!” Salter said.
“On my roof, not my backyard,” Lewis agreed.
Never mind that conservationists have long decried the ecological damage from desert off-roading. Salter and Lewis both cared about these lands. Neither wanted to see the solar industry lay claim to them. They talked about staying in touch.
It’s easy to imagine similar alliances forming across the West, the clean energy transition bringing together environmentalists and rural residents in a battle to defend their lifestyles, their landscapes and animals that can’t fight for themselves.
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It’s also easy to imagine major cities that badly need lots of solar and wind power — Los Angeles, Las Vegas, Phoenix — brushing off those complaints as insignificant compared with the climate emergency, or as fueled by right-wing misinformation.
But many of concerns raised by critics are legitimate. And their voices are only getting louder.
As night fell over the Mojave, Lewis shared his idea that any city buying electricity from a desert solar farm should be required to install a certain amount of rooftop solar back home first — on government buildings, at least. It only seemed fair.
“Some people see the desert as just a wasteland,” Lewis said. “I think it’s beautiful.”
The view from Black Mountain
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So how do we build enough renewable energy to replace fossil fuels without destroying too many ecosystems, or stoking too much political opposition from rural towns, or moving too slowly to save the planet?
Few people could do more to ease those tensions than Buffett.
Our conversation kept returning to the legendary investor as we hiked Black Mountain, just outside Vegas, on our last morning in the Silver State. We were joined by Jaina Moan, director of external affairs for the Nature Conservancy’s Nevada chapter. She had promised a view of massive solar fields from the peak — but only after a 3.5-mile trek with 2,000 feet of elevation gain.
“It’ll be a little StairMaster at the end,” she warned us.
The homes and hotels and casinos of the Las Vegas Valley retreated behind us as we climbed, looking ever smaller and more insignificant against the vast open desert. It was an illusion that will prove increasingly difficult to maintain as Sin City and its suburbs continue their march into the Mojave. Nevada politicians from both parties are pushing for legislation that would let federal officials auction off additional public lands for residential and commercial development.
Vegas and other Western cities could limit the need for more suburbs — and sprawling solar farms — by growing smarter, Moan said. Urban areas could embrace density, to help people drive fewer miles and reduce the demand for new power supplies to fuel electric vehicles. They could invest in electric buses and trains — and use less water, which would save a lot of energy.
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“As our spaces become more crowded, we’re going to have to come up with more creative ideas,” Moan said.
That’s where Buffett could make things easier.
The billionaire’s Berkshire Hathaway company owns electric utilities that serve millions of people, from California to Nevada to Illinois. Those utilities, Moan said, could buck the industry trend of urging policymakers to reduce financial incentives for rooftop solar and instead encourage the technology — along with other small-scale clean energy solutions, such as local microgrids.
That would limit the need for big solar farms — at least somewhat.
Berkshire and other energy giants could also build solar on lands already altered by humans, such as abandoned mines, toxic Superfund sites, reservoirs, landfills, agricultural areas, highway corridors and canals that carry water to farms and cities.
The costs are typically higher than building on undisturbed public lands. And in many cases there are technical challenges yet to be resolved. But those kinds of “creative solutions” could at least lessen the loss of biodiversity, Moan said.
“There’s money to be made there, and there’s good to be done,” she said.
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It’s hard to know what Buffett thinks. A Berkshire spokesperson declined my request to interview him.
Tony Sanchez, NV Energy’s executive vice president for business development and external relations, was more forthcoming.
“The problem for us with rooftop solar,” he said, is that it’s “not controlled at all by us.” As a result, NV Energy can’t decide when and how rooftop solar power is used — and can’t rely on that power to help balance supply and demand on the grid.
Over time, Sanchez predicted, a lot more rooftop solar will get built. But he couldn’t say how much.
Rooftop solar faces a similarly uncertain future in California, where state officials voted last year to slash incentive payments, calling them an unfair subsidy. Industry leaders have warned of a dramatic decline in installations.
As we neared the top of Black Mountain, the solar farms on the other side came into view. They stretched across the Eldorado Valley far below — black rectangles that could help save life on Earth while also destroying bits and pieces of it.
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Moan believes the key to balancing clean energy and conservation is “go slow to go fast.” Government agencies, she said, should work with conservation activists, small-town residents and Native American tribes to study and map out the best places for clean energy, then reward companies that agree to build in those areas with faster approvals. Solar and wind development would slow down in the short term but speed up in the long run, with quicker environmental reviews and less risk of lawsuits.
It’s a tantalizing concept — but I confessed to Moan that I worried it would backfire.
What if the sparring factions couldn’t agree on the best spots to build solar and wind farms, and instead wasted years arguing? Or what if they did manage to hammer out some compromises, only for a handful of unhappy people or groups to take them to court, gumming up the works? Couldn’t “go slow to go fast” end up becoming “go slow to go slow”?
In other words, should we really bet our collective future on human beings working together, rather than fighting?
Moan was sympathetic to my fears. She also didn’t see another way forward.
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“We really need to think holistically about saving everything,” she said.
