The Cincinnati Enquirer from Cincinnati, Ohio • Page 69

EDITOR: DENISE STOCKSTILL, 369-1009 THE CINCINNATI ENQUIRER SUNDAY, SEPTEMBER 3, 1989 SECTION Students build it mmmommmmmmmmmmmmmmmmm fOQk ij How to use this list jr -jr si 1,. N. I i a house to se This table shows interest rates plus one-time tees on home mortgage loans available last week at selected mortgage lenders in Greater Cincinnati. (Many lenders adjust their rates in mid-week.) Interest rates are for an 80 loan, which requires a down payment of 20 of the sale price of a house. -vx, i'-' ST" Brothers worked all summer Adjustable rales are based on a 30-year repayment schedule.

Points, listed below the rates, are payments a lender requires to make a loan at a particular interest rate. Each point equals 1 of the total dollar amount of the loan. Symbols in the list show additional charges some lenders assess, which may vary with the house cost: a is application fee; of is origination fee; op is out-of-pocket expenses; is private mortgage insurance; is title insurance; na shows that a Average Average Average Payment on Type" rate rate two past week $75,000 loan of mortgage past week weeks ago last year at current avg. 1-year ARM 8.77 8.72 8.31 $590.88 3-year ARM 9.76 9.73 9.47 $645.14 15-year fixed 9.88 9.81 10.43 $800.59 30-year fixed 10.12 10.05 10.72 $665.06 Average Southwest Ohio rates calculated by Quote Service BY CHARLES JACKSON The Cincinnati Enquirer Many students look forward to several weeks of leisure in their summer break. But not TJ.

and Dobbs Ackermann. They built a house. The two sons of Cincinnati builder Tom Ackermann and his wife, Margaret, put up a three-bedroom, 2V2-bath home in Mount Carmel. Then they sold it for $117,000. Their initiative made them the third generation of Ackermanns to build in Cincinnati, a history begin-' ning with their grandfather Rudolph "Rudy" Ackermann, a builder of private residences.

22, and 19-year old Dobbs began discussing their first house with their father last December. "The boys got the idea during Christmas vacation," explained their mother Margaret, who is vice president of the family company, Ackermann Enterprises. The gameplan was to buy a lot from their father, and select a house that wasn't too complicated and could be completed during their summer vacation. "We talked back and forth by The Cincinnati EnquirerJames M. Merithew T.

J. Ackermann sits in second floor window of house he and his brother, Dobbs, built and sold this summer. Studio Plus offers short-term units Lenders 1-year 3-year 15-year 30-year office telephone ARM ARM fixed fixed Barnaclo Mtg. Services 8 9 9.75 9.875 489-6080 2V2opt 2V2opt 2V2opt 212opt Blue Ash Co. 8.625 9.625 9.75 10 Blue Chip Savings 9.50 10 10.25 10.50 241-5908 3.3 3 3 Business Men's Fed.

8.75 9.75 10 10.25 241-0242 21iop 2Vjop 2op 2op Century Bank 8.50 na 9.75 9 98 631-2100 214opt na 214opt 2opt Dearborn Savings 9 na 9.875 10.125 (800)872-6244 2Vaop na 214op 2'2op Deer Park Fed. 8.125 10.875 9,50 9.875 791-6507 412opt 212opt 2V2opt 27eopt Fifth Third.Camp.Co. 9 9.50 10.125 10.375 441-0500 2V2op 2V2op 2Viop 2V2op First Investment Co. 8.875 9.75 9.75 10.125 793-5542 114opt 1opt 2opt 2'2opt First Ohio Savings 9 9.75 9.75 10.25 641-1700 2V2op 2V2op 2op 2op Gold Key Mortgage 8.50 9.50 9.875 10.25 241- 8081 2opt 2opt 2opt 1V2opt Harvest Home Savings na 9.75 10 na 661-6612 na Heritage Savings 0.75 na 9.75 10 481-2481 2 $500 Humbert Mortgage 8.50 na 9.50 9.75 761-2251 2opt na 212opt 2opt Independence One 9.375 na 9.75 9.75 381-0050 2opt na 3opt 312opt Johnson Mtg.Serv. ,8.75 9.25 9.75 10 793-5000 2Vaopt 3opt 2Vsopt 2V2opt Kemper Mtg.

