Word: condominium
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...Padre has a comparable latitude-and, partisans assert, a more congenial climate-than Miami. Says former Mayor John Austin, a retired Marine Corps major and avid fisherman: "I really think the possibilities here are unlimited." Not surprisingly, the town is alive with the sound of bulldozers, and spanking new condominiums are sprouting like dune grass. Eight buildings with 306 condominium units are under construction, and 116 more units are on the way. "We're on the grow," boasts City Manager Kirby Lilljedahl. "We had $8 million in new construction last year, and 1979 could well double that...
...council majority is lobbying for a state bill, introduced by Graham, that would tighten up rent control by ending the eviction of tenants for condominium conversion...
Under current Cambridge law, purchasers of individual units can evict tenants and then let the developers turn the apartments into condos. Graham's bill would close that loophole, which she says has allowed close to 2000 condominium conversions over the last few years. segment of the community was galvanized yesterday "most of Holcombe's grievances were well-founded...
...real estate climbing fastest in the U.S.? Try Aspen and neighboring Snowmass, Colo., the ski-and-sun resort area whose population of 17,000 swells to 35,000 when the snow is on the trails from Thanksgiving through mid-April. Six years ago, studio apartments in the Lichenhearth condominium complex sold for $30,000; today, these 675-sq.-ft. jewel boxes go for $175,000. Last year Jay Kuhne, a California real estate man, parted with $275,000 for his three-bedroom town house condo on the Aspen Club grounds; this year the unit is selling for $675,000. Prices...
Preusser said that if rent control was abolished or condominium conversion allowed to continue, landlords could price apartments and condominiums beyond the reach of young, old, fixed-income or working class tenants; thereby robbing the city of its diversity. "I suspect that in the minds of some, a fair profit margin means as much as you can get," Preusser said...