Word: condo
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...dotting condominiums around the hotels on what was useless brush and mesquite land a few years ago. If Maui in the past century was ravaged by diseases brought in by outsiders, the island today is in the throes of a more benign importation. It could be called condo fever. Symptoms:-More than 1,000 people gathered at Kapalua last July to engage in a form of real estate roulette. The names of "registered" prospective buyers of condominiums were spun in a revolving cage to decide which 134 lucky ones would get the chance to shell out an average...
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...
...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...
...Both condo and co-op owners enjoy the same attractive tax advantages as homeowners in being able to deduct interest and property taxes. But condos in many areas are appreciating faster in today's churning market because buyers can get mortgage financing at cheaper rates than co-op buyers, who must take out higher interest personal loans because they own nonmortgageable shares instead of property. Co-ops are more restrictive than condos; the building's board of directors must approve a potential buyer before he can acquire shares, whereas a condo can be sold to whomever the owner...
...proposals also include provisions allowing landlords to convert their apartments to condominiums if 35 per cent of their tenants want to buy their apartments or if the city vacancy rate climbs above 4 per cent. This change should decrease "condo-conversion," City Councilor Mary Ellen Preusser said yesterday...