Word: condominium
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Reggie Jackson, 32, outfielder, New York Yankees. The baseball millionaire chooses to invest in "tangibles," including a Volkswagen dealership in Canoga Park, Calif., a condominium project in Reno, a twin-engine Beechcraft plane, and five antique cars. Jackson advises friends: "Start building a cash reserve. And then buy things, things you can touch...
...runaway development is the island's limited water supply, to which agriculture has first claim. Moreover, a real estate developer is compelled to divert equivalent acreage to cropland for every acre he takes out of production. Mayor Cravalho foresees a maximum future growth of 35% in hotel and condominium construction. Meanwhile, Maui has the lowest real property tax rate and bonded indebtedness in all of Hawaii. Its pricey real estate is bolstered in value by such intangibles as ambience and climate, but also by solid surroundings: beaches, swimming pools, stores, arts and crafts centers, restaurants, a tennis stadium there...
...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 -on his investment, and that becomes extremely appealing in times of cost crunch...
...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" has doubled in price since...
...same space. Developers commonly claim that most of the rental tenants elect to buy their apartments rather than move. But, says Gary Lowe, a leader of a consumer group called CHAIN (for California Housing, Action and Information Network), "Certainly in California, less than 5% of renters buy into a condominium. And no wonder. They can't afford...