The Palm Beach Post from West Palm Beach, Florida on December 5, 1976 · Page 97
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The Palm Beach Post from West Palm Beach, Florida · Page 97

West Palm Beach, Florida
Issue Date:
Sunday, December 5, 1976
Page 97
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Page 97 article text (OCR)

: Palm Beach Post-Times, Sunday, December 5, 1976-F13 f HOUSING STARTS AND MOBILE HOME SHIPMENTS. Millions of units 3.51 Welcome to single family living at its best in the Palm Beaches Some Homes Ready For Immediate Occupancy CITY WATER & SEWER BUT NO CITY TAXES 2.5 - Total t N o Tinihcriine Sourhern Blvd. Out of the main stream of traffic; yet near four shopping centers and the Palm Beach Mall. Also near new recreation center, parks, public transportation and churches. SingU Fimily Starts ' .5 - " -"V Multifamily Starts Mtbllt Homt Shipmtnts r 2 Summit rum mm ' V' Before you invest in a home for your family, come see the Timberline. You'll find that we offer a completed home finished in every detail to your specifications with NO HIDDEN EXTRAS. Each home is designed for low energy consumption, low maintenance and best Within walking distance ( of Berkshire Elementary ' and Jefferson Davis Ju-1 nior High School. Also j within minutes of Forest Hill High School. Directions: Congrats Avenue to Collin Orivo (1 Block So. of Zare), Wm on Collin Drive to Dovii Rood, lift on Dons Rood TO THE 'TIMKRUNE and fvrniirwd Models. Between Turnpike tiits 36 40 of all is the location. 1 ' 1 1 1 1 I 1 ' 1 1 1 ' 1 1 1 I ' ' 1 1 ' ' ' 1 ' I I i I I I I I i i 1 1 1976 1972 1973 1974 1975 Seasonally Adjusted at Annual Rates U.S. Oepertmtnt of Commtrc, luruu of Economic Amlytii Deli: Coram 3528 Victoria Dr., West Palm Beach Phone 968-1 266 or 588-3226 Kendall Riviera Co., creators of The TIMBERLINE and other Fine Single Family Homes Since 1945 : This chart shows how housing starts and mobile home shipments are beginning to recover from the 1974 slump. U.S. Home Sales Near Record High Just 14 beautiful families WASHINGTON (AP) - Despite studies showing that by conventional yardsticks they were being frozen out of the market by rising prices, American families are buying homes in record numbers this year. Mortgage rates, a key factor in home costs, have tapered off. People who already own their homes are apparently cashing in on the equity they've accumulated because their houses have gone up in value. I Analysts say people are so determined to buy their own homes that both spouses are holding down jobs. And some of the analysts say people are digging deeper into their budget to swing a home of their own, although there are some questions on that point. - Whatever the reason, sales of existing homes are expected to hit 3 million this year, according to the National Association of Realtors, up from last year's record 2.45 million. Sales of new homes totaled 492,000 over the first nine months of the year, according to the Census Bureau. The record for sales of new homes in a year was 718,000 in 1972. Taken together, sales are certain to surpass the old record of 3 million pew and existing homes sold in 1975, when sales were stimulated through Sizeable federal interest rate subsidies for low-income buyers. ' This year's sales are providing one of the few bright spots in current economic activity generally. And homebuying is coming despite a widely cited study contending that 85 per cent of American families could Inot afford the median priced new home, despite a lackluster summer for retail sales generally, and despite a 61 per cent jump in the price of a new home over the past four years. The median price of a new home in September was $45,200, up from $39,700 in the same month a year ago and $28,000 in 1972, according to the Census Bureau. The Realtors Association says the median-priced existing home in the same month cost $38,700, up from $35,800 a year ago and $27,000 four years ago. ' But while those numbers have chilled the hearts of renters who might hope to buy a home, they've gladdened the hearts of homeowners. The rising prices mean a homeowner's equity is growing. I The median existing home purchased with a $2,700 down payment and a 25-year 7.5 per cent mortgage four years ago, for example if sold for today's median price, gives the seller $15,955 in cash to go shopping 'for another home. Thus the recent A widely cited study from Congress' Joint Economic Committee last year estimated only 15 per cent of American families could afford the median-priced new home. Researchers at the Library of Congress Research Service which compiled the study now say it focused on middle-income buyers and would have showed a bigger percentage had they used a broader base. John C. Weicher, chief economist at the Department of