Evening Star Newspaper, September 22, 1923, Page 20

REAL ATTRAL‘TING MONEY| - 10 HOMES, ISSUE 3: -3 ?surance Companies Find Loans Most Profitable ; Kind of Investment." How can American money supplies £om all available sources best be drawn Ypon to finance American home owner- | #ip> How can this rock foundation of | Hound national life be broadened by lizing to the fullest modern finan- | al methods? | Where is the safety line, from the | Fme buyer's point of view and from e investor's point of view in the Mhancing of a home purchase? What #s the actual practice and the actual itperience nation n the making not es on homes_but nd con- These are some of eal estate financing of agide importance in the development of American home ownership that™ find Wworking solutions 1 Hon of the n ot t 1 Estate Boards. Authoritative Report. | bli consisting of the | s of the divisio sions, held a ESTATE. low, everywhere, and the avallability of first mortgage money s not a problem at all, where there is ade- quate secu V. Second Mortgage Problem. Theravailabllity of second miortgage or land contract money is quite di cult nearly everywhere. The average percentage of the total value of the heme finance on_second mortgage or land contract is 2.6 per cent, The total percentage of the home value financed by first mortgages and by second mortgages and land con- tracts averages 83.3 per cent. This leaves a balance of 16.7 per cent, which is being financed by the home owner himself. The average monthly payment on | second mortgage or land contract is 2.8 per cent. The average length of time. that second mortgages or land contracts run is 5.4 vears. The average commission bonus or discount on second mortgages is 8.8 per cent. The second mortgage mar- ket stands an average discount -of 14.3 per cent. Loan Values Vary. The percentage of value of the mortgaged property ch buildin associations will loan les from 5 per cent to 80 per cent, the average probably being about 86 2-3 per cent, Rate of interest charged by build- ing associations varies from 6 per cent to 7 per cent throughout the castern and central sections of the very rare cases It is high- in the western and moun- tain states are found in some cases to_be higher. The practically unlversal rule for repayment among buildihg associa- tions is to require a monthly pay- ment equal to 1 per cent of the origi- nal debt. Samuel Reep of Minneapolis, com- piled the study of current practices and new developments in second mortgages. Home Loans Praised. Place of life surance funds in the promotion of home ownership is dis- | cussed by Walter Stabler, controller etropolitan Life Insurance The experience of life in- ompanies has made them gradually begin to see that the ve best form of investment is mortga on land and buildings and on f; Mr. Stabler said. The record of his company for the iast forty years, with between seven and eight millions of t| dollars loaned, is that the losses have LU been absolutely nothing and the in- terest rate always better than is possible to obtain from any other form of investment. Discussions by national authorities on real estate finance making up the publication and constituting it a com- plete reference book on the subject include: discussions of appr: Paul C. Loeber, chairman o S T T T T T T T T THE EVENING Chicago t bullding and by Samuel Stern, ot Prilaaciphia: of insurance loans on the amortization plan, by C. H. Corbett of Clnlol\ Ohio; of the ethi of lo-nlnl by Lincoln of Chic , by Townley s City, Mo.; oi s, by John Stalker, D Publication is In loose-leaf form 8o that the matter may be coni nlly renewed by additions from re the thirty committees of the dxvl-wn now studying thirty phases of real estate financing. CEMENT PRODUCTION SETS NEW RECORD fck et All records for the production and | shipment of Portland cement were broken in August, according to fig- ures just issued by the United States geological survey. Several times this | year people who have been in doubt | as to the productive capacity of the | cement " industry have. had their guesse; ttered by the way the in- dustry has kept pace with demand. COLUMBIA HEIGHTS Near 15th Street and Park Road Convenient to Central High School Three-story pressed brick, good condition, containing 9 