Evening Star Newspaper, September 25, 1926, Page 25

REAL SAYS CO-OPERATIVE APARTMENTS PAY Writer Compares Ownership With Ranting, to Latter’s Disfavor. BY EDMUND J. FLYNN, c that real estate in nunity as a long-swing alwavs increases in value a selfevident truth that Washington is growing steadily and must continue to do o in conjunction with the development of our Nation It is peculiar, for the latter reason, among American cities ursory investigation of the co- operative apartment buildings already gold in Washincton will show the high valuation the owners place upon their homes. During the past seven ESTATE. maintenance expense. The eeoncmy’ effected in the original cost is the re- sult_of collective buying power and wholesale production. The cost of purchasing a home in a superior loca- tion would be prohibitive to many, if not most, individuals, but when a number combine to buy it, the cost is divided and is therefore within thel means of each individual. No indi- vidual residence can be constructed as economically as the units of an apart- ment building: the latter is a “whole- sale” operation and the former a ‘‘re- taii” one. Comparing a properly organized, 100 per cent co-operative apartment as an investment with renting an apartment, Elmer A. Claar, lecturer on real estate in Northwestern Uni- { versity, a noted authority, makes the | tollowing analysis “The rent you pay into: “(a). land and building, zaze and equity. “(b). Actual maintenance, together with depreciation. “(c). Actual operating cost, includ- ing management. | “4d). Wastage, (caM this unneces. | sary maintenance and operating | pense). This wastage is usually the result of excessive decorations and repairs due to carelessness and fre- divides ({tself Interest on money invested in including mort- THE EVENING STAR, WASHINGTON, D. C., SATURDAY, SEPTEMBER 25 1926. NEW YORK BUILDING LESS.| CONTRACTS SHOW DROP. ! Six Per Cent Less in July Thnn! in June. The volume of contracts awarded | months of 1926 exceeded by 10 per during July reached index No. being 6 per cent less than the June ing period in 1925. oy L G L ) would increase (e), the profit of the landlord, but this is now enjoved by you, the tenant-owner. An ordinary apartment house has proved to be a splendid investment, although it in- cludes (f), (g) and (h), all of which are eliminated by the 100 per cent co-operative plan.” . Benefit of Increase. In addition, Mr. Claar points out, any increase in ¢alue of rented prop- erty results in increased rent, where- as with a co-operative owner it is re flected in the increased value of his holding. Also, he calls to attention that the stock of the co-operative cor- poration is non-dividend paying, the return being the rent saved and the Treasury Department does not regard that as taxable income. While we usually reckon returns from investments in cash dividends there also are psvchological returns which are just as concrete and cer- tain. In addition to the monetary re- turn from investment in a co-opera- tive apartment home, one receives such other returns. That universal craving for a home is satisfled; there is the feeling of stability, security and independence which