The sad truth is, not everything can be saved. Not if we want to keep the world livable for people and animals alike.
Some beloved landscapes will be left unrecognizable. Some families will be stuck paying high energy bills to monopoly utilities, even as some utility investors make less money. Some tortoises will probably die, pacing along fences in the heat.
The alternative is worse.
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With competition fiercer than ever, new agents need all the help they can get. On today’s podcast, we ask five real estate rockstars to share their top tips for brand-new agents. Tune in and find out what these successful Realtors wish they knew when they first started selling homes.
Listen to today’s show and learn:
Why adaptability is essential right now [1:00]
Where to turn for the knowledge you need to succeed [1:51]
How to get started with video marketing [2:39]
Why frugality isn’t always good for business [4:58]
How to niche down for more deals [6:56]
Related Links and Resources:
Thank You Rockstars! It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email. -Aaron Amuchastegui
We often paint celebrities as larger-than-life personas. The reality is that stars are like the rest of us: they get just as frustrated or cranky when things don’t go their way. From being grilled by paparazzi to getting overwhelmed by enthusiastic admirers, many famous people have become notorious for exhibiting signs of annoyance toward dedicated supporters who fail to recognize boundaries. We’ve put together a list of 12 major celebrities who appear seriously ticked off in various fan encounters.
1. Doja Cat
One Redditor said, “I feel like Doja Cat seems constantly annoyed by her stans or fans, or at the very least her followers on Twitter. Honestly as a fan of her music (I don’t follow her too closely on soc med anymore because she constantly seems on the verge of breaking and I feel bad for her) I would dislike my fans too if I were her… Do you know of any other celebrities who seem annoyed by their fans? Whether the irritation is deserved or not (because, let’s be honest, some stans are incredibly entitled), I want to read some stuffff.”
2. Ana de Armas
One user posted, “Ana de Armas blocked Ana de Armas Updates on Twitter…”
Another user commented, “Sorry to burst your bubble, but the blue check Ana is just another fan account. The profile says ‘not impersonating, not Ana; this is a fan account.’”
One user shared, “Yeah, tbf, a lot of the fan-run accounts on social media are borderline unhinged. The way they take ownership of a person they idolize and drag down anyone who even hints at negativity towards them is just crazy.”
Another commenter said, “Totally. I have a tiny YouTube channel (6k subscribers) that I haven’t updated in 2 years, but I’m already weirded out by the parasocial relationships that occur at even that level. People being vehemently mean or terrifyingly obsessed and thinking they get me on a level no one else does (offer to fly me out to his country and take me to an event I’ve never expressed interest in). I can’t comprehend extrapolating that to the level of stardom someone like Doja, Ana de Armas, etc. has. And if I were a more conventionally attractive person like they are, I’m sure the lascivious, obsessive fans would f*ck my image of the world a bit. I eye-roll at woe-is-me privileged… celebrities as much as anyone but I think, while most right-minded people manage to be kind or at least civil to strangers, waiters, annoying colleagues etc., that energy would quickly wear down given the chance to be a celebrity for a week.”
3. Phoebe Bridgers
One user shared, “Phoebe Bridgers has publicly spoken about being frustrated with her fans, and I think she has some song lyrics about being annoyed or not really knowing how to interact with fans, which I get. Parasocial relationships are weird, and in that position, I wouldn’t be able to cope with being approached by crying people who think they know me or worship me, but they’re literal strangers to me.”
Another user validated the singer’s decision, “She’s so valid for that. I’m so glad she spoke up about it because her fans were being absolutely unhinged. There’s caring about a celebrity and there’s being a nut who needs to get a grip. If you’re posting hate and harassing your ‘fave’ for days on end (when [she was] on the way to her fathers funeral, mind you) because the man she was with isn’t the one you prefer, you need to get professional help. I think if that happened to me as a celebrity, I would completely stop interacting with my fans outside of releasing my art. and that seems to be what Phoebe has done. she used to post a lot on twitter and she’s clearly done engaging on that level anymore.”
4. Frank Ocean
One Redditor shared, “Can’t believe no one’s mentioned Frank Ocean.”
“The obvious answer.” replied another user.
One user added, “He was in a bad record deal and dropped a lot of music in a short time frame to get out of it. Since then he hasn’t really dropped anything at all… When he does drop new Frank Ocean merch, it takes months to ship or doesn’t ship out at all. He very rarely tours and when he does he’s notorious for canceling at the last minute. I think the last thing he did before Coachella was Primavera in 2017, and he dropped out the day of.
…
Cut to now, Frank Ocean is headlining Coachella. Hundreds, if not thousands, of people bought $600+ wristbands and flew across the country to see Frank. He shows up to his set over an hour late. He hardly sings, at all (but when he did my god did he sound amazing). Then, he does like a 30 min DJ interlude in the middle of his set, where he’s just jumping around mouthing (not even lip syncing) the words to his most popular songs. He then runs into curfew and ends the set by basically saying ‘That’s it, bye’.
