Word: condos
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Dates: during 2000-2009
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...have now come to represent wretched excess. During the past five years, U.S. developers have constructed a breathtaking surplus of office towers, condominium complexes and hotels. In Los Angeles, a rusting, 17-story framework of steel girders on Wilshire Boulevard has stood idle for three years because of collapsed condo prices. Denver's tallest building, the 56-story Republic Plaza office tower, is only half rented despite such amenities as a concierge, an Italian-marble lobby, a car wash and computerized climate control. Florida's $197 million Le Pavillion hotel, part of a posh development called Miami Center, is usually...
...second shock to the real estate industry was the decline of the condominium market. Until only about a year ago, the U.S. was crazy for condos. More than 2.5 million units opened in a decade. But that produced a vast excess of supply, notably in California, Texas and Florida. Speculators who had bought condos in the hope of fast price appreciation saw the shakeout coming and dumped even more of them on the market. At the same time, demand was dampened by the maturing of baby boomers, many of whom now aspire to move from condos to split-level suburban...
...designing housing wholesale. What about all the new passengers added to overburdened mass transit? Says Trump airily: "We'll renovate a couple of subway stations, et cetera, et cetera." Planners of housing for the poor realized years ago that isolated high-rise flats foster a dangerous anomie. Condo buyers may be unlikely to join street gangs, but Television City will be an interesting experiment: extreme swank and large-scale alienation, together for the first time...
...will bleed in probate. Best of all, you can change your mind. Suppose you find another companion? Or your friend does--and also finds himself more comfortably situated? You can modify or alter the trust at any time. So don't put his name on the deed to your condo. For yourself and for him, do the following: buy your new home and stay healthy. Then your friend will get the most you can give--and you will not suffer in the giving. --By Francine Russo...
...took four years and 15 police reports before the youngest sister gave in and agreed that Kathleen should become their mother's guardian. Wittstock assumed guardianship in 2004. By that time, their mother was living alone and unkempt in her condo with no food in the house and the gas turned off. Now Mom is safely ensconced in an assisted-living home, and Wittstock is proud of what she accomplished with her sisters. "Our relationships are not always great," she says, "but we work...