Word: chicago
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Dates: during 1970-1979
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...consulting firm: " To get inflation under control, everyone has to sacrifice. There has to be a willingness by the public to forgo tax relief, tolerate tighter money, and not put tremendous pressure on the Government to step up spending for pet programs." Adds Beryl Sprinkel, executive vice president of Chicago's Harris Bank: "The key question is, what happens when unemployment starts moving up to 7% or 7.5%? Will the Administration have the guts to hang in with a moderate policy that provides some long-term hope that we will get inflation down...
Throughout the country, in cities like San Francisco, Houston, Washington, Atlanta, Milwaukee, Chicago, New York and Boston, apartment dwellers are getting surprising messages as more and more rental buildings in desirable neighborhoods go "condo" or "co-op." The owner of a cooperative buys shares in a corporation that owns his entire building and land; the number of shares depends on the size and desirability of his apartment. By contrast, a condominium buyer owns his apartment outright and has joint title with the other condo owners to the land surrounding his building...
Three weeks ago, the 8,000 residents of Chicago's Sandburg Village, a nine-tower apartment complex long considered one of the last rental havens on the city's elegant near North Side, discovered that theirs was about to become one of the largest condominium conversions ever. The buildings had been sold to a development group for $110 million. Says Barbara Molotsky, a tenant who pays $370 a month for her one-bedroom apartment and may have to hand over $50,000 to buy it: "I don't want to buy, but there just aren...
...fewer rental apartments are being built than in the mid-1970s. Rising costs of construction and of operating existing rental units have squeezed landlords. In Chicago, for instance, utility and fuel bills have been rising faster than the Consumer Price Index, while rents have lagged behind it. Says John Pfister, vice president of Chicago Title & Trust, a mortgage broker: "Most renters are getting a bargain. It is the landlords who are behind the eightball." The owner of an apartment building who converts it to a condominium or cooperative can reap a profit of 20%-and often much more...
...some city dwellers, owning an apartment is an even better hedge against inflation than owning a house. In Chicago, the little local joke is that condos are the hottest thing since Mrs. O'Leary's celebrated fire. They are appreciating at an annual rate of 14% to 15%, vs. 12% for single family homes, and turnover of the city's 43,000 condos is almost double that of other residential real estate. In Boston's Wellesley Green condo, a three-bedroom apartment in what its developers, Spaulding & Slye Corp., describe as a "luxury, luxury condominium...