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The Daily Oklahoman from Oklahoma City, Oklahoma • Page 35
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The Daily Oklahoman from Oklahoma City, Oklahoma • Page 35

Oklahoma City, Oklahoma
Issue Date:
Extracted Article Text (OCR)

THK SUNDAY OKLAHOMAN Section January 2, 1983 HOUSING DEMAND INDICATORS Treasury Chiefs Tax Plan Alarms Housing Industry erything you read in the papers." Fitzwater noted that the proposal would raise only modest amounts of revenue, and most industry spokesmen pointed to that as evidence that the Treasury's real goal is limiting or eliminat ing all mortgage interest deductions. "It's really the first step toward an all-out assault on mortgage deductibility," said Bill Ellingsworth of the National Association of Home Builders. Mark J. Riedy of the target for those who loc only at economic efl ciency, as this admini tration is prone to do said Carlson. He addc that the proposal illu trates the "limited pe spective of the Treasui Department.

TIm Washington Poat Mortgage Bankers Association of America and Jack Carlson of the National Association of Realtors described it as a "foot in the door," and Scott termed it a "nose under the tent." The mortgage-interest deduction is "a tempting RATIO OF HOUSE PRICE TO ANNUAL INCOME MORTGAGE PAYMENTS AS A PERCENTAGE OF INCOME 1 I I I I I I I I I I I I NOW OPEN '82 '83 '84 '70 -71 "72 73 '74 '75 '76 '77 '78 '79 '80 This Short-Term Investment Option, Offering Excellent Returns for a Reasonable Amount of Investment Capital and Risk. ments by Treasury Department spokesman Marlin Fitzwater that Regan is studying the need for new tax increases to cut federal deficits. However, Regan has not spelled out what new taxes he has in mind, and President Reagan warned reporters, "Don't believe ev- Business Park Site Purchased Real estate developer Robert J. Harris has sold the land in his Broadway Business Park 200 Wilshire, to InterFirst Bank of Dallas in a purchase leaseback arrangement. The bank now owns the land under the development and Harris is leasing it.

The property contains four buildings, two of which are executive office buildings. The other two are office-warehouse buildings. The mortgage, filed with Oklahoma County, is worth $2,025 million. The end of rapid home-price inflation around the nation, interacting with continuing disposable-income growth, has brought the median price relative to household income Into better alignment, as shown by this chart supplied by Continental Illinois National Bank of Chicago. But it also has dampened the capital gains growth that had come to be associated with home ownership, thus depressing the growth of household assets, the bank said.

City Conventions Draw More WASHINGTON Representatives of housing and related industries have reacted with anger and alarm to word that Treasury Secretary Donald T. Regan may propose eliminating tax deductions for mortgage interest on second homes. "Details are skimpy as to what the Treasury means by second homes, but assuming it includes any structure other than a primary residence, this is a premier example of callous disregard for good sense both for consumers and for producers and workers in the housing-related industries," said Randall Scott of the American Land Development Association, a trade group representing a variety of types of developers, including builders of vacation homes. Eliminating the deduction would mean that much rental housing no longer would make economic sense, resulting in "a massive dumping of rental property on the resale market," Scott said. That, in turn, would undercut prices of existing houses and "disast-erize new housing production," he charged.

The idea surfaced Monday following com- $1,000 MINIMUM ONE-YEAR MONEY MARKET CERTIFICATE EFFECTIVE ANNUAL YIELD 12 More than 100,000 more convention delegates attended meetings in Oklahoma City in 1982 than in 1981, the Oklahoma City Chamber of Commerce reports. The chamber's con vention and tourism division said the 442,130 delegates who came to the city in 1982 pumped an estimated $130 million into the local economy. The comparable fig- BASED ON A RATE OF 12.125 Interest Compounded Daily. Early with drawal forfeits up to 90 days of interest. Park Azvnuc and Robinson Suite 300 P.O.

Box 2S51 Oklahoma Cfi. Ok. 73126 (405) 232-5239 FIRST QITY BANCORP First City Bancorp Investment Certificates restricted to Oklahoma residents only. Actual offer made only through prospectus. RATES ARE SUBJECT TO CHANGE WITHOUT NOTICE.

REGULATED AND EXAMINED BY THE OKLAHOMA SECURITIES COMMISSION AND OTHER REGULATORY AGENCIES. Not insured by an agency of the U.S. Government. TO French Italian German fflf Soon Offering Rinvan Come xa Language Associates WU lilllfllafflMfllHlllhWft GLOBE SANTA FE GALLERIA METRO MYRIAD SHERATOX CENTURY CENTER ures for 1981 show 331,000 visiting delegates generating $88.38 million for the economy. A total of 427 conventions were held in the capital city in 1982.

Of those, 41 percent were national or regional meetings and 59 percent were state gatherings. The estimate of convention dollars generated into the local economy is based on a formula used by the Office of the International Association of Conventions and Visitors Bureaus. That group estimates that an average convention delegate stays in a host city for three days and spends a total of $294. "Despite the downturn in the general economy, the convention business for Oklahoma City continues to build and grow," said Edwin de Cordova, chamber vice chairman assigned to the convention and tourism division. "We expect to surpass a delegate count of one-half million in 1983.