He was supposed to perform again on weekend 2. Allegedly ‘hurt his foot’ and had to pull out, screwing over all the fans weekend 2. A lot of fans (myself included) speculate he had no intentions on ever performing the 2nd weekend. He apparently had some huge elaborate stage design that was going to be super cool, but pulled it at the very last minute and basically spiraled from there.”
One user shared, “Strangely he has a lot of fans who still seem to worship him regardless and make excuses for his extremely flaky behaviour. I’ve attended Primavera Sound in Barcelona a number of times, and remember in 2017 when he was a headline act (he was the absolute top billing that day and on the first line of the weekend poster for context). He cancelled on the day of his performance at incredibly short notice and cited ‘production issues’ (clearly not the case). He was a huge draw for many people (not me personally, but I might have watched his set)—arguably some travelled to the festival for his appearance alone, many from outside Spain.
“His fans rather rabidly attacked the festival organisers on social media in the immediate aftermath of the cancellation, and for several weeks after, with many vowing to boycott the festival and never attend again, even though it was entirely Ocean’s own doing. It was bizarre.
“That year was also one of the best and most eclectic editions PS in memory even without him….”
5. Justin Bieber
One user posted, “Justin Bieber—he doesn’t like it when fans take videos or pictures of him, but would rather have a real conversation with them without a fan or paparazzi shoving a camera in his face. His frustration and annoyance is understandable, especially when fans/paparazzi yell rude things about his wife Hailey or ask ridiculous questions about Selena Gomez.”
Another Redditor replied, “He was also heavily [‘admired’] by his adult fans when he was just a tween.”
One user commented, “Yikes, this too. I was around eight or nine when he first got popular and I remember hearing 20 to 30 year olds thirsting over him. Back then I thought it was normal to have adults talk about him this way because he was famous and seemed so ‘grown up’ to me because I was still a kid. Now that I’m a lot older, remembering this makes me cringe.”
Another user added,”Not only that, but there was also PLENTY of 20-30 even 40+ year old men publicly and constantly calling for violence and… threats against him. Like, dude even if you genuinely disliked him, he was a child?…”
6. Adam Driver
One user also shared, “Adam Driver but that is because so many of them do not know how boundaries work. One of them climbed onto the stage and tried to follow him backstage after a performance of Burn This. A bunch of them say horrible things about his wife and/or wish he was with Daisy Ridley.”
Another user replied, “I saw him on the subway, sunglasses on. He noticed that I noticed him for a brief second, and then I looked away and minded my business. It’s weird in NY. Celebrities can blend in a lot easier.”
7. Leonardo DiCaprio
One Redditor commented, “Leonardo DiCaprio. I don’t think he is annoyed/irritated by his fans but he does seem to be over the media part of it and has been for a long time. I think he gave an interview about the craziness of Titanic and he realized that he didn’t want to be THAT famous, where everyone is following you around. He still wears a mask in public and I know celebrities don’t care about COVID that much lol. He takes his acting and his acting career seriously and I noticed he rarely gives interviews anymore. He seems to be aiming for an ‘old school’ actor legacy.”
Another user replied, “He didn’t seem okay with all the attention back in the 90s either.”
One commenter added, “He appears very closed off to the public and media and despite his millions seems down to earth, shy and funny in the interviews and snippets we have seen and is also very talented and seemingly professional at his job; of course we don’t know him personally but his co stars seem to sing his praises. His dating life overshadows everything else atm. We don’t know anything about the relationship itself, there’s barely any photos. All we know is there’s a pattern of dating someone for 5 years from 20-25 which is weird… But there is an air of mystery around Leo and he’s unproblematic otherwise so I can still enjoy him as an actor for now; his PR team are amazing tbh.”
8. Mitski
One user commented, “Mitski. I wouldn’t say she hates her fans but I think she’s annoyed with a particular group of them. She’s very disappointed about the ‘sad girl’ label they stamp on her music. On Twitter, she expressed frustrations about people recording her concerts the whole time instead of being engaged in the performance. In true Twitter fashion, she got a lot backlash for that…smh…”
Another user added, “The recording epidemic is so real, it’s one thing to record your fave parts, it’s another to literally watch the entire show through your phone screen in the first row. I grew up going to punk shows where people didn’t rly record like that because they were too busy moshing and crowdsurfing (and pre TikTok which might make a difference I guess) and now I’m into indie/indie pop and it’s crazyyy the difference.”
9. Joseph Quinn
One Redditor posted, “Joseph Quinn. He definitely has to be irritated by them.”
Another commenter said, “I’ll never understand why people became just so unhinged around him, it must have been wild to go from largely unknown to so famous you need security.”
One user asked, “PLEASE. THIS. I asked it in another thread and I never really got an answer. HOW did he get such an unhinged fanbase? He had a side role on one season of Stranger Things, but the dedication he’s inspired is like Supernatural cast level.”
One Redditor answered, “I think part of it is when TikTok chooses their Boy Of The Month they all hype each other up/one up each other. Look at how much Bo Burnham or Pedro Pascal blew up once TikTok got into them. It builds off its own attention.”
