Word: condominium
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When Vicki Lefever, 29, a pregnant Santa Monica housewife, went to her mailbox last Dec. 12, she found a disturbing notice. It informed her that her building was being converted into a condominium, and that she and her policeman husband could either buy their apartment, a two-bedroom flat renting at $395 a month, for $95,000 within 30 days-or move out. She was so upset that her blood pressure soared to 160 over 100, and she went into labor, giving birth prematurely that night to 6-lb. 3-oz. Eliot. "My doctor says the notice caused the whole...
...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...
Three weeks ago, the 8,000 residents of Chicago's Sandburg Village, a nine-tower apartment complex long considered one of the last rental havens on the city's elegant near North Side, discovered that theirs was about to become one of the largest condominium conversions ever. The buildings had been sold to a development group for $110 million. Says Barbara Molotsky, a tenant who pays $370 a month for her one-bedroom apartment and may have to hand over $50,000 to buy it: "I don't want to buy, but there just aren...
That night the captains stayed with the University of Miami team at the home of Mr. and Mrs. Bob McClelland, the owners of a plush April Sound condominium. Spence returned the Texan hospitality by performing a series of bawdy Harvard fight songs assisted by the megaphone and pom-poms belong to the McClelland daughters, who are high school cheerleaders...
Councilor Alfred Vellucci, and Cambridge attorney David Sullivan accused Harvard of giving developers an incentive for increased condominium conversion by announcing that it would provide $2 million in loans for faculty housing in the city...