Reno Gazette-Journal from Reno, Nevada • Page 28

Campaign begins- to sell' last Arlington- Towers units in "1 I Only two words are needed to describe the Arlington Towers sales campaign: Move it. Nu West, a Canadian firm with national headquarters in Phoenix, has set June 30th as the target to sell the last 68 units. The firm is offering everything from free vacations to new condo owners, eight different financing plans to a 14 percent price cut to move the units. All of Reno's 1,000 real estate brokers were invited to a Hawaiian luau last Wednesday to kick off the final sales phase. Brokers will receive a free week vacation to Hawaii for each sale as an added reward.

"To be quite honest, the carrying (cost) is killing us," said Vim tingly, project manager for Nu West. Nu West, based in Calgary, Alberta, completed its purchase of the towers from the Mason Corp. in August 1980. The units have been on the market since March 1980 and 127 units have been sold. "We got caught in the crunch when interest rates went sky high and the market dropped.

People are holding on to their money," Mattingly said. The final leg of the sales campaign is aimed at hooking people who own second homes, corporations and investors. The units cost anywhere from $49,000 for a studio to $315,000 for a double apartment that's a two, two-bedroom apartment covering one end of the 23-story building. The view afforded that double apartment includes the Truckee River, Pee Vine Mountain to downtown Reno. Dividing that $315,000 by the 360 degrees in a circle, that panoramic view winds up costing $2,000 a degree.

Mattingly attributes the high square footage cost plus the concept of high-rise living as also slowing slaes. "People are used to spread-out places in the Western style. If we had one in San Francisco, it would have sold lVfe years ago." Arlington Towers features 24-hour security, a door man, in-garage parking, private balconies, roof-top pool, a physical fitness room, billiards and table tennis, and a hospitality room. Those added luxuries, including all utilities except electricity, cost condo owners $108 to $364 in monthly association fees. Those costs also would go up when a new fire safety sprinker system is installed.

Six different financing plans have been made available for the final sale. They include a 10-percent discount on cash sales (on top of the 14 percent price cut); zero percent interest on sales with a 35 percent downpayment and five years of payments. Real estate brokers chat during Wednesday's luau. Mortgage shopping How to determine taxes on option money wants to own houses. They just want to finance houses and make a buck while they're at it.

Thus, it seems likely that they'll work out some sort of arrangement rather than take the house. To decide which features fit your needs, you must make a few educated guesses. First, try to determine how long you will stay in the house. Second, take a pencil to your projected income and expenses over that period of time and figure out how much you can afford each month. (Continued from Page 2) tive amortization.

Some regard it as added protection for lenders, while others look at it as strictly a benefit for the borrower. If housing values don't rise, or if they drop, the latter theory goes, borrowers can simply walk away from their houses. To be sure, owners did just that during the Depression, and some are walking away now. But it's hard to imagine that someone would let perhaps the largest investment of his life go to foreclosure. The corallary to this is that no lender By ROBERT BRUSS exercised.

The option money is ordinary income if the option expires but it is part of your long term capital gain if the option is exercised. Until either event occurs, you get the tax-free use of $15,000. Ask your tax advisor to explain further. I have been offered $15,000 for a one-year option to buy my farm. If I accept, is the $15,000 taxed as ordinary income or long term capital gain? Maye W.

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