Word: condo
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Dates: during 2000-2009
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...Investment homes," as they're often called, used to represent a fraction of U.S. housing sales, but according to the National Association of Realtors they made up almost a quarter of home purchases last year. It's one reason why U.S. home prices have lept 50% since the 1990s (condo prices have risen 57%) and why fewer than an estimated fifth of Californians can afford a median-priced home in their state. Developers complain that when investors snatch up units pre-construction and then sell them off before the sodded grass is even put down, it essentially means the developer...
...sole purpose of quickly selling it off for a profit, usually before construction is completed and often without even taking title to it. But Bianchi, a real estate broker and co-owner of Paradise Properties in West Palm Beach, Fla., who says he may soon flip a luxury condo himself, admits that his convictions about the practice are being tested in today's housing-price boom when homes in his area of Florida are jumping 35% a year. "Flipping," says Bianchi, "is turning into a negative phenomenon. In reality, it's pushing the market up too fast...
...appeal of caring for the property of others is as varied as the people who take those positions. For Don Davison, 72, a retired banker in Knowlton, Quebec, the decision was strictly financial. "I can rent my condo, which is in a resort area, for three months and make a chunk of change that will help me overcome inflation, since my pension isn't indexed," Davison says. Still, he needed someplace to live for three months. The solution: he took a position as summer house manager at his ski club at Mont Tremblant, in eastern Canada, where he lives rent...
...Condos drive the real estate market,” Cassell says. “The building does need work. How do you get that work? Condo-ization would help pay for rehab...
...long hours, although they have complained that he does not permit his family the free flying privileges that most airline executives give their children. Burr and his wife Bridget, who was a cheerleader for his high school basketball team, occasionally manage to take the family to their ski condo in Park City, Utah, and to a home on Martha's Vineyard...