Word: mays
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Dates: during 1980-1989
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...difference is most dramatic at the top. Homes in Connecticut that shot up to $2 million may now fetch only $1.3 million. It's not so bad in the real world -- three-bedroom homes in my sunny but unfashionable Miami neighborhood that rose from $65,000 to $85,000 over the past two or three years are still $85,000. But the notion that real estate prices will always go up, once common knowledge, like the notion that grapefruits can be eaten only in halves, is finally subject to doubt. After decades of steadily rising prices, we could...
...prices come down and people feel poorer, consumer spending could slow a bit. Other factors may keep the economy humming, but one thing that's bound to slow is the turnover of houses. People are stubborn when it comes to selling their homes at less than they were counting on, let alone at a loss; and, especially after allowing for selling expenses, the equity available from the sale of one's first house may now be less, not more, than what's needed to trade...
Rising home prices may not pay for Junior's education or Senior's retirement. Some real money may need to be set aside as well...
...Senior Professional Baseball Association, where the crack of the bat meets the creak of the bone. Founded this year by Arizona real estate developer Jim Morley, the S.P.B.A. is into its first three-month season, fielding eight Florida teams of ex-major leaguers 35 or older (catchers may be 32). Most of the superstars are missing: Reggie Jackson is occupied with his classic autos, Jim Palmer with his underwear, Pete Rose with hawking his tarnished name. But enough good ole boys of summer are participating to help ease the winter of discontent every baseball addict endures between the last...
Well, maybe not big Senior Baseball business. The eight S.P.B.A. owners, each of whom staked a reported $850,000 for the first season, are not expecting quick profits. With some games attracting as few as 100 paying customers, a team or two may fold before the scheduled February play-offs. The players, whose salaries average $23,000, won't get rich either. But what they want is to prove, to themselves and others, that there is life after Fan Appreciation Day. "Hell," says ex-Yankee Graig Nettles in the S.P.B.A. yearbook, "if I can stay in baseball, I may never...