Word: ops
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Dates: during 1970-1979
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...Iran's exports edge up, other OP EC members just threaten to cut back...
...Paris, the opera world's most tantalizing other shoe has finally dropped. The Paris Opera presented the first-ever full-length Lulu, third act and all. To Rolf Liebermann, the Paris Opéra's general director, it was the culmination of a 30-year quest. To Conductor Pierre Boulez, it was belated "justice to a work that has been mutilated." To the black-tie audience of statesmen, artistic leaders, 200 music critics and assorted opera buffs, it was a triumph and, to some, a perplexity...
Throughout the country, in cities like San Francisco, Houston, Washington, Atlanta, Milwaukee, Chicago, New York and Boston, apartment dwellers are getting surprising messages as more and more rental buildings in desirable neighborhoods go "condo" or "co-op." The owner of a cooperative buys shares in a corporation that owns his entire building and land; the number of shares depends on the size and desirability of his apartment. By contrast, a condominium buyer owns his apartment outright and has joint title with the other condo owners to the land surrounding his building...
Though most apartments are being converted to condominiums, cooperatives traditionally have been much more popular in New York City. In a fairly typical example for that city, a couple bought a seven-room co-op on Manhattan's Upper West Side for $16,000 when the building was converted five years ago; last summer they sold it for $75,000. From 1974 to 1978, the average price per room in New York City luxury buildings jumped from $11,000 to $19,000. In that four-year period, the number of applications filed with New York officials to convert apartment...
Both condo and co-op owners enjoy the same attractive tax advantages as homeowners in being able to deduct interest and property taxes. But condos in many areas are appreciating faster in today's churning market because buyers can get mortgage financing at cheaper rates than co-op buyers, who must take out higher interest personal loans because they own nonmortgageable shares instead of property. Co-ops are more restrictive than condos; the building's board of directors must approve a potential buyer before he can acquire shares, whereas a condo can be sold to whomever the owner...