Evening Star Newspaper, January 20, 1923, Page 13

REAL ESTATE. THE EVENING TR STAR, WASHINGTON, D. C, SATURDAY, JANUARY 20, 1923. REAL ESTATE! Washington’s Growth Reflected in Real Estate and Building News /AND VIRGINIA PROPERTIES EXCHANGED IN REALTY DEAL. BUILDING AND LOAN BENEFITS EXPLAINED TO REALTY CLASS C. C. James Discusses Principles 'and Methods of Operation in Address | at Y. M. C. Operating principles o6f building and loan associations were' explained to members of the Y. M. C. A. real cstate class at this week's session by C. Clinton James, president of the District Building and Loan sociation Council. “A building association,” he point- ed out, “is a mutual co-operative financial institution composed of members who have thus associated themselvos together for their mutual benefit and financial advantage. The! membership of a building associa- | tlon may be broadly divided into two classes, designated savings members and borrowing members. The former use the association as a place where they may deposit from time to time such sums as they are able to spare | from their wages, income. Explains Borrowing System. “The bofrowing members use the association as a place where they can borrow funds for buying, bullding or repairing a home, or for other use- ful purposes. “The members gether. “They lend money to each other. “They divide the profits with each other. “They work together to help each other. “Years ago Judge Durack of New York was quoted as saying that a building association was an organ- ized effort to extract wealth from agaregated poverty. “Building assoc pioneers in teaching have been indorsed by the Estate Board, by Secre Hoover, who say: are true people’ popularly controlled and locally man- aged. salary or other save money to- ions have been thrift Encourages Thrift. ““They cncourage thrift throughout the nation,’ Mr. Hoover declared. ‘Through the system of amortization | in which the building and loan asso- | clations were the pioneers, they have made their assets sound and worthy of confidence. Through loans prin- cipally upon homes they are an in- strumentality not only In solving the housing problem, but in developing self reliance of our citizen It is my earnest desire that the building and loan assoclations of the United States should be encouraged by the public-spirited citizens of every local- ity To become an investing member_of a building and loan association, Mr. James stated, one can start an ac- count in the associations operating on the permanent plan, which means an association that declares a dividend each year, by depositing $1 up, and such other sums as one may be able to spare from-his income. Ia the merial assoclations, in which a new series is started every six months, a person may become a member by ing back the number of months t have elapsed since the serles started and thus get the full earnings of said serles if you stay in until the series| matures, a slight reduction being FOR SALE Promi:E:tng‘usiness ON ;. . 14th St. N.W. Price $35,000 Thomas J. Fisher and Company, Inc. As- l | the 738 15th St. N.W. A. Session. made for those who withdraw before the series matures. Accounts Opened st Any Time. || These accounts can be opened at! any time in either class of associ: tion. The advantages of membership, the speaker sald, are: Three hundred | dollar dividend is exampt from fed- eral income tax; all deposits are ex- empt from municipal intangible taxes, except special deposits. The assoc tion, however, pays 2 per cent on its gross earnings as an intangible tax A person desiring to become & bo Towing member must make applica- tion, and his property is then ap- praised by the association’'s appraisers at the average cost of about $4. If | loan is approvec, the only ex- penses to bear are for the examin tion of title, drawing nécessary pa- pers, recording, Teverue stamps, fire insurance, notarial fees and tax cer- tificate. The borrower is required to pay back monthly on his loan $1 for each $100 borrowed. Half of this mount is credited to interest and £ to principal, the interest being at the rate of 6 per cent. For illustration, if, it plained, a person borrows his monthly payment would be $25 per month, $12.50 interest and $12.50 principal. He has the option of allowing payments on stock to ac- cumulate and participate in the full earnings of the association, or, If he desires to reduce his monthly pay ment, of canceling a half share of stock—in