Another user also added, “Stranger things fandom is majority teens/kids/young adults whose brains aren’t fully developed yet and are extremely parasocial with the cast and always have been since the show began. Unfortunately Joseph and the other new cast members are just their latest victims. With Joseph he’s obviously really impressing executives and producers lately with all the recent castings for him so at least he’ll be free of that overall fandom soon. I feel bad for the rest of the cast that are still in the show for another season and have to still deal with the fans, because every year it just seems to get worse.”
10. Robert Pattinson
One user shared, “Robert Pattinson regards Twilight and its fandom with a delicious mixture of disdain and bewilderment.”
Another user added, “As do I.”
One user commented, “I was a huge twihard from 2009-2012 and I remember the fandom trying to make ANY excuse to prove to ourselves that he didn’t hate the movies lmao.”
11. Ian Somerhalder
One Redditor posted, “Ian Somerhalder went through a phase of yelling at fans lol. And I’m pretty sure he never completed things like virtual chats/ video greetings/and autographs he owed fans who paid for a package during some convention.”
One user replied, “True I remember reading on Twitter about fans who bought greetings and he never did them and they still have not gotten refunds and he just kept on making up excuses. Also back in the days I think he canceled an irl fan event last minute and said he had other plans that came up last minute, but it was a lie because he had known for weeks that he couldn’t go and decided to tell the fans last minute and people had already booked flights, hotels etc so that must have sucked for them. He seems to be a bit messy.”
12 Paramore
One Redditor commented, “Paramore. They don’t hate/dislike their fans, but they explore the parasocial relationship in After Laughter. The song ‘Idle Worship’ is about Hayley seeing a fan with a shirt on her face and the immediate disconnect she felt. To have a perfected version of her plastered on shirts I think made her uncomfortable because she doesn’t feel like she can be the person everyone wants her to be. She’s just a normal person. The next song on the album is ‘No Friend’ which is the outro to Idle Worship and features mewithoutYou’s Aaron Weiss. Weiss chronicles the band’s very public hardships and also reads a long email Hayley sent him about Idle Worship. ‘You see a flood-lit form / I see a shirt design / I’m no savior of yours and you’re no friend of mine.’ Chills. Every. Single. Time.”
Do you agree with the list above? Share us your thoughts and leave a comment!
Source: this Reddit thread.
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Some people love shopping for clothes. Not me. I’m the queen of online ordering, but that also means I spend a lot of time boxing items up and mailing them back. It’s hard to know how something will look until you try it on.
Luckily, technology has brought another way to do things.
Stitch Fix and Trunk Club both use personal stylists to curate a box of fashions that you can try on at home. You simply box up the items you don’t want and send them back. You’ll only be charged for what you keep.
But which service is better? Both are alike in many ways, but there are some notable differences, too.
What’s Ahead:
Stitch Fix vs. Trunk Club summary
Both Stitch Fix and Trunk Club offer a fun alternative to the traditional retail shopping experience. You’ll create a style profile and wait for your first box to arrive, at which point you’ll have a limited time to try your items on.
But there are some differences in the way each service operates. Your level of interaction with stylists, the size ranges available, and how you return unused items are just a few.
Features
Stitch Fix
Trunk Club
Styling fee
$20, credited toward your first purchase
$25, credited toward your first purchase; waived for Nordstrom cardholders
Per-item price range
$25-$500
$50-$300
Pieces per box
5
6-10
Sizes available
Women’s XS-3X; men’s XS-3XL; children’s 2T-14
Women’s 0-3X; men’s XS-3XL
Discount for keeping all items
25%
Not offered
Return method
Hand to postal carrier or drop into USPS box
Schedule free FedEx pickup
About Stitch Fix
In 2011, Harvard MBA candidate Katrina Lake came up with an idea. Seeing flaws in the way customers shopped for clothing, Lake wanted to create a personalized shopping experience for clothes shoppers. From that idea, Stitch Fix was born.
Stitch Fix uses a combination of data analytics and personal stylists to send each subscriber a unique selection. When you first sign up, you take a detailed style quiz that helps stylists see your preferences and sizing. There is a $20 styling fee, but the cost is taken off of your first purchase. There’s no subscription required.
Once you’ve taken the quiz, a stylist gets to work curating a selection of clothing for you. The box is sent to your house, at which point you get to try on every piece in the comfort of your home. This is the part I like. No dealing with public fitting rooms or guessing if something will fit, only to get home and have to return it.
Another great thing about Stitch Fix is the return process. You keep the items you like and put the rest in a prepaid return envelope. You can hand the envelope to your postal delivery person or drop it in any USPS mailbox. The stylist and technology will pay attention to the items you kept and adjust the choices for you the next time you order a box.
About Trunk Club
Trunk Club kicked off in 2009 and a few years later, it captured the interest of Nordstrom. The national retailer bought Trunk Club in 2014 for $350 million, rebranding it Nordstrom Trunk Club. Like Stitch Fix, Trunk Club charges an initial styling fee of $25, which is credited toward your first purchase. You can also use a Nordstrom credit or debit card and have the $25 fee waived.