In 1972, 176,000 contention delegates attended 299 conventions in Oklahoma City, ac- cording to chamber statistics. The two-percent room tax in the city generated $1,051,812 in 1981 compared with $309,540 in 1973, its first year. Surnicom Inc. Seeks Dealers Sumicom a computer marketing subsidiary of the international trading company Sumitomo said it is actively seeking computer dealers in the Greater Oklahoma City area. The firm has a product line aimed at the small Best Land Deals Top $3 Million Major land deals in Oklahoma County for the past week totaled more than $3 million, according to County Clerk Jerry De Woody.

Major land deals are those of $100,000 or more. $200,000 Plus Lennart and Elisabet Fagraeus from John and Marcia Powell, 2624 Penn Brook Lane, $275,000. Joseph Hartman, Terrell Johnson, William Anderson, George Egner and Francis Howard from John and Karen Collins, 1123Quail Creek Road, $245,600. $100,000 Plus Jerry and Fay Tate from Earl and Norma Snedek-er, 816 Canary Drive, Edmond, $190,200. Michael and Linda Mudd from A.E.

And Genevieve Seutter, 206 Karen Drive, Edmond, $190,000. Alice Runkle from Michael and Judith Hancock, 12709 Green Valley, $170,000. John McClure and Debra Rutan from Crestmark Homes, 2604 Windmill Road; Edmond, $145,000. Properties from Memorial Industrial Park, 3525 Railway Drive, $144,000. Gary and Ronda Zenker from Adonai 8116 Azailia Drive, $143,500.

John and Merla Mourer from Calvin Bivings Homes, 3029 Burlingame, $142,500. John and Kathleen Trotter from Thomas and Mar-. cia Young, 3033 Burlingame, $140,000. Allen and Margaret Nelson from Jeffrey and Carol Blair, 4901 Jessie James Drive, Edmond, $131,500. Earnest and Gerri Upton from Trumbly and Sybert Homes, Edmond, $130,000.

Verna Ruth Little and Leslie Gay Julian from James and Mary Ann Davis, 2713 St. Andrews Terrace, $127,000. Mark and Jami Haywood from AMW Homebuild-ers, 3609 SE 44, Edmond, $120,000. J.D. and Ruth Montgomery from Hazel Odom Cregger, 4413 Post Road, $120,000.

John and Lenda Williams from Robert and Pamela Byers, 2212 NW 112 Terrace, $119,000. Young Taek and Chong Ha Shin from Chalres and Marcella Nation, 9108 Rolling Green, $115,000. Thomas and Kathleen Sparks from Sharon and James Hecht, 2420 NW 120, $107,000. Mae-Ruth Swanson from Jack and Mintahoyo Mitchell, 4716 NW 36, $105,000. Joseph and Josephine Sisson from Harry and Edith Keeton, 1836 NW1, $100,000.

Robert and Anne Provence from Edward and Car-lita Johnson, 7414 NW 107, $100,000. ere smart finds a Wiuey Post Office Park Space Leased By CPA Firm Foster-Dickinson, Certified Public Accountants, has leased 7,450 square feet of office space at 4101 Perimeter Center at NW 39 and Tulsa, Oklahoma City, which it plans to use as its new headquarters starting this month. 31,000 Sq. Ft. of LUXURY Office Space -Starring at $100 Month txecutiv Suites Stoning Ucm $1Q 50 Sq Ft, 7004 to 70 12 VVV 63rd (Just of Rockwell) Coniact 8 B.

Smith 722-6361 or 722-2028 7 Passbook RediCash Trust Account 6 Month Money Market Certificate 12.25 30 Month Investors Certificate Negotiable C.D.s, $50,000 minimum ATTENTION P.R.I.S.M. Escrow Services WE RETURN ALL CALLS PERSON-TO-PERSON! IF OMahoi ma Because we're an Apple Computer National Account Support Dealer. That means we have a sales and support staff trained specifically to serve large corporations. All of whom can come to you. To answer questions, provide maintenance, perform repairs.

So give us a call. We'll return it in person. Trust Co, For more information call one of our officers or counselors at 272-4840 flfcapple computer National Account Support Dealer Authorized Service Center fmmmM Northwest Office: 5000 N.W. Expressway Oklahoma City Oklahoma 73132 721-0038 Downtown Office: First National Arcade, West P.O. Box 25189 Oklahoma City Oklahoma 73125 272-4840 First Oklahoma Trust Company reserves the right to limit all Oklahoma residents only Substantia', interest penalty required for early withdrawal on certain accounts First Oklahoma Company, a subsidiary of First Oklahoma Bancorporaticn.

is not insured by a Government Agency. QH Northwaat Erpraaaway Oklahoma City 32-7133 105 Waat Atkinaon Plaza on S.E. 29, MWC acroaa from Tinkar FfId Okla. City'a Apple Hi Haadquartara.

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