Word: three-bedroom
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Builders have rushed back to the low-priced end of the market because the soaring costs of labor, land, materials and especially mortgage money make it impossible for many buyers to afford larger, more expensive homes. "The three-bedroom, two-bath house that in 1966 cost $25,000 now goes for $32,000," says Michael Tenzer, a senior vice president of Los Angeles-based Larwin Group Inc. "Four years ago, about 41% of the people around here had incomes of $9,600 or more, which could qualify them to buy that house. Today only 22% of the population can meet...
Little More Than Livable. To hold prices down, builders offer less space and fewer amenities. Larwin's three-bedroom models have shrunk from 1,300 sq. ft. to 1,000, for example, and the company is putting them up on cheaper land farther from the center of the city. Larwin has dropped dishwashers as standard equipment, substituted a single oven for a double one, and switched to lower-quality kitchen cabinets. Kaufman & Broad, which builds in 43 communities, has not only eliminated fireplaces, landscaping and air conditioning as standard items, but also shifted to a more boxy-shaped house...
Bundle for Britain. In person, Kaplan, son of a Manhattan textile man, is hardly as flamboyant as his productions. He takes a novice gourmet's interest in food and wine, but he lives simply in a three-bedroom bachelor apartment. He plays the harpsichord and is studying Japanese because he feels that Japan will be "the country of the future." He muses about how he might help "to unlock some of those billions managed by our readers so that they benefit society instead of private interests." To that end, he is investigating ways of directing investments into city slums...
Like many other retired executives, Bonanno finds the routine irksome. Most mornings Hill drives him into town, where Bonanno attends to errands until about noon. Returning home-a rather small, three-bedroom house at 1847 East Elm Street-he usually lunches on an Italian sausage sandwich, then puts on a "ghastly-looking" pair of Bermudas for a couple of hours of sun and reading in the yard...
Current plans call for the construction of 20 low-rise town house units and two 16-20 story towers with 280 apartments between them. The town houses would contain three bedrooms each, while there would be 70 one-bedroom, 140 two-bed-room, and 70 three-bedroom apartments in the high-rise towers...