Word: chicago
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DIED. ARNIE MORTON, 83, restaurateur who in 1960, with Hugh Hefner and Victor Lownes, launched the first Playboy Club and then founded Morton's, the steak-house restaurants; of cancer; in Deerfield, Ill. His original Chicago eatery, opened in 1978, got a boost after Frank Sinatra dined there one night, and the newly dubbed "steak house for the rich" soon expanded to other cities...
From the Flats in West L.A. to the suburbs of Chicago and Boston, any block with smallish homes near desirable workplaces, good schools and popular stores and entertainment is red meat for carnivorous builders. The National Trust for Historic Preservation in a 2002 report documented more than 200 historically significant communities in 20 states where teardowns were prevalent. In the Chicago suburb of Hinsdale, the report said, an astonishing 1,200 homes (20% of the supply) had been demolished since 1986. The trend has intensified since then. Nationally, as many as 75,000 of the single-family houses built last...
Others eyeball the neighbors more wistfully. Lottie Kovarek, 86, could sell her Chicago house for dozens of times the $10,500 she and her late husband paid in 1952. But as homes she has known for decades are being razed to build million-dollar-plus yuppie warrens, her street--once home to working-class Polish-American families--is losing its tight-knit character. But at least Kovarek owns her home. Writer Michael Glynn, 49, his wife and two kids rent an 850-sq.-ft. apartment in Santa Monica, Calif. There is barely enough space to shoehorn a tree...
...house, boom or bust, remains the place where you kick off your shoes at the end of the day. Carol Connelly, 53, and husband Mike, 52, live in a 4,000-sq.-ft. house in the small central Michigan town of Gobles. The Connellys used to live in Chicago, where they sold their Lincoln Park house for $450,000--having paid $208,000--giving them enough money to buy their place in Gobles outright, leave their high-pay, high-pressure jobs and spend more time with their kids...
...Connellys, for all their success, screwed up. Little Gobles is not exactly the white-hot center of the real estate inferno. If they had continued trading up for nine years--buy, fix, sell, buy, fix, sell--there's no telling how much profit they could have made. (Their Chicago house, they say, would now sell for more than $750,000.) And if they had plowed that profit into a second investment property ... and a third...