Word: condos
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Dates: during 1970-1979
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...lawyer that looks at this ordinance would never vote for it, because it makes no damn sense," councilor Joseph Tierney said. "We can't not have condo conversion, because that's unreasonable and unfair," Tierney added...
Money to buy condos or co-ops is becoming costlier and harder to find, of course, but the impact of the squeeze has so far been modest. In Chicago, the Baird & Warner real estate firm reckons that October condo sales were 6% ahead of the same month last year, but prices have eased from an average of $93,000 in 1978 to about $85,000 today. In New York City, both demand and prices remain high, and luxury four-room apartments are selling for an average of $ 160,000, vs. $ 100,000 a year...
...banks; nearly two-thirds of the city's co-op purchases are all-cash deals. Elsewhere, bankers and brokers are devising ways to ease the credit pinch on buyers. Some California brokers arrange deals whereby the seller acts as his own bank; he agrees to turn over his condo to a buyer in return for a so-called trust deed, which requires monthly payments directly from the buyer...
...first signs of a "wait and see" attitude are appearing among some buyers who think that mortgage rates may soon ease back. Michigan Entrepreneur Warren Avis, founder of the Avis Rent A Car system, was quickly filling a 120-unit condo conversion in Detroit last month, but saw many of his customers vanish as mortgages rocketed. Says he: "All of a sudden we got slugged in the guts. The last four weeks have broken the back of buying...
...that, most shoppers still echo Estelle Wollman, 70, who plans to close a deal on a Sunrise, Fla., condo not far from Fort Lauderdale: "I can't worry about interest rates now. Where am I going to go? I don't want to live in a rental any more, with its $50-a-month increase every year." Over the long term, it seems that demand-and prices-for condos and co-ops will be stronger than for housing in general...