some associations $100 or 5200 in some others—and reduce the monthly payment $1 or $2 per month, respectively. If he keeps the same monthly pay ment and takes the option of can- cellng a half share or a share, when he has paid that amount on the principal the interest payment gets smaller and the principal payment gets larger. These loans are paid off like rent in about twelve years, Mr. James said. The loan can, however, be paid off a fast as the borrower ls able to pa He can pay any amount at any time on the principal and thus reduce the amount on which he has to pay in- terest. No commission to cbi i# charged,” the speaker stated. “The loen dbes not have to be renewed in three or flve years. After it is once made, if the borrower makes his monthly payments premptly -it auto- maticaily runs until it is liquidated. No Anxiety Entalled. “The borrower need have no anxiety about his loan being ranewed in three or five years from the date it is made, as the association cannot call the loan as long as he kecps his monthly payments pai The payment on his loan is a very low rent for the prop- erty, and in this way he pays it off without feeling it as a hardship. On a loan on new houses interest is gen- erally charged on each payment as the money is advanced as the work was ex- $2,500 n said loan . oD erty that is appraised at, say, $5,000 and finds within ten rs that he needs $500 or $1.000 more he may get a_ further advance under the pro- ed of trust of a bulld- ing asso expense he is put to is to have the title cor tinued and a tax certificate and a new appraisement, all of which amounts to a nominal . LANHAM APARTMENT HOUS IN$730,000 DEAL St. Albans Property Traded for Loudoun County Es- tate Through D. C. Firm. Closing of a real estate transaction by which the St. Albans apartment house, 2310 Conne exchanged for a Loudoun county today by the Goss, which ha the ‘transfer. properties tnvolved was stated. ‘The St. "Albans apartment house was sold for David A. Baer to H. A. Toulmin and the large estate in Vir- ginla was transferred by Mr. Toul- min to Mr. Baer. The apartment is located at the south end of the Con- necticut avenue bridge, on the west side of the street. It is thoroughly fireproof, of modern design and with two electric elevators. The building contains forty-elght apartments. ranging in size from two rooms and bath to five rooms and bath, each apartment having an outside bal- cony. The building s practically en- tirely rented and a large part of it is now occupied. The Virginia property is located near Uppervi some _sixty miles from Washington, at the foot of the Biue Ridge mountains, with extensive flelds on the slopes of the mountains ahd some 160 acres of woodland on the top of the mountains. It is sur rounded by other extensive estates some occupied all the year around by the owners as their permanent dwellings and some during the spring and summer and in the hunting sea- son in_the fall. Among these estates are Caratoan: Alrshire. owned by Gen. Buchanan. formerly governor general of Porto Rico, and Bowling Creek. The building: & HILL firm “of McKeever & dled negotiations for Total walu of the was $750,000, it include a brick m; Apartment House Offerings 165,000 Downtown apartment, 4- story fireproof building. 4 years old. Contains 32 apart- ments. Rent, $18,000 ’ $98.000 Near Connecticut avenue, 4-story building. 15 apart- ments, 3 and 4 rooms and bath each. Rent Over $13,000 | e 1 : $95,000 ! " Detached building in | Columbia Heights. 15 apart- ments, 3 and 4 rooms and bath each. Rents, $12,840 875,000 Situated just off Connecti- cut avenue, near N street. 17 apartments, nearly new. Rents Over $9,000 LANHAM 1400 H St. FOR SALE & HILL Realtors In the Nation’s Capital Buy Now for Spring Occupancy In Beautiful Chevy Chase We want to call your particular attention at this time to two very un- usual new houses, Nos. 3905 and 3911 Jocelyn Street N-W. These houses include all that is new and modern in fine residential design and construc- tion—one is of frame, the other of famous Bethesda Blue Granite. Both have exceptionally large lots and are located at one of the most desirable points in Chevv Chase. 