Like Stitch Fix, Trunk Club uses a style quiz to get an idea of your fit and style preferences. A stylist curates a selection of 6 to 10 items, which are shipped to you. What’s great about Trunk Club is that you can preview the items being sent to you before they actually ship. Stitch Fix likes to keep it a “surprise.” Trunk Club gives you 48 hours to make changes or approve the box before it ships.
Once you receive your trunk, you have up to five days to try the items on. Package up the items you don’t want and schedule a free FedEx pickup through the app. No chasing your postal carrier down or driving it to the nearest post office. Your trunk will be picked up at your front door.
Stitch Fix vs. Trunk Club items offered
Stitch Fix
Stitch Fix works with a variety of popular brands for the fashions it offers. Here are some of the participating brands:
Rebecca Minkoff.
TOMS.
Kate Spade.
Free People.
Mavi.
Sperry.
Cole Haan.
City Chic.
Dolce Vita.
Sam Edelman.
Addition Elle.
Stance.
Equipment.
Alice and Olivia.
Theory.
Trunk Club is owned by Nordstrom, so the brands mirror what you’d see in Nordstrom stores. Although Trunk Club doesn’t list included brands online, here are some of the clothing brands found in Nordstrom Stores. This is only a small sampling of a very long list:
St. John Collection.
Burberry.
Fendi.
Oscar de la Renta.
Zimmermann.
Stella McCartney.
Dolce & Gabanna.
Saint Laurent.
Carolina Herrera.
Versace.
Givenchy.
Keep in mind that Nordstrom prices can be on the high side, so you might not have the number of affordable options you’d have with Stitch Fix.
Stitch Fix vs. Trunk Club pricing
Both Stitch Fix and Trunk Club let you order a box whenever you want. You’ll get an initial shipment at signup, but after that, you don’t have to request a box again until you’re ready.
Both services also charge a styling fee for your initial box. The price with Stitch Fix is $20, but that credit will be discounted from your first purchase. If you have a Nordstrom card, you can save on the $25 styling fee, but even if you don’t, the amount will be subtracted from your first purchase.
Then there are the prices of the items themselves.
Stitch Fix’s items start as low as $25, but they can go all the way up to $500. You’ll specify your price preferences when you sign up, and you can adjust that range at any time.
Nordstrom Trunk Club’s prices range from $50 – $300. You’ll be asked during signup what your budget preferences are, and that will drive the items that are chosen for you.
In both cases, you’ll only pay for the items you buy. Shipping is free, both for the items to come to you and for you to return them using the prepaid mailer.
Stitch Fix vs. Trunk Club sizes available
Both Stitch Fix and Trunk Club offer clothing for women and men. Stitch Fix has a special kids line, called Stitch Fix Kids.
Here’s the sizing breakdown for both Stitch Fix and Trunk Club.
Stitch Fix
Trunk Club
Women’s
XS-XXL, 14W-24W, 1X-3X; petite and maternity sizes available
0-16, 00P-12P, 1X-3X, and XS-2L
Men’s
XS-3XL, waist sizes from 28-48, inseams from 28-36; Tall shirts available
XS-3XL; dress shirts 14.5”-20” neck; 32/33”-36/37” sleeve; pants 28”-44” waist and up to 36” inseam
Kids
2T-14
Not available
Stitch Fix vs. Trunk Club clothing management
Perhaps the biggest difference between these two services is how the stylists interact with the customers. Here’s what you need to know about each service.
Stitch Fix
Stitch Fix uses a combination of technology and a professional stylist to make your picks. As you request boxes and choose items from those boxes, the technology learns your preferences and adjusts accordingly.
One downside to Stitch Fix is that you can’t directly contact your stylist. You can only leave notes. You’ll input your requests into a “Fix Request Note,” and it’s the first thing your stylist will check before putting your order together. You can also leave a Fix Request Note for your stylist during checkout. Checkout feedback can state what you liked or didn’t like to give guidance for future boxes.
Stitch Fix also doesn’t assign the same stylist to each customer permanently. But the good news is, you can leave a Fix Note to request the same stylist you had the last time.
Trunk Club
One thing that puts Trunk Club ahead of Stitch Fix is that you can take a look at your stylist’s picks before they ship. If you don’t like something, you can edit it and up the chances that you’ll like more of the items in your box.
Trunk Club also lets you interact with your stylist. You can contact your stylist via direct message through the website or the Trunk Club app.
Best of all, you get the same stylist every time, assuming that stylist remains on the Trunk Club team. This gives a stylist time to learn from your past orders, increasing the chances you’ll get pieces you want to keep.
Stitch Fix vs Trunk Club pros
Stitch Fix pros:
Technology-based styling. With Stitch Fix, you don’t just rely on a stylist’s judgment. Data science is also applied to help track down the best items for you.
Lower-priced items. Prices start as low as $25, which means you could specify you only want items priced between $25 and $50.
Children’s sizes are available. With Stitch Fix Kids, you can have a box curated for your child.
