Word: one-bedroom
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...continues to live in his apartment, he faces the realistic possibility of continual increases in rental payments, and yet these additional expenses do not give him any benefit, equity or security. Also, he will never see any of the advantages of home ownership. The average price of a one-bedroom condominium in Cambridge is $28,000-$35,000. Joe will only need $6,000-$7,000 as a deposit. He may also be able to obtain a low interest purchase money mortgage from his landlord, or since Joe is a tenant in the building there is a good chance that...
...people have to pay a higher price for them." A two-bedroom apartment that went for $400 a month last year in San Francisco's North Beach today fetches $850. In New York City, where rents have been rising 15% to 20% annually for the past three years, one-bedroom apartments command $1,000 a month and two-bedrooms start at $1,500 in new Manhattan buildings...
...bedroom apartment in Manhattan is now more than $1,000 a month, vs. $700 two years ago; in Chicago, it is $670, vs. $540; and in Los Angeles, $700, vs. $400. "It's a closet," sighs Olga Flores, a Houston social worker, of her $350-a-month one-bedroom apartment, which she found only after a long search. The old rule that renters spend no more than a quarter of their pretax income on rent went out with the Edsel. Explains Marc Lewis, a part owner of Manhattan's Gardner Realty: "They come looking for a one-bedroom...
...Side Manhattan apartment that cost $50,000 four years ago now goes for $225,000. A modest brownstone in Brooklyn costs $130,000. Fifty-year-old houses in Atlanta's Virginia-Highland neighborhood of wood-frame bungalows have doubled from $30,000 in 1976 to $60,000. A one-bedroom condo in Boston's scruffy South End costs up to $60,000. Says Ann Wallace, 31, who was looking to buy in the supposedly inexpensive area of south-central Los Angeles: "What we figured would sell for $40,000 is selling for $60,000. What we figured would...
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...