1 3911 Jocelyn Street, Chevy Chase These houses will be open for inspection tomorrow and daily thereafter until sold. Those who plan to enjoy.the beautiful Spring in Chevy Chase will do well to make their selection at this time, as a comparatively small number of new houses will be available, which tindoubtedly means many prospective purchasers will be doomed to . disappointment. Own Your Own- Home! 813 15th St. N.W. Main 2430 'FIGURES SHOW OWNER LIVES MORE CHEAPLY A computation showing that the | owner of a house has the advantage of the renter has been made by the | American Institute of Architects. |~ The institute starts at the begin- ning with a lot, erects thereon a | house, and the total, together with | financing charges, comes to $6,545.99. The average gross rental on homes it | puts at 13.8 per cent, which would make the rental on this home total 1$903.34. Against this it sets up the carrying charge on the home at a to- t £ 36 divided as follows: even per cent on average building oan of $5.040.36, amounting to $352.82; | 4 per cent on average equity $1,260.12, amounting to $50.40; |ance ‘average, $15: taxes, |$110, and upkeep estimated at 17 $98.17. These figures lea 1 balance in the owner's favor 95, the saving which the in- stitute estimates accrues to the aver- age owner of a house bullt at the cost given The monthly figures are: Rent, 27; carryins charge for owner, a saving o the man who owns his home of $23.27 a month. —_— sion erected more than.100 years ago, but modernized at considerable ex. pense, with brick porches and larg. columns supporting the Grecian por- tico. Tt has hardwood floors, three baths and numerous rooms. Other bulldings or the estate consist of seven resident houses for the man- er and farmhands, a coachhouse, barn and cattle-feeding barn with ilo, etc. The entire farm is equipped with modern machinery and stocked with live stock of various kinds. The property is watered with springs and streams and the drinking water at the mansion house is supplied by springs and reservoir on the. side of the mountain and a deep bored well near the house, with elevated tankhouse lin tower, pumped by electric motor, By the purchase of the St. Albans apartment house Mr. Toulmin has made another addition to his already large real estate holdings in the city of Washington. Announcement of Mr. Baer's plans with regard to the Virginia estate was not mad $1000 1409 N. Y. Ave. .. BUILDING OWNERS stable, caretaker’'s house, large horse | “Own Your Own Home” And a Monthly Payment Less Than Rent Buys This Semi-Detached 20 Feet Wide, With Six Large Rooms, Tile Bath— Specially Tiled Kitchen—Garage, Electric Lights and Many Other Attractive Features—Reasonably Priced. 606 Lamont Street Open for Inspection from 9 A.M. to 6 P.M. Sunday WM. S. PHILLIPS REALTOR Home and Investment Combined Three of our very best offers that we heartily recommend to you. Nos. 431-33-35 Kenyon St. N.W. Loudoun count , Va., residence, on 1,300-acre tract, near Upperville, which was transferred by Mr. Toulmin to David A. Baer, former owner of HOTELS TOTESTS Capital Handicapped in car- ing for Large Conventions of Near Future. AND MANAGERS UNITE Robert McKeever Elected Presi- dent of New Organization at First Meeting. Formation of the Building Owners | and Managers' Assoclation of the Dis- trict of Columbla was accomplished | yesterday at a meeting at the City Club. The new body will be affiliated with the national association, whose headquarters is in Chicago. Lee 8mith of New York city, first vice president of the national body, addressed the meeting. The follow ing were elected as officers: President, Robert_L. McKeever: first vice presi- Thomas Bradley; second vice Poston; secretary and treasurer, Capt. Charles H. Ruth; di- rectors, three vears, Earl E. Goss James McD. Shea: two years, D. Paterson; T. ‘Willis; one year, R. S. Freer: E. L. Brady. President McKeever appointed Ar- [ thur A. Riemer chairman of the mem- bership committee. Those attending were Earl E. Goss, R. L. McKeever, E. S. Poston, ward L. Brady, Allan E. Walker, James McD. Shea, Thomas Bradley, F. J. Axley, James M. Carter, Capt. Charles L. Ruth, R. S. Freer, T. C. Willis and Arthur A. Riemer. The assoclation will meet next Friday at luncheon at the City Club, and will have as speclal guest an expert on building management, who will ad- dress the assembly. RENTS RAISED IN U. S. Industrial Board Report Covers Several Months of Last Year. There was an increase of 1 per cent in the rents of wage earners’ houses and apartments in the United States between July, 1922, and November, 1922, according-to a report issued by the national industrial conference board |lion populution, und is not only small. of New York. a alle: 