Evening Star Newspaper, December 12, 1925, Page 19

REAL 'ESTATE. SHOWS FINANCING ADS HOME OWNING: Method of Payment Told| Y. M. C. A. Students by . D. Hobbs. Declaring that the development of | American methods of financing real es- tate transactions has done much toward the upbullding of citles, James | D. Hobbs, vice president of the Ward- man Construction Co., told students of | the Y. M. C. A. course in real estate that without this method of financing the majority of the Nation's citizens would be living in rented quarters be cause they would be compelled to pay full purchase price in cesh for their homes. Emphasizing that building is the fitth largest industry in the United States and that 75 per cent of the money required for buflding is pro- vided by the investing public either | dfrectly or through financing institu tions, Mr. Hobbs declared that there ! is little difficulty in accomplishing the construction of the home if this money is on hand, but that 95 per cent of those who build or buy homes would not have sufficient funds to build out- right. He declared that in the first nine months of this year in Washington forty-two milllon doliars were ex pended in building and that it was safe 10 assume that twenty million dollars of this money has been bor. rowed, leaving only seventeen million dollars supplied from the capital of those Who prémote the development. Here he pointed out that if the Ameri- can system of financing was not in vogue it would have resulted in the city losing 60 per cent of its build ing activitles. He outlined the various points of interest to real estate men in financing their deals and various methods of in- terest to bullders. He explained the financing of apartment houses, which is accomplished in the same manner as the financing of dwellings, and sald A great many apartment houses were . sold on the small cash and installment plan basis and the amount of {nstall- ments regulated by the amount of the net income of the apartment house after the deduction of operating ex- penses and interest on mortgages. He sald that it was considered safe to sell on a basis of 20 per cent cash and the net income to apply on the payment of the balance of the purchase price. The exchange method of the disposal of apartment houses and the neces- eary computations and appraisals in this exchange feature were outlined by Mr. Hobbs. He stressed the necessity of strict ethics on the part of the realtor in con- sidering all financlal deals and the proper intelligence in order that he or his client may be properly protected and all property concerned remain uninvolved. SAND SOLD BY WEIGHT. Los Angeles Law May Become Gen- eral in Southwest. Los Angeles has enacted an. ordi- nance which will require hereafter the selling of sand, gravel and crushed stone by welght. This probably fore- shadows an adoption of this system generally throughout the Southwest. It has long been known that a cubic vard of sand carrving 8 or 10 per cent of water may contain but 60 or 70 per cent of a cublc yard of dry sand. This plan will do away with all uncertainty. Beautiful; 7Home In Saul’s Addition 1215 Farragut St. N.W. Price Reduced Owner Must Sell at Once This is a very charming home of eight well arranged rooms on two floors—four bedrooms, floored attic, two large tiled baths, open fireplace, hardwood floors, inclosed slecping porch, spacious front and rear porches, fine hedges and other planting on deep lot, close to car line, busses, schools, ‘etc. Very moderate cash payment and casy monthly terms. Open for Inspection See It Sunday Allan E. Walker & Co., Inc. 813 15th St. N.W. " _ Main 26% Woo-dley Park $13,650 2800 27th Street Close to Wardman Park Hotel and One Block From Conn. Ave. Eight rooms and bath, on three floors; all in perfect condition. Two- car brick garage. PRICE REDUCED $1,350 The best buy in this exclusive section. MUST BE SOLD Open Ior' Inspection Tonight and All Day Sunday C. BUSHMAN SMITH Inc. 1703 Conn. Ave. North 2522 SEEKS WAY TO T PREVENT DOUBLE BUILDING COSTS That there {s waste in this vast industry is recognized frankly by all who are engaged In it. Studies of Waste. Studles have been made. of the problems of construction with increas- ing seriousness during the last two years. The contractors, through their national assoclation; the engineers 1and architects, through their profes- sional bodles; the bonding companies, the materfal supply manufacturers and