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Escaping Suburbia

Oakland
Commerce Bank

Indications are that Israelis
will be migrating back to the cities.

31731 Northwestern Hwy. • Farmington Hills, MI 48334 • 810-855-0550

GALIT LIPKIS BECK SPECIAL TO THE JEWISH NEWS

hile it was once hip to
live in an apartment in
the city center, the
trend changed, and a
private house with a garden in
the suburbs became the Israeli
dream.
In the coming decade, Anglo
Saxon Real Estate predicts that
people will begin to demand a
combination between luxury and
convenience.
In 1997, construction of sev-
eral 40- to 60-story apartment
buildings, which offer people a
sense of private living even in the
city, will begin.
"The trend [toward a combi-
nation of luxury and conve-
nience] will expand at the start
of the next decade, reflecting
higher income earners' prefer-
ence to continue to live in the city
and, at the same time, live in pri-
vacy," says Meir Nachson, man-
aging director of Anglo Saxon.
Anglo Saxon forecasts man-
agement service companies will
replace "amateur" resident com-
mittees, which in many cases cre-
ate problems rather than provide
solutions for residents. Buyers'
purchase-contracts will tend to
include a financial guarantee and
other securities to insure that the
residents will keep to the build-
ing's maintenance regulations.

The large management service
companies will also provide cen-
tral air conditioning and heating
facilities and in some cases sup-
ply similar services to those avail-
able in hotels, like room service.
From the apartments, residents
will be able to hook up to infor-
mation, service and reservation
networks which will grant them
access to such amenities as films
and children's games.
"Housing complexes of this
kind that will be constructed
above underground railway sta-
tions will attract many people
from the suburbs back to the
city," says Mr. Nachson.
The apartment buildings will
consist of at least 300 apart-
ments, which will house, on av-
erage, two to three bedrooms and
a large living room. The build-
ings will have special features
like fitness clubs, saunas and
sunbathing areas. The more
prestigious buildings will also in-
clude a swimming pool.
Mr. Nachson says public facil-
ities like a laundromat and cen-
tralized heating systems will
save space in the apartments.
And even with the luxury ele-
ments, Anglo Saxon forecasts
apartment prices will be lower
than building a luxury house in

SUBURBIA page 66

Member FDIC

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Annual Percentage Yield is effective as of 1-6-97.

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