Newspapers / Daily Tar Heel (Chapel … / Jan. 13, 1983, edition 1 / Page 3
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Condo convex increases By TOM CONLON Surf Writer The Chapel Hill-Carrboro area is likely to see an in crease in the condominium market, due to falling in terest rates and the shortage of housing, said Mike Jennings, Planning Director for the town of Chapel Hill. While the present condition of the economy has slowed new development, several local apartment complexes have reached their maximum depreciation values. "I think we will have more condominium conver sions because of economic desires. After eight to 10 years, the apartments depreciate in value, but the economic interest is there. This has made it profitable for owners to convert to condominiums, as well as making it a personal convenience for them. It's easier, to operate condominiums than rented units," Jen nings said. Presently there are no condominium rulings or ordi nances in the town of Chapel Hill and that has prevented further development and encouraged con version, Jennings said. "We (the town planning commission) proposed amendments that would control or prevent such ac tions, but none were adopted by the town council." The University Garden and McCauley Street apart ment complexes recently were converted without council approval, and no action was taken, he said. "The only rulings which affect condominium development here are those coming from state legisla tion," he added. The Chapel Hill-Carrboro area, in which apartment vacancy rates are about 1 percent, has not had any ma jor apartment construction since 1975. "People take anything they can in this area because the rental market is so tight," said Kathy Buck, a part ner in Carrboro's Weaver Street Realty and Auction Company. "The economy has slowed down new developments because the interest rates have been so high," she said. Gary Phillips, an auctioneer with the same realty company, agreed with Buck's assessment of-the economy and cautioned optimists from being fooled by the recent decreases in the interest rate. "I think the decrease in interest rates is of a tem porary nature," he said. "Although condominium sales have been aided slightly by lower rates, people are still cautious about buying them because of the wide range of condos available in this area and (because of) the long-range stability of the economy. People are taking a more educated look at what they're getting in to when they're thinking about buying a con dominium." The area's first condominium conversion was one on Fidelity Street in Carrboro, which was followed by two other Robert Oak complexes which have been or are in the process of being converted, Buck said. "All the new construction has been in townhouses and condominiums. It's been easier to sell to in dividual investors than renters. And once existing apartment complexes reach maximum depreciation, they reach maximum tax advantage. It's strictly more sense to convert to condos when that time occurs," she said. ' Buck said the University had depended too much on the community to provide housing for its students. Such a shortage of campus housing has caused rents and property values to soar in the University com munity, she said. "If the University would provide more housing, the students could be accommodated more conveniently and less costly. The outside apartment market, isn't getting any belter in this area," she said. An overview of Orange County shows similar trends. Eddie Kirk, planning board member for Orange County, agreed that the economy had affected new residential development in the county. "Most all of our development has been in mobile park homes and single family residences, predominantly in Chapel Hill and Carrboro. This trend will probably continue so long as interest rates remain high," he said. TbT;day, January 13, 1983The DaHy Tar Heel3 Fordham recommends Womaclc to fill position By LIZ LUCAS Assistant University Editor The position of vice chancellor for business and finance may soon be filled by an Arkansas administrator recommended by Chancellor Christopher C. Fordham III. The UNC Board of Governors will vote on the appointment Friday. Fordham has recommended Dr. Farris W. Womack to fill the vacant position. Wayne Jones, associate vice chancellor of finance, has served as acting vice chancellor since the resignation of John Temple last spring. Womack, an Arkansas native, has served as chief fiscal officer for Arkansas, as well as executive vice president of the Arkansas university system. Although Womack arrived in Chapel Hill Tuesday night to begin discussing the position, Fordham would not comment on the recommendation until the BOG "At the University of Arkansas I was responsible for general administration for the University, including the budget, per sonnel and other such planning," Womack said Wednesday. Womack said he became aware'of the position opening at UNC after the Univer sity advertised in a national publication. The j position of vice chancellor for business and finance at UNC will include such duties as purchasing for the physical plant, developing the budget, and working in conjunction with the Student Stores. Womack said that he felt confident with those duties. Womack, who has been with the Uni versity of Arkansas system since 1971 in various positions, most recently served as executive vice president for the system from 1979-81, before taking a leave of absence in 1981 to become director of the Arkansas Department of Finance and Administration. 'DTH' now hiring photographers Anyone interested in becoming a DTH staff necessary. All interested persons should bring a photographer should come by the DTH office portfolio, clips, andor other comparable and speak with Al Steele. Experience is material with them. MAX ROBINSON f "A Television Journalist's Tribute to Martin Luther King, Jr." Sunday, January 16 8:00 pm Memorial Hall No admission chcrgo The lecture is presented in conjunction with the University's Martin Luther King, Jr., Birth day celebration. Sponsored by the Carolina Union Forum Committee, BSM, the Martin Luther King, Jr., committee and Alpha Phi Alpha Fraternity. 