Trunk Club pros:
Edit items before they ship. You’ll boost the odds that you’ll like the items in your box with Trunk Club’s edit option.
Interact with stylist. If you have feedback or special requests for your stylist, send a direct message in the app or through the website.
Free pickup. Once you’ve tried on your items, you can schedule a free FedEx pickup for anything you want to send back.
Stitch Fix vs Trunk Club cons
Stitch Fix cons:
No direct interaction with stylists. You can leave a note for your stylist, but that’s the only interaction available.
Shorter return window. You’ll only get three days to return the items you don’t want, while Trunk Club allows up to five.
No assigned stylist. Unless you specifically request it, Stitch Fix will not give you the same stylist each time.
Trunk Club cons:
Higher prices. Trunk Club shops brands available at Nordstrom, with prices starting at $50.
Stylist discretion only. Unlike Stitch Fix, Trunk Club doesn’t combine data science with stylist judgment, so you’re reliant on the stylist’s interpretation of your personal preferences.
Fewer sizing options. Not only does Trunk Club not offer a children’s box, but there’s also not a maternity option.
Why choose Stitch Fix
More budget-friendly items
Although this can certainly vary, Stitch Fix offers items priced as low as $25. Trunk Club sources from Nordstrom, which can be on the pricey side. You can set a budget preference with either service, but you likely will see more lower-priced items with Stitch Fix.
A wider range of sizes
For petite or pregnant women, Stitch Club is the best choice. Stitch Fix has maternity clothing for each trimester to help with the perfect fit. You’ll also have the option of Stitch Fix Kids, which lets younger family members participate in the fun.
Technology meets style
With Stitch Fix, you don’t just have a stylist looking at your preferences and using expertise to decide what you want. Algorithms also make recommendations, and over time, those algorithms learn your preferences based on what you keep and what you return.
Why choose Trunk Club
Free FedEx pickup
Once you’ve tried on the items and decided whether you want to keep any, you can easily return the items you don’t want. Simply box them up and schedule a free FedEx pickup using the link provided in the email.
Personalized stylist experience
You’ll be assigned a personal stylist who will curate your trunk for you. Over time, this stylist will learn your likes and dislikes. Best of all, you can direct message your stylist with any requests or feedback.
More items per box
Trunk Club offers 6-10 items per trunk. You can also see the items being shipped and edit them before they’re in the mail. This will boost the chances that you’ll receive items you want to keep in each shipment.
Summary
Whether you choose Stitch Fix or Trunk Club, you can’t go wrong. In the end, it’s a matter of personal preference. You can view the items for sale on Nordstrom’s website to get a feel for their fashion offerings. Then review the brands listed on Stitch Fix’s website and choose which of the two best suits your own personal style.
On my first day of college, I chose a checking account because the bank was handing out free Frisbees. This was my only bank account for nearly 20 years.
Eventually I opened a savings account at the local credit union. Then I discovered the benefits of a high-yield savings account. Last autumn I opened my first certificate of deposit. And just a few months ago, I started a money market account.
Why so many accounts? To me, each bank account serves a specific purpose. Not every account is suitable for every need. Though not everyone needs (or wants) as many bank accounts as I now have, it’s still a good idea to make sure you’re using the right tool for the job.
Here are my four favorite types of bank accounts for personal use — and what they’re good for:
Rewards checking accounts Many small community banks and credit unions around the United States offer a special “rewards” checking account, a product administered by a company called Kasasa. These accounts carry restrictions and requirements (you have to make 10-12 debit purchases each month, the rate only applies to the first $30,000 or so in your account, etc.), but if you meet them, it’s tough to beat the returns.
I tried to maintain a rewards checking account at a local credit union, but ultimately it didn’t work for me. The credit union was too far away, and I wasn’t meeting the transaction requirements.
Here’s a huge list of rewards checking accounts by state. There are still checking accounts that offer 6%!
A rewards checking account is a great option for your main checking account, provided you have a nearby branch and you have a lot of monthly debit transactions. (ING Direct offers a checking account, but it’s not nearly as good as a rewards checking account.)
[Read more: Making the most of your checking account]
Online high-yield savings accounts Like most personal finance bloggers, I’m a fan of online high-yield savings accounts. While traditional banks and credit unions are offering a pittance on their accounts (my credit union’s “high-yield” account is at 0.10%!), you can still find rates above 1.50% through online accounts at CIT Bank, Ally Bank, and others.
I’ve used my online savings account at ING Direct for two primary purposes:
An emergency fund — When I first started my emergency fund, it was important to me that it be a little difficult to access. An online savings account was perfect because I can’t just decide on a whim to spend $10,000. If I want the money, I have to wait a couple of days for it to transfer to my main account. Perfect for an emergency fund.
Online high-yield savings accounts are a great way to save. Interest rates are low right now, but as the economy continues to improve, yields will rise.
[Read more: Which online high-yield savings account is best?]