8 ) ns - This, 18 Sald to be the first advance | £IPOSRETler than Detrolt. Los Ange: in rents since March, 1921, when rents | jijes San Francisco has 149 hostel- reached their peak for the coumry as|ries ags agalnst 284 in New York. Chi- a whole. cago comes in third with 112, and Los Angeles is fourth with 89. That Washington will be. greatly handicapped in providing hotel ac- commodations for the great influx of convention visitors during the next few months is the fear expressed In trade body and hotel circles. BXxist- ing hotel accommodations have been found, upon careful investigation, to be entirely inadequate for housing not alone the army of convention vis- itors, but also the newly eiected con- tingent of congressional and <:nato- rial representatives and their families who will arrive next March. Trade body officials and the Shrine head- quarters in the capital have been can- vassing in a search for boarding house as well as private home accom- modations to care for the overflow visitors during the height of the con- vention season. In connection with the hotel shortage here, officials of the Hanford Hotel Company, builders of the new Hotel President, have com- piled statistics giving the hotel fig- lures for-the principal cities of the United Stdtes. Washington has been found to run far below most smaller western citles in the number of ho- tels. The principal source of these figures is the Hotel Association. Ac cording to these figures, New York leads all other cities in the [nited States in the number of hotels within its civic limits. The second largest y in the matter of hotel accomm dations, curiously Francisco, which has les: lion population, and CASH DR = ool sfeeinintes Main 4600 L = PR Seeisedeedeis looking a park. property, Owners and Builders 913 15th St. These two-family apartments contain 8 rooms and 2 baths, double in- closed sleeping porch, 2 large kitch- ens, fully equipped; hot-water heat and electric lights, sep- arate gas and.elec. meters, and are true colonial style—on a paved street over- To see these Homes —take 9th St. car to Kenyon and Ga. Ave., walk east to for freé¢ auto serw- e XEREER R R beautiful i Radiator ‘Co.’s hot-water ent elevation and different on all the homes. detached. garages. or phone Phone ‘Main 617 Union Trust I_!ldg- | he stated, “there are exhibited before {mittees and constitute a vital part of Washington is shown in these fig- | Boston, Cleveland and Detroit, 3 each. for excellence of construction. DESCRIPTION Nine rooms (4 bedrooms and a glazed-in sleeping porch) ;.2 beautiful baths; 13-16-in. white oak floots; 13-in. walls; standard bath fixtures; Corto radiation; American Ripolin enamel on all woodwork. Differ- Three are Two-car and one-car brick Eliminate Waste and Lower Cost of Home Building One of the easlest ways to lower hofne bullding costs and make your dollars buy full value Is to eliminate the waste. What is meant by . “waste"? You have observed homes nearing completion and noted unused lumber lengths, studs, jolsts, flooring, bricks short ends strewn “helter skelter” around the house and lot. These “left overs” usually provide the home owner with kindling wood for several years to come. At $30 per thousand feet this makes mighty ex- pensive fuel. Sometimes this waste amounts to as' much as the first year's interest on-the home building investment. In nearly all cases this waste is unjustified. "If the home 15 yours, you pay for it. Ancther important source of waste . is the unnecessary use of claborate finish and expensive equipment on emall homes. ~You can select a type wholly out of comparison, so far a expense is concerned, with the cost of the home. You can build an ex- travagant, .complicated roof, you can overload your home with unneces- sary meaningless details, such as monstrous brackets, wide, project- ing caves, heavy cornices ~and “frilly” things which have the ap- pearance of being fillers or “stuck on” in an attempt to secure archi- tectural effects. Much of this has little or no archi- tectural merit, renders no service, detracts from the beauty of tho home, and certainly piles up the total ‘costs to unjustified amounts. Detalls of this character and speclal equipment frequently require special knives and extra mill work. “Extras” are things which many home builders can do without and in no way interfere with the ‘beauty, service or comfort of the home. It is worth while to remember these things and see