Co. na na 10 10.375 671-0900 na na 212 212 Key Mortgage 8.50 9.625 9.875 10 231-3891 2V2opt 3opf 3opt 2opt Lambrecht Co. 8.375 10 9.625 9.625 489-2552 3opt 3opt 3opt 4opt Lenox Co. 10.25 10.75 na na 242- 0600 na na Northern Ky.Bk.iTrust 10.125 10.125 10.25 10.50 635-2144 0op 0op 2op 2op- Price Hill Eagle 9 9.75 9.75 na 921-2061 2V2 2 2a na Principal Financial 8.125 na 9.50 9.875 671-0080 2V2opt na 3opt 3V4opt 8.625 10.25 10 10.25 867-5197 2op 2op 2V2op 212op Suburban Fed.Savings 10.25 10.25 10.75 na 489-4888 na Sycamore 8.50 9.50 10 10.25 741-7930. 2opt 2opt 2opt 2opt Westwood Homestead .8.75 na 9.75 9.95 661-5735 na SlT nil Hi phone from school about the house," said T.

a senior at the University of Maine who will be vice president of the student body and president of the Senate this school year. Dobbs, a sophomore at Bradford College in Massachusetts, who fe an English major with a minor in business management, said that after receiving "tons of information" from their father in Cincinnati, the two finally decided in March on a plan they found in Professional Builder, a trade publication. During the spring, they made some modifications in the plan, while in Cincinnati their dad was readying the site to allow full advantage of working time during their 16-week vacation. "By the time they arrived home, the location of the house was set on the lot and an excavator engaged," said Mrs. Ackermann.

On May 16, they discussed business over breakfast with their dad and then headed for the Clermont County Building Department to register for building permits. (Please see BUILDERS, Page G-4) Other rates A spot check of other facilities offering comparable, short-term accommodations revealed: Garfield House, downtown Must stay at least six days. Costs for executive suites are one bedroom, $95 a day; two bedrooms, $105. Governor's suites are one bedroom, $110; two bedrooms, $120. Fourth and Plum Apartments, downtown Must stay at least 30 days.

Studios are $950 a month; one or two bedroom, $1,100. Embassy Suite Hotel, Blue Ash Must stay 14 or more consecutive days. Single, $69 a day; double, $79. There also is a wide-screen television in the lobby area, an exercise room and an outdoor swimming pool. i Rates depend upon length of residence, with longer stays saving more money: One to two weeks is $160 per week; three to seven weeks, $145 and eight weeks or longer $135.

The rates include utilities and basic cable service. There also is a refundable $100 security deposit. The Cincinnati EnquirerJohn Samora lender does not make that type of loan. Cincinnati Board of Realtors Mortgage because of changing market conditions. a particular rate.

1 residential rehabilitation program where Ludlow loans money to eligible families to fix up homes. "If you're married and the household income is up to $35,000 annually, you're eligible," Pegg said. "We started it in 1978 in some portions of the city, but four years ago, we made it city-wide." The loan program is attracting interest from both sides of the Ohio River. "In my neighborhood, I'm seeing young couples from suburban Cincinnati fixing up homes and moving here," Cloud said. "It's a unique neighborhood, and it's a lot closer to downtown Cincinnati than many of the outlying suburbs." Ludlow is nestled between Covington, its big sister to the east; Fort Wright to the south; Bromley to the west; and the Ohio River to the north.

Many consider Devou Park as its biggest attraction since the city doesn't offer a shopping mall or a wide variety of restaurants. But along a stretch of Kentucky 8 and Elm Street there's some quaint shops. And at the corner of Elm and Adelia, there's Deelight's perhaps the most recognized gathering place in town. The restaurant and dairy bar -one of Ludlow's few packs them in early in the morning and late at night with a fare featuring homemade breakfasts and creamy ice cream. The Cincinnati EnquirerAnnalisa Kraft Fairfield Studio Plus manager Anita Griffin, stands in one of the short-term apartments.

sheets, towels, and even dishes and pots and pans, he said. "The whole concept is built on economy for our clients." Each of the 300-square-foot studios is furnished with a fold-down "Jefferson bed," couch and chair, a counter between the living room and kitchen that doubles as an eating area with two chairs, a full refrigerator, a range and microwave oven. Published rates may no longer be available Publication Is not an offer to make a loan at Enquirer research by Shirley Dees BY CHARLES JACKSON The Cincinnati Enquirer You are a business executive transferring to Cincinnati from out of town and need to find a house for your family. You don't have a place to live in the meantime. So you search around and everywhere you call charges nightly rates beyond your reach.

