Word: condominium
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...Condominium sales are now going through the roof in part because owners get tax breaks. When an owner moves and sells his apartment, the profit is taxed as a capital gain-usually one-half his normal tax rate. If he reinvests the entire proceeds in another house or condominium within a year, he can avoid income taxes completely. If he wants to rent out his newly vacated condominium instead of selling it, he gets tax deductions for upkeep and depreciation. Meanwhile, interest charges on his mortgage are taxdeductible...
...surprisingly, tennis has become a popular lure in new housing developments. "For every potential customer who talked about golf we found three who wanted to talk tennis," said Jack Gaines, developer of a 9,000-unit condominium subdivision called Inverrary on the outskirts of Fort Lauderdale, Fla. He put in 20 courts. There will be 48 outdoor and two indoor courts and 106 plush town houses at Lakeway World of Tennis, now abuilding near Austin, Texas. When not actually playing, Lakeway residents can watch closed-circuit television broadcasts of instructional films and professional matches. Or swim in a huge pool...
...this, 3,300 new residents are crowding into Florida each week. Housing starts in the nation's second fastest growing state (after Nevada) have gone from 66,000 six years ago to 166,000 last year, and are expected to rise still higher this year. Condominium apartments are by far the most popular type of new building; for prices ranging from $12,000 to $125,000, owners often get such extras as pools, saunas and tennis courts. One of the thickest concentrations of condominiums is in Dade County, which includes Miami and Key Biscayne, vacation home of the nation...
Some of the newer walled communities are installing remarkably sophisticated security systems. The Mission Hills condominium in the desert near Palm Springs is being rigged with electronic Westinghouse units that monitor for fires, burglaries or equipment failures. Signals are fed to a local computer center that alerts firemen, police or maintenance men and, in addition, activates a net of ultrasensitive microphones installed inside each house, allowing a dispatcher to listen in while help is on the way. Residents are enthusiastic. "I feel so good when I know that I'm entering a house that is untouched," says a Mission...
...commutation, he must stay out of union business until 1980. This week Hoffa returns for sympathetic hearings to Capitol Hill, where in other times he has occasionally been roughly treated. He will appear before a House Judiciary subcommittee on prison reform. Last week, in his $65,000 condominium near Miami Beach, Hoffa talked with TIME Correspondent Dave Beckwith about his new-found passion...