that your home plans arc designed to eliminate waste. NEW HOTEL TO PROVIDE MOTION PICTURE OUTFIT Exhibit of Legislative Films a Feature of Equipment of the President Hostelry. Maj. H. A. Gillis of Chevy Chase, | bullder of the new Hotel President, at { New Jersey avenue and 1st street southeast, announced today that the hotel will contain a motion picture theater and projection outfit for the exhibition of legislative films. “Although not generally known.” members ‘of Congress and the Senate each week many thousands of feet of film dealipg with phases of public welfare throughout the entire coun- try. Films concerned with local in- dustrial projects, irrigation and agri- cultural improvements, geneological developments, forestry and fisheries movements, as well as public safety and welfare campaigns, are shown continually before legislative com- legislation today. “The Hotel President's projection room will be equipped with the most modern motlon picture devices. and will have a silver screen. The theater will be at the entire disposal of the Eovernmen ures as having 62 hotels, Boston as 59 and Philadelphia 53. In hotels which have more than 450 rooms, New York leads with 18 and Chicago sec- ond with 11, Los Angeles has 5 such hotels, San’ Francisco 4 and Min- neapoiis, New Orleans, Pittsburgh, BUILDING PERMITS - TOTALST.863.000 One Outstanding Project Es- timated to Cost $1,250,- 000—O0ther Construction. Construction projects calling for ths Investment by Washington builders of more than $1,868,000 were appro during the past week by the munici- pal building inspector's office. The outstanding item in the list of permits from the viewpoint of cost of the project passed on was that of the Transportation building opera- tlon, 801 17th street northwest. This structure will be ten stories high and will cost $1,250,000. Other Projects Listed. Other permits follow: H. R. Howensteln, to build, 749 Ken- to build, street; cost, 000. . Dent, to erect garage, 915-920 eet; cost, $2,500. Dent, to erect, ten garages, 11 16th street southeast; cost, $13.000. M. C. Brennan, to build, 4211 12th street northeast; cost. $5.000. H. A. Kite, to , 3801 17-21-25 and 29 Windham pla $60,000. Marcus Notes, to repair, street; cost, $1,000. M. O. Bull, to build stor Island avenue northeast; c William Rosenberz. to repair, 434 2100 Rhode 38,000. 1030 Tth street; cost, $4.000 W. P. Kenealy, to repair, 1 Myrtle avenue northeast; cost, $3,500. Catholic Sisters’ College, to build, 800 Bates road northeast ; cost, $130.000. Middaugh & Shannon, to build, 3200 Woodley road; cost, §40,000. M, Silver and N. Smith, to build, 1256 Shepherd_street; cost. $20,000. A. F. Scheer, to build, 2515 Montana avenue northeast: cost, $6,100 Rose Baker, to build, 1330 Holly ! street : cost, $5.500. Cement Block and Supply Compa to build shed, re: rragut and street northeast: cost, $10,000. J. F. James and J. C. Tanner, to build, 5805 Sherries place: cost, $4.000. Shannon & _Luchs, to build seven houses, 5203-5215 14th street; « $91,000. J. J. Moebs, to repair, 1025 Vermont avenue: cost, $10,000. W. M. York, to build, street : cost, $13,000. C. E. Cornell, to build, 109 B southeast ; cost, $15,000. M. A. Hill, to build, 220 Alabama ave- nue southeast ; cost, $1,800. O. W. Hammond, to build, 2424New- ton street northeast; cost, $3,000 Transportation Company, to build ten- story office bullding, 801 17th street; cost, $1.250,000. Wardman_Construction Company. to build two houses, 3230-3232 Woodley road; cost, $50,000. PURCHASE BRICK HOME. le of a new ten-room brick res of the semi-detached type at i Mr. Stafford was an L. E. Breuninger 3865 Jocelyn reet Fdward today b welling, which was erected by that firm, contains three baths and has a two-car garage. Many unusual features were incorporated by the purchasers. R e In These Homes in heat plant; colored brick semi- BUILDERS - WOODLEY PARK OPERATION — AN ARCHITECTURAL TRIUMPH Drive out Connecticut Avenue to Cathedral Avenue, west to 29th Street and south one block to homes. ‘Sample home— 2833 29th Street Open, Every Day Until 6 P.M. Convenient Terms Can Be Arranged W.C.& A.N.MILLER Increasing Value Woodley Park The location banishes the fear of depreciation, and the dignified develop- ment of this vicinity excites the admiration of the home buyer who is look- ing to the future of his investment. These houses are Miller Built, a byword The price is right. See them now. R b Saa e s Sl LA A Main 1790