Another alternative is an apartment, but the shortest lease you can find is for six months. A new short-term housing concept in Cincinnati just may be the answer to your problems. It's called Studio Plus and rates start as low as $135 a week if your stay is for eight weeks or longer. "It's lodging a la carte," said Studio Plus director of marketing and public relations Rick Bubenho-fer. "It's ideal for anyone in transition.

Our weekly rates are what some hotels charge per night." Owned by Lexington businessman Norwood Cowgill and his partner Newton Walker, Studio Plus first opened in Lexington, two years ago. The concept was so successful, they turned their sights to Cincinnati. The first 72-unit location opened here in January in Spring-dale, with the second opening in Nearly every day, a group of aging men some sporting blue jeans and University of Kentucky basketball caps congregate in the 34-year-old establishment and swap tall tales. "We call it the Liars' Table," said owner and operator Tom Dee, who, along with his wife, Sandy, acquired the restaurant last year. "It's where all the bull-crappers sit, talk, argue and try to outdo each other." Over cups of coffee and licks of ice cream, the contingent discuss everything from fishing to politics.

Some hot issues include; Increased traffic on Ludlow streets when a portion of 1-75 is closed for construction improvements. When a portion of the interstate is closed to take a cut out of the hill near Jefferson Avenue, traffic will be rerouted through Ludlow. i Ml eI' City promotes change with residential loans, riverfront plans P7 1 Fairfield two weeks ago. Studio Plus is an "a la carte" living arrangement, Bubenhofer explained. "For example, living here can be as cheap as you want.

If you want a TV set, bring your own television set. We encourage that. But, if you want, we can rent you one for $10 a week." The same goes for other extras, including maid service, pillows, Inside info Schools: Ludlow Board of Education; Ludlow High School. Property taxes: $1.96 per $1 ,000 of assessed value per year. Shopping: Little shops up and down Main Street.

Some restaurants. For major shopping Fort Wright, Covington or Newport. Local government: Ludlow City Council and is In Kenton County. Population: In 1980 was 4,959. "It's going to be good for some of our businesses, but it could cause some traffic flow problems," Mayor Pegg said.

A riverfront development plan that may include floating restaurants, high-rise office towers and a hotel. "The development is headed our way. If Covington can do it, so can we," Pegg said. The wave of new families moving in the area. Says Cloud, the city's deputy municipal clerk: "I handle the water bills monthly, so I know who's moving in and who's moving out." BY RICHARD GREEN The Cincinnati Enquirer As a late-afternoon summer breeze glides through Janet Cloud's shaded backyard, the lonely echo of a distant train whistle is heard.

"Reminds me of when I was a little girl and all you heard throughout Ludlow was the trains," says Cloud, who has spent all of her 58 years in the Northern Kentucky community. "But now, you don't hear them as much. In many ways, it's not the same town as it was 25 years ago." That's when Ludlow, the sleepy riverfront town, was a regional hub for railroads. Just a mile from Cloud's circa-1890 Queen Anne house off Kentucky 8, crews labored at roundhouses, repairing steam engines. Today, the crumbling remains of those once-busy structures abandoned when the railroad companies headed for Somerset, Ky.

contrast with a wave of residential renovations and an ambitious riverfront plan. "The entire Northern Kentucky area is changing, and it's important that Ludlow changes with it," Mayor Ronald "Lefty" Pegg said. "We're trying to upgrade our resi-, dential properties and make prop-' erty rates much stronger." One of the city's most aggres-' sive steps to enact such a plan is its -9 t'3 j. 1 Janet Cloud stands in front of her home in Ludlow, the former railroad town that wants to grow like other riverfront Northerrj). Kentucky cities..