rooms, electricity, hot-water heat. Lot to an alley. $14,000 Thomas J. Fisher & Co. Incorporated 738 15th Street N.W. LU T Semi-Detached Brick Homes nmmmamnmnmnn Each House Like a Corner Side Lawns and Side Lights ing double the price. Z £ B E £ E € E 5 E E £ £ E ) E e £ E | < £ £ E =] ] s = 8 -4 I g “1ann JAMES A. CONNOR (Builders & Owners) 1036 Woodward Building Telephone—Main 2990 In a High-Class Detached Neighborhood At a Price Less Than You Pay for Six Rooms, Bath and Built-in Garage. These homes have all the refinements and appointments of homes cost- Inspect and Investigate Our ECONOMICAL Plan of Payment 817-831 Quackenbos street, northwest. Take 9th Street cars to Georgia Avenue and Rittenhouse Street, one square east to 9th Street and one square south to homes. Open and lighted to 9 p.m. CHARLES M. WALLINGSFORD EDGEMOOR NOW Your Opportunity to Buy We have sold 8 homes in EDGEMOOR within the past two weeks—WHY? Jecause it is the most beautiful suburb of Washington. Because you do not depend on promises—water, sewers, gas, electricity, side- walks, streets, trees, many attractive homes and only the most desirable class of people—are already there. Because it is less than 6 miles from the heart of Washington. Because we can build for you in EDGEMOOR in accordance with your own plans, just what you have been dreaming of as the home ideal for from $2,000 to $5,000 less than it would cost you in any other similar or equal location. Because no other suburb has the community features o EDGEMOOR. There is a Club House, swimming pool, tennis courts and riding field in the center of this colony. Because of the social advantages to be obtained in EDGEMOOR. Because yeu can buy now for approximately one-half of what similar lots wxll be selling fof within g year or two. Why Take What Is Left a Year or Two From Now at Twice the Present Price? WHY not have your selection of the best lots today, at the lowest price they will ever be? We can build and have your home rea next spring. If you ever contemplate acquiring a sugurgan home in Washington’s choicest be well worth fiour while to inspect the beautiful home northwest section, it will sites now being offered terms NOW offered. in EDGEMOO! and investigate the exceptional prices and Also inspect our development in BATTERY PARK, adjoining EDGEMOOR on the north. To reach EDGEMOOR and BATTERY PARK drive north on Wis- consin Ave. to property, or take Rnkln". cars direct to EDGEMOOR and BATTERY PARK Salesmen at office on premises. MADDUX, MARSHALL & CO., Inc. 1108 16th St. N.W. (WE BUILD ANYWHERE) Main 8970-71 STAR, WASHIN Production du: 967,000 barrels, Increase of 350,000 barrels over July, the best previ record, and 1,300,000 over August vear. Production for eight mont! ending August 31 was nearly 88, n | 000,000 barrels, or more than was pro- duced in any one of the entire years 1915, 1918 or 1919, Shipments from the mills during Au- gust were only slightly under 15,000,000 barrels, or more than 600,000 barrels greater than 'in any previous mont) Shipments for the first eight manths of the year were nearly 91,000,000 barrels, ‘or more than 19 per cent greater than ever before. Although shipm lxc.ed‘d pro- duction during by about 2, 000,000 barrels, the Stocks of cement At the end of the month were soméwhat greater and amounted to Present conditions Indicate stantial fall demand for cemen returns for the full ye beyond any previous Bullding. permits issued in A show a _substantial increase over | year. of bullding now under construction and prospects.for winter construc- tion are considered good. Many high way officials have expressed a deter. building programs, so the amount_of cement consumed fn concrete ments will undoubtedly be" gr than in any past yea Beautiful New Home Open for Inspection 3511 Idaho Ave. N.W.. Opposite Ed. B. McLean Estate 1 block east of Wisconsin Ave. DESCRIPTION Detached stome and brick dwelling, 10 rooms, 3 baths; garage. tiful hardwood floors. large rear porches. hot-water heat, electricity; Highest grade specifications. Beau- Large front and two Price, $24,750-Terms ELLERSON 734 15th Street & WEMPLE Phone Main 603 | The Rlcard ' A artmts Corner 16th and Sprlng Road New Fireproof Building —with clevator service. Unusual plan of 5 rooms, reception hall bath and