distributors, all have taken up phases of the question of how to re- duce costs, not only for thelr selfish | i benefit, who must pay for each plece of con-| but for the benefit of those structlon. One ments toward the elimination of waste fn the construction industry, with a resultant reduction in the cost to owners and consequently to tenants, 18 expected to come from the ‘‘com- mittee on standard State mechanic’s lien law,” which was named by Secre- tary of Commerce Hoover last Winter. A preliminary report may be expected from this commlittee either shortly before or shortly after the holidays. The objects of this committee are gflmummumumnumunmnummlmmmlIulummlmlml|m||||m|n|mm|m||||||unummxmmmmm|m||mulmunwnuuun’é E 4 This charming new English Home is ready for imme- ace, dining diate ath,” sleep! $14,250, on terms to meet your convenience. The Prince of Christmas Gifts! [13 OME."—A blazing hearth and warm hearts gath- ered round. And happy youngsters listening, wonder-eyed, for Santa’s reindeers drumming on the roof. What better time to think of a home for your family than now, with Christmas just around the corner. And what gift could you give them more beautiful, lasting and ap- propriate than a home—here in WYNNEWOOD PARK. Come Out Sunday and See for Yourself Take Washington Rapid Transi HOMES $12,750—$14,250 Invest Only in Greater Washington Real Estate THOS. E. JARRELL, Realtor. of the outstanding develop- | (1) to strive for a model law and urge its adoption by all States so that form, incorporating provisions for due protection to all interests, and (2) to protection to the owner, particularly the home owner, who naturally may be expected to be less than an efpert in law. Public works are adequately protected against liens; large private construction contracts are protected by bonds and other safeguards. It 1s the small owner in the great ma Jority of cases who lacks protection. In the final analysis, any loss in the bullding industry is felt by the public generally because of its influence upon the cost of living. There is scarcely a city or village in the country which lacks its ex- |amples of cases where an owner has {paid more—sometimes _considerably | more—for his bullding than the con- tract price because of the default of for materials or labor. Labor seldom loses or has difficulty |in tollecting its due. The mechanic’s | llen, originally devised to assure the | worker he would be paid for his labor, | has grown to assure the supply dealer {he will be paid for his materials. | Probably 99 per cent of the liens filed occupaney. % breakfast nook, kitchen, room; ing porch. 'Bullt-in garage. Spacious On Reasonable Terms PHO HE EVENING STAR, WASHINGTON legislation on the subject may be uni- | devise means of affording maximum ! 2 contractor or subcontractor to pay | against new bulldings are for 5up-‘ plies furnished. John Smith, building a home for the first time, engages a contractor at an agreed price, and pays him regularly, according to the contract. He thinks when he has done this that his re- celpts protect him and that when the house is completed it will be his, sub- ject to such mortgages as he may have been obliged to negotiate to finance the project. But if the sub- contractors have not been paid by the contracter, or the workers have not been paid, or the supply men have not been pald, a llen can be put against John Smith's property. The first solution is to secure a re- liable contractor. But sometimes mis- fortune overtakes even the most honest. And the honest contractor him- self often suffers tloss hrough default of someone he has trusted, swallowing the loss himself. Bonding companies frequently pay. All such losses in- crease cost. In the aggregate such losses amount to a gather 'mposing total annually. Theffirst effort is to minimize them, even if they cannot be eliminated. - e | Marine Corps Orders. Capt. O. T. Pfeiffer, First Lieut. F. | B. Reed and Second Lieut. z | have been sferred from Cavite, P. 1, and Capt. E. O. Nicholas from Cavite to Guam, Second Lieut. J. C. Harmon, at Paris Island, ., has been ordered Bus on 16th Street and ride direct to our WYNNEWOOD office, or drive out via 16th Street, through Silver Spring to Bumt Mills Road at Sligo, which leads directly to property. HOME SITES $2,000—$4,400 to Quanti AR RO T 1 lawn. PVOMRELERTN IOMARRSTRR YN 1) 14 D. C, SATURDAY, DECEMBER 12, 1925. ERRLRLRRRLI% SRR A RS S AR SRS XIS THE GREATEST NEW HOME