Housing and Urban Development, has taken issue with the congressional study and says more like 30 per cent of American families can afford the median-priced home. And since a median-price means half the houses sold are cheaper than the median, a vastly larger share of the population can afford a home, he says. All of those projections are based on certain assumptions about how much of their income families are willing to commit to housing costs. Congressional researchers assumed 20 per cent. Weicher assumed 25 per cent. But regardless, "Somehow an awful lot of people are buying homes which the traditional rules of thumb say they can't afford," says Wejch-er. A panel of research and building specialists at a construction exposition in Chicago Nov. 17 said American homes are financially beyond the reach of 70 per cent of the nation's families. "Our reports are there is a lot of scraping out there," says Michael Sumichrast, chief economist for the National Association of Home Builders. "People are borrowing from their families, sacrificing whatever they can to get a house." "Under the old ratios, many buyers would have been priced out, but by having two incomes and stretching even further, they're managing to keep up," said Kenneth J. Karin, chief economist of the National Association of Realtors. John Stafford, economist for the U.S. League of Savings and Loan Associations, says he's seen no evidence that lenders have relaxed their traditional yardsticks for assessing families' abilities to handle ' a mortgage. But lenders are no longer permitted to discount the salary of a working wife in granting loans. The strong home buying demand in the face of sharply rising prices means there is little likelihood that prices will ease off too much in the near future, economists generally say. Weicher notes that the children of the baby boom years are coming of the age now where people start families and buy homes, and this factor is also expected to keep demand for houses high in the next few years. for just 14 beautiful homes IN THE LOVELY COMMUNITY OF B0YNT0N BEACH 3 BEDROOMS, 2 BATHS 4 BEDROOMS, 2 BATHS u surge in new home sales is riding in part on the two years of hefty existing home sales. First-time buyers are going into the market without that cushion, however. Exciting new homes - laid out for living pleasure, and with spacious rooms, plenty of closets, and a treasure of a kitchen! Specially designed for young couples just starting out ... or with an already rapidly growing family. And what a perfect location -- in Mango Heights, Boynton Beach, just halfway between West Palm Beach and famous Boca Raton ... and in a community of friendly neighbors. There are winding, tree-lined streets, beautiful grounds all around, and space to spare! You'll be less than a mile from U.S. 1 , 5 blocks from 1-95, 5 minutes from the ocean beach and marina ... close to schools, churches, shopping centers, restaurants, theaters, sports facilities, and a great park for the kids to play in! COUNT THESE HOME FEATURES! Air-conditioningheat Wall-to-wall carpeting Enclosed garage Separate utility room with provision for washer and dryer Separate dining area A kitchen equipped with dishwasher, garbage disposal, ovenrange, range hood, double sinks, roomy custom cabinets and vinyl tile floor Gleaming ceramic tile baths Paved drive Complete sodding and landscaping.. .plus full sprinkler system! THEY'RE READY FOR YOU TO MOVE INTO RIGHT NOW ... COME SEE THEM ... AND PLEASE DON'T WAITI 14 beautiful families are going to snap up these 14 beautiful homes fast at these pi ices! .y'- c 4,, EX The Condominium OfficeWarehouse is o concept which has recently gained widespread popularity for many sound reasons. Enterprising businessmen are realizing sound investments in a concept which creates valuable tax shelters, equity, appreciation, and the sense of security and independence of ownership. Our complex has been designed around the key principal of flexibility. By providing a 19 foot ceiling height we have created the opportunity for maximum storage capability and two story office space. The front of the building is an aesthetic combination of textured stucco, wood siding, glass storefront, and attractive landscaping. Four parking spaces are assigned to each 1500 S.F. unit with 9 additional guest spaces and designated trucksemi-trailer loading areas . . . From $35,000.00. TO GET HERE: Take 1-95 to N.W. 2nd Ave. exit; go east to 3rd Street (tirst righthand turn); then south on 3rd to the deadend; then left to S.W. 4th Ave., and take first righthand turn at S.W. 2nd .. and there you are! IkCLEAR LAKEXJ okee:hobee blvr) w old oke'Jvlir' LATHAM RD. West Palm Beach Phont (300) 686-2134 (0) GIN. CONTRACTOR: FUUWOOD 1 UN 1 vipy

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