porch, with three exposures, insuring maximum of light and ventilation. porch and one room, with Murphy bed and bath. Also 4 rooms, reception hall, bath and kitchen, dining alcove, dressing room Rents, $60.00 to $145.00 Ready for occupancy Nov. housckeeping apartments with 1. Renters looking for real liberal sized rooms and ample closets will find these apartments offer an unusual opportunity. H. L. Rust Company 912 1szh St. N.W. Buy One of These Southeast Homes You'll get—not enly a bargain in the but a Home thn section— present value— enhance steadily. We've made this Mass. Ave. and 16th Stl —beautiful with these lttncuvedenu They’ll appeal to you with their you’ll be charmed with homeyness—an the accessibility of the location—reachable to and from everything. everywhere and The price puts them in easy reach— The Corner On 16th Street, $7,950 Don’t Worry About the Payments We'll Make the Terms Satisfactory Six rooms, tile bath—front and large sleeping porch. Splendis orch, kitchen porch nrhvm; room and din- ing room. Kitchen with sanitary tile-like finish. High- rade hot-water heating system, separate hot-water eater. Everything for comfort and convenience—with -rnnsemenu made.for converting the second floor into an in ependent Home if desired. Sample Hmo-—1538 Mass. Ave. S.E. Open for Inspection Every Day and Evening " Built, Owned and for Sale by 1514 K Street Harry A. Kite M-mbof Waihl“l Real Estate Board - _ Phone Main 4846 s t| There is a very heavy volume REAL ESTATE. Realty Compan SILVER SPRING SOUTH WOODSIDE 26 SOLD RECENTLY THE REASON . Construction Location Price Drive out 16th street, past Walter Reed Hospital, by way of Alaska avenue and Georgia avenue extended, to Silver Spring and South Woodside. 5 room and bath Bungalow. 5 rodm and bath Bungalow. -5 room and bath Bungalow 5 room, bath and attic Bungalow .6 room and bath Bungalow, with built-in garage, 6 900 6 room and bath Two-story House 70 & room and two-bath Two-apartment Frame House, with separate entrances and porches, 11,200 7 room and two-bath Two-story Tapestry Brick over Tile Large lots, good trees, hot-water heat, hardwood floors, city water, umury plumb- m(, electric lights, built-in garages, concrete sidewalks to electric cars, well built stone Small Cash Payments Liberal Terms NORTH WASHINGTON REALTY CO. Incorporated Pw.‘hlm“m AOfi o N.W. 1O e 9716 and 6155, Columbia 9821 B. Houston McCeney E. Brooke Lee ‘Sales Office on Goorgu Avenue Extended, Immediately North of Silver Spring Open Every Day and Evening Silver Spring Office “Homes of the Better Class” At Prices Below the Average Artlstlc—lndmdual—Charmmg If you are tired of. looking at ordinary rows of heusex, then an inxpection of thexe homes will be a real treat to you, The architectare and finish of the interiors has been just as care fully treated as the exteriors. They merit the word “Charming”—the most misused word in the dictionary. Among the tive fe are Large Living Room with real old-fashioned wood-burning eniroan Sk Sesen ok mear enei aad gored pine floor, exceptional fireplace, true o closet space, rch and very large double rear porch, roomy kitchen, with built-in con front_por Tefrigerator, Hoosier White Beauty Cabinet, breakfast booth and granite linoleum comented 1o fioon Small Cash Payment—$85.00 Monthly TO INSPECT: Take 14th St. car to Oak St., ome square west om Ogden St., or take I6th St. bus to Spring Place and Ogden St., walk ome square east. Exhibit House 1450 Ogden St. N.W. Open Sunday, 9 A.M. to 6 P.M. V.T. H. BIEN, Inc., Builder WM. S. PHILLIPS Exclusive Agent 15th St. at K it = HHMIMIMMWHHMWMMMMH"MMMIHIIIHIMIIHIII!I!HI]HIIIlNIfIlIlIIIIIIlmmlflllilllllflmflmmmmllflflflllllIIIIIIIIIHHIIIHIIlIIIIIIII!IIIIIIIIIIINIIIII?% A Fine Northwest Suburban Section Beautlful New Detached Houses $1 500 Cash--$90 a Month ~ Chesapeake St. "1 Block West of Wisconsin Ave. Most attractive, splendidly built, commodious and complete houses, ideal suburban environment, yet possessing every city convenience; location in a sec- tion that is coming, not going, makes these houses an unusually promising investment. We Consider These Houses the Best Values on the Market Today!~Investigate Open Daily Until Dark Take Wisconsin Ave. Cars or Drive Out to Chesapeake Street—T hence One Block West ALN