VALUE In Washington Today Bk Just above Rhode Island Avenue R SAMPLE HOUSE 2634 10th Street ortheast Open SUNDAY Until 9 P.M. A First Sl’lowing Only $8,950 Easiest Kind of Terms Without Comparison —at such low cost. We will not attempt to give a complete description of these distinctive homes, but as an example of some of their features, so seldom found in a moderate priced home, we want to call your attention to the paneled walls in both the liv and dining rooms, the excellence of finish throughout, the twin base plugs in each of the rooms, the double floors throughout, overlaid with 7g-inch oak, and their striking exteriors. If cont plating the purchase of a home in the near future you will profit by an early inspection of this group. g to 10th St. N.E., then North One Block Hedges & Middleton, Inc. REALTORS EXCLUSIVE AGENTS DRIVE OUT RHODE ISLAND AVE. , 1412 Eye St. N.W. Franklin 9503 SATALLLETAXLEEEEAAETAEF AR CAAE FERRRRRLLARR LA AR AR AR AR AR LSRR R AR R E R L LR EE LR R R XA TEE AR RTERERRNNSY B e e e e e e s S A s S A R A S A S R R S R I R S N R R s N S N S R s s N R R N R N RN Rt 3N MAIN 766 ‘Washington Savings Bank Building Deal With a Realtor Self - Possession in Buying Real Estate (3 Today’s man with a comfortable income is not generally “rushed off his feet” by glowing word painters if he contemplates buying a place to live. He demands certain things as being necessary to him and to his family. In a man’s way of thinking, he wants it “comfortable and not too far from the office. His wife wants a clean and sparkling home, thoroughly modern, where entertaining is always a pleasure—never a duty. Where her comfort, privacy and even her view of the open country can never be invaded by encroaching buildings on the lands surrounding her home. , WOODLEY PARK HOMES FULFILL THE ABOVE Their rooms of beauty must be seen to be appreciated, and the discerning byyer will inspect personally their possibilities. $17,500.00 WITH DESIRABLE TERMS CCASIONALLY in the office of a responsible man you may see his self-possession tested, but you seldom see it shaken by “high- pressure” talk and “hurry-hurry” methods. REQUIREMENTS .« . He wants his home among nice people; a genial privacy among neighbors of equal understanding and self-respect. 20% ADVANCE IN SECTION 5 LEE HEIGHTS, DECEMBER 21 _Active development work has started in “Lorcom Lane Estates,” Section 5, Lee Heights. We announced at the opening of this tract on October 29 that the pre-develop- ment prices fixed at that time would be in effect a limited period only. This increase of 20% will take place at midnight Monday, Dec. 21. No Lots in Section 5 Will be Sold by Us at Present Low Prices After That Date Save $300 to $500 Now! . You who are planning to have a home some day in this section of Lee Heights will save from $300 to $500 by selecting your home-site now. Ask for a plat at the Lee Heights office and walk over Section 5 yourself. See the beautiful winding drives that are laid out by our engineer, an expert in road building. See the wooded knolls and rolling hills, ideal sites for a home that is in the country and yet within 20 minutes of the White House by auto. Stand on one of those hills 400 feet above Pennsylvania avenue and see the city of Washington spread out below you. 4 A SAFE PLACE FOR CHILDREN Vision your family here in your new home, away from the many traffic dangers which menace children in the city streets and away from the noise and dust of town. You will be in a section of great natural beauty—the famous “Country Club Section” of Ar- lington county—and your home will be surrounded by other attractive dwellings artistically designed. ; SEE FOR YOURSELF Come out to Lee Heights today. Ask for plat at our Lee Heights office and you will be di- rected to Section 5. Whether you intend to build now or later, get the lots of your choice now and at a saving of $300 to $500. . cec nzicirs | 1405 New York Avenue LEE HEIGHTS Main 1144 New Lee Heights Home Designed for Mr. and Mrs. Frank Eisler by . A. F. Thelander WE WILL DESIGN YOUR HOUSE You have your own ideas of the sort of & home you want. Describe them to us and our architect will work them into a beautiful and artistic dwelling, and one which will surprise you by its moderate cost. Geor;mwu. "-‘l‘nrn tht Lee L on Highway and Ml?’i miles to Lee hts office. Or call Main 1144 and one of our closed cars will take you to inspect property it any ob- ligation whatever to you.