Money market accounts As an alternate to an online high-yield savings account, consider a money market account from a brick-and-mortar institution. Until recently, my credit union offered an account with interest rates that were competitive with ING Direct. Now, however, they’ve dropped to under 1.00%.
Money market accounts require higher minimum balances than savings accounts. My credit union requires a $10,000 minimum deposit on a money market account, for example. Their minimum deposit for a savings account is $5. Some money market accounts allow limited check-writing privileges. They often limit the number of withdrawals per month.
A money market account can be a great choice if you’re attempting to consolidate all of your accounts at one bank, or if you’re wary of using an online bank.
[Read more: An introduction to money market accounts]
Certificates of deposit Certificates of deposit (often simply called CDs) are time deposits. You give your money to the bank and then promise not to touch it for a specific length of time. In general, the longer you agree to let the bank keep your money, the higher the interest rate you’ll receive.
Unlike a savings account, once you put your money into a CD, the interest rate does not fluctuate. If you open a 6-month CD at 3.50% and interest rates drop, you earn 3.50% the entire six months.
If certificates of deposit offer higher returns than a savings account, then why doesn’t everybody use them? The primary drawback to CDs is that they’re less liquid than a savings account; you can’t just move money in and out of them without penalty. You can take your money out of a CD before it “matures”, but you’re docked interest when you do. In fact, many (most?) banks penalize the interest amount, even if it isn’t earned (meaning you could lose part of your principal if you close your CD early).
Despite these limitations, CDs are great place to put money you don’t expect to need for a while. For most folks, a CD ladder is a good way to maximize returns.
[Read more: Put your savings on steroids with certificates of deposit and Current CD rates]
Peer Lending
If banks are not the right fit for you, there are other services out there such as peer lending. Peer lending services, such as Lending Club match people looking for a personal loan with people who are willing to fund it. Lending Club isn’t FDIC insured, but offers rates between 7%-9%, which are significantly higher than banks.
Choosing an account Each of these four types of accounts can be put to use to build your wealth. (And, of course, you’ll probably want a brokerage account for your Roth IRA and other investments.) As you look to choose an account, be sure to answer the following questions:
What do you need the account for? Long-term savings? Business? Personal? Every-day use?
How much will you keep in the account? Some accounts have minimum deposits in order to get the best interest rate. For example, my credit union’s money market account requires a $50,000 deposit in order to get the top rate.
How liquid does the money need to be? If you need quick and easy access, you’re best served by local brick-and-mortar banks. If you don’t mind a small delay, online banks will work. And if you can let your money go for months (or years) at a time, a certificate of deposit might be your best choice.
Do you need easy access to the money? Do you need a lot of ATMs? I tend to think that for day-to-day use, it’s best to have an account with a local brick-and-mortar bank. But for substantial savings, I’ve found it useful to create barriers. If I don’t have easy access to the money — if I have to jump through a few hoops to get it — then I’m less likely to spend it frivolously.
How important is online access?
How important is customer service?
How important is privacy? All banks should meet certain minimum privacy levels. But you give up a little of that if you have a regular bank you use. At my local credit union, for example, I tend to get the same teller quite often. She remembers a couple of past transactions because they were unusual. This doesn’t bother me, but I know it would bother some of my friends. If you need maximum privacy, take this into consideration.
Whichever account you choose, be sure that it’s FDIC insured. (Or, if it’s held at a credit union, that it’s insured through the NCUA.)
Conclusion Ten years ago I had a single bank account. Today I have five, including each of the above. (My fifth bank account is a business account.) Each account serves a purpose.
Picking a bank account is like choosing the right tool for a job. Sure, you can beat a nail into the wall with a screwdriver — if that’s all you have. But you’ll do it a lot faster and with more precision if you use a hammer. The same is true with money. Use the right tool and you’ll get better results.
How many bank accounts do you have? Do you try to keep things simple? Or do you spread your money around many accounts? Any tips or tricks to share with other GRS readers?
There are demons that can suck the life force from you — and you unknowingly invited them into your home. Vampire electronics may not suck your blood, but they’ll drain you of nickels and dimes for every dollar you spend on energy.
The Cost of Vampire Energy
Vampire energy is the electricity that electronics and appliances drain from the power grid when you aren’t using them. Some electronics that are turned off still suck energy in standby mode, especially those with the following features:
Internal clock
External clock display
Panel display LED
Remote control sensor
Battery charger
Power-conversion pack
Portable units with a base (such as a cordless phone)
According to the U.S. Department of Energy, vampire electronics are responsible for 5-10% of residential energy use. In other words, if you slay your energy vampires, and you’ll see a noticeable difference in your energy bills. CNN reported that you might have as many as 50 vamps lurking in your midst:
Alan Meier of the Lawrence Berkeley National Laboratory has been studying vampire electronics for years. “Each home now has anywhere from 10 to 50 of these products, so that adds up and represents as much as a month of your electricity bill,” he says. We plugged a DVD player that wasn’t even playing a DVD into a watt meter, and it showed consumption of 11.32 watts with the power on. “I’ve turned it off, and now its drawing six watts,” Meier says…Meier’s home computer is just standing by. But it’s drawing 65 watts.
