Word: co
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Dates: during 1970-1979
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...week's end the NRC staff took another strong stand on safety by recommending that the commission fine the Consumers Power Co. of Jackson, Mich., $450,000 for having left valves open in its reactor containment building from April 1978 until last September. If there had been an accident during those 18 months, radioactive materials could have spewed out of the building. The fine would be the largest penalty ever imposed on a U.S. nuclear power company, nearly three times more than the fine levied against the operators of the Three Mile Island plant...
...attraction of co-ops and condos is simple: they offer the tax and investment advantages of home ownership, but usually for less money. Their appeal is strong among retired people squeezed by rising rents, young married couples and middle-income suburbanites stunned by fuel costs. "Going condo or coop" has become a buzz phrase in real estate, as San Francisco apartment buildings, Florida motels, and even a renovated Brooklyn church and a convent have become condominium or co-op flats...
Money to buy condos or co-ops is becoming costlier and harder to find, of course, but the impact of the squeeze has so far been modest. In Chicago, the Baird & Warner real estate firm reckons that October condo sales were 6% ahead of the same month last year, but prices have eased from an average of $93,000 in 1978 to about $85,000 today. In New York City, both demand and prices remain high, and luxury four-room apartments are selling for an average of $ 160,000, vs. $ 100,000 a year...
...reason for New York's continuing co-op strength is the presence of moneyed buyers, including many foreigners, who do not need or care to bare their finances to banks; nearly two-thirds of the city's co-op purchases are all-cash deals. Elsewhere, bankers and brokers are devising ways to ease the credit pinch on buyers. Some California brokers arrange deals whereby the seller acts as his own bank; he agrees to turn over his condo to a buyer in return for a so-called trust deed, which requires monthly payments directly from the buyer...
...Lauderdale: "I can't worry about interest rates now. Where am I going to go? I don't want to live in a rental any more, with its $50-a-month increase every year." Over the long term, it seems that demand-and prices-for condos and co-ops will be stronger than for housing in general...