1 1 1 f PHOTOGRAPHY EXHIBITS: HOPE & DIGNITY January 9-31 A. display of 32 photos of black women over the age of 70, with their life stories. IW- inwtii. i ii l.lill.ll '"3 TIM BARNWELL January 9-February i3 " the photos examine the rural lives of people in Madison County. N.C. UNION GALLERIES A reception for the photographers will be held Sunday, January 16 at 2 pm in the Union. r i i PEKING GARDEN A place you can enjoy delicious Chinese cuisine at reasonable prices with a relax ing atmosphere. I Buffet Styie Dining. Mon.-Fri. Lunch Buffet: 11:30-2:30 pm; SunV Dinner Buffet: 12-2:30; 4:30-9:30 (serving dinner buffet j and regular dinner menu). All buffets include soup, egg roll, fried rice or Id mein, and four main dishes (lunch) or five main dishes (dinner). t i iw ujw i;im Lunch Buffet 13.50pereon, childrenAm Dinner Buffet $5.50person, children under 12, $4.50. each. Regular Dinner Menu Also Served. WEEKEND SPECIAL: (Fri. & Sat. only) from our family dinner menu. $4.00person includes soup, egg roll, main dishes and dessert. Min. of 2 people. HOURS: Lunch Mon.-Fri. 11:30-2:30 Dinner Mon.-Thurs. 4:30-9:30 Fri. & Sat. till 10:00 Sun. 12:00-2:30 & 4:30-9:30 Dry Mount Sale January 12-22 15 OFF Styrofoam backing of your posters, prints and photographs. ' From $30 $15 fine art prints. graphics posters dry mounting """custom framing". Y mTthgste mall. " 2S6-():iHb " university mall ". 942-7306 Serving authentic Chinese food: Peking, Szechuan, Hunam & Cantonese 1404 E. Franklin St., Chapel Hill 942-1613 All ABC permits iiiiilixif kitilllllliiiiiiiiif m tittii A i4 ; ft ' , m -. . end Wcrm-Up Suits ttKICKDMIlQ merchant 59 limited to stock on hand Sa:o Ends 12933 133 w. Frcr,:c!;n sl t v w .V4 IHU J 'til 8 pm 42-1073 SIGN-UP NOW for SPRING BOWLING LEAGUES at the f f UNION BOWLING LANES Registration: Now-Jan. 21 Mon.-Thurs. nights are available for leagues. There will be 4-8 teams of 3-4 bowlers. We use Handicap scoring, so you don't have to be good to have fun. Check the Bowling Desk or call 962-4131 for more information. League play starts Monday, Jan. 24 Students, faculty and staff are invited linimnniMlllllflifinnnrmminiTuiuiiiitv I . I II I . II I I I I mm u u Luncheon Specials available at lunch . 11 to 2 p.m. M-F Pizza buffet . . . . $2.95 Spaghetti ...... $1.95 Lasagna . . . .... $2.95 Salad bar ...... $1.95 Great Potato .... $1.95 nor.diy Lasagna & all the salad you can eat! Tuesday all the pizza & salad you can eat! Wednesday all the .spaghetti 2c salad yorj can eat! Tiro AD F0H 2 FOH 1 FI22A SPECIAL! Open Mon.-Thurs. 11 a.m.-midnite, Fri. & Sat. 11-1 a.m.. Sun 4-11 p.m. 203 W. FRANKLIN ST. 942-5149 u o r ,r l I Part time sales and marketing position; flexible schedule. Ap plicants should be rising Sophomores or Juniors and have ac cess to an automobile. Interviews may be arranged in the Placement Office, Hanes Hall and will be conducted Tuesday, January 18, 1983 in room 208, Hanes Hall. fe.' LAMB DISTRIBUTING COMPANY Distributors of Miller High Life, Lite, Lbwenbrdu, and Magnum S LJ ' LJ &J -- - S L-J tmi V.,-,.j tmJ ml fci.T..,.,- ,J crri nnr nn 7nr n7S In the age of information technology, a company whose sales of $1.7 billion annually and whose products and components extend from data acqui sition and information processing through data communication to voice, video and graphic com munication is making original thinking a reality for their new graduates. ow campus irjTEnuiEios January 1 0th G 1 0th Computer Science and Business Majors Make arrangements at the Placement Office. If I An Equal Opportunity Employer. MFHV THIS COULD BE THE START OF SOMETHING BIG It could be your big chance for a scholarship that pays you $100 a month, plus all tuition, books and lab and incidental fees. If you want to devote a part of your college curriculum to classroom and laboratory training in leadership, manage ment, Air Force history and traditions. . .and you can qualify, it could be for you. Air Force ROTC leads to an Air Force officer's commis sion. And that means responsibility, challenge, service to your country. It means taking on big responsibility. Look into the Air Force ROTC program at your campus. Check out the benefits of an AFROTC scholarship. It could W the start of something big. . .it could be the start. of a lasting relationship with the United States Air Force in dedicated service to your country. For additional information contact Lt. Parker 962-2074 o a Gateway to a great way of life. Do You Need A Warm, Convenient, Quiet Place To Study??? Why not try HillePs brand new living room-library area?? Just opening this semester, the living room is comfor tably furnished and carpeted, with plenty of work area and good lighting, if your dorm is too noisy, and you don't like to go to the library at night, try studying at Hillel!! Located on W. Cameron, right behind Granville .Towers, the Hillel building will be open Sunday-Thursday, 7 p.m.-11 p.m. for your convenience. Hillel members and friends are welcome. ' B'nai Brith Hillel Foundation in North Carolina 210 W. Cameron Ave. 942-4057 CHINESE AND SEAFOOD RESTAURANT Cafeteria Luncheon $2.75 including soup, main dish, fried rice, & lo mein Mon.-Fri. 11:30-2:15 Sun. 12-12:30 Regular Dinner Sun.-Thurs. 5-9:30 Fri., Sat., Sun. 5-10:30 SPRING SEMESTER SPECIAL $1.00 off any dinner from the regular menu, (with this ad). Expires Feb. 28 Across from NCNB Main Street Carrboro on the C bus lipe . . (919) 942-0006 All major credit cards accepted All ABC permits 1
Daily Tar Heel (Chapel Hill, N.C.)
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Jan. 13, 1983, edition 1
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