I’m definitely guilty of letting energy vampires run amok in my own home. In fact, as I was writing this, I decided to take a look around to see what electronics were plugged in and running up the electric bill. I found the following:
2 laptops
Printer
Back-up drive
2 sets of speakers
5 lamps
Clock radio
Camera battery charger
2 phone chargers
Television
DVD player
Microwave
I should pull the cord on most of these electronics, like the extra laptop that rarely gets used, the printer, the back-up drive, and the chargers, but they stay plugged in day after day.
Put a Stake Through Vampire Power
So how do you dust these energy vamps? There are two factors to consider: One is energy efficiency, and the other is whether the device is on or off.
The first thing to consider is a device’s overall energy efficiency, since in-use energy used can often be more important than standby energy if an appliance sucks a particularly large amount of power. The U.S. EnergyStar program provides energy efficiency ratings for various categories of electronics, so begin your search there when shopping for energy-efficient appliances, light bulbs, water heaters, windows, and more. While it’s not possible for most slayers to replace all of their appliances and electronics, you can start to slowly swap older devices with energy-efficient ones when you need to replace something.
Second, take care of the vamps in your home. Unplug chargers and adapters when you aren’t using them. When that’s not practical (because you don’t want to reset your clock 10 times a day or shutdown and unplug your computer every time you use it), consider a power strip like the Wattstopper Plug Load Control or Smart Strip Power Strip, which work two different ways to lower your bills.
The Wattstopper ($90) uses a “personal sensor” to turn off power after a device has been idle for a user-defined time period. The Smart Strip ($35) can sense when devices are on or off and shuts off power supply accordingly. According to the Smart Strip website, independent consultant tests showed that it can “save enough energy to pay for itself in as little as six weeks…up to $20 per month on your electric bill.”
Your wooden stake power strip will pay for itself.
J.D.’s note: Now’s a good time to remind you of the Kill-a-Watt electricity usage monitor. This little gadget detects how much power your appliances use so that you can make smart decisions about electricity. You only need to use the Kill-a-Watt about once every year. So, do what we did: Buy one and loan it to all your friends so that they can find the energy vampires in their homes.
Today is all about the Federal Reserve. Their two-day FOMC meeting wraps up today and we could see mortgage rates adjust when they release their written statement at 2:00pm. It’s important for anyone thinking about buying a home or refinancing their current mortgage to tune in and see what happens. Read on for more details.
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Market Outlook 3.19.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
All eyes on the Fed – rates could adjust this afternoon
The Federal Reserve is front and center today for financial market participants as it’s the final day of their Federal Open Market Committee meeting. The meeting will formally conclude this afternoon at 2:00pm with the release of a written statement outlining their current monetary policy outlook.
It has been widely anticipated for a couple months now by investors and analysts alike that the Fed will decide to raise the nation’s benchmark interest rate–the federal funds rate–by a quarter point, bringing the target range up to 1.50%-1.75%.
Since the markets have already priced this decision in, we won’t see an immediate jump higher for rates once it’s finally written in stone. However, that is not the only thing that investors will be looking for at today’s meeting.
What everyone really wants to learn from this meeting is how the Fed feels about more rate hikes in 2018. Over the past few months we’ve gotten a variety of pundits debating whether or not the Fed will take a more aggressive or cautious approach throughout the year.
For a while there in February when the inflation reports were really coming out strong it seemed as though there might actually be a case for four rate hikes. Now, with recent inflation readings coming in on the softer side it’s not looking like that will happen.
You never know what the Fed will say, though, which is why everyone and their mother will be tuned in at 2:00pm to get the details. Today’s event is also notable because it’s the first time we will get a post-meeting press conference from the new Fed Chair, Jerome Powell.
He will speak for about an hour starting around 2:30pm, fielding questions from journalists. The written statement is of course a huge insight into the inner-workings of the Fed but more often than not we learn more about the situation and rationale behind the decisions from the post-meeting dialogue.
Investors are getting anxious today as they anticipate the Fed’s rate increase, moving more into stocks and out of bonds. The yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are going) has moved up to its highest position in a month at 2.90%.
Mortgage rates typically move in the same direction as the 10-year yield, and are similarly seeing some upward pressure today.
Rate/Float Recommendation
Lock now before rates increase further
Despite all of the fuss in the markets today, our outlook remains the same: mortgage rates should steadily rise in 2018, so most borrowers will likely get the better deal on a purchase or refinance by locking in a rate sooner rather than later.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Existing Home Sales
Existing home sales ticked up to an annualized rate of 5.540 million.
EIA Petroleum Status Report
FOMC Meeting Announcement and Press Conference
See above for details
Notable events this week:
Monday:
Tuesday:
FOMC Meeting Begins
Wednesday:
Existing Home Sales
EIA Petroleum Status Report
FOMC Meeting Announcement and Press Conference
Thursday:
Jobless Claims
FHFA House Price Index
PMI Composite Flash
Friday:
Fedspeak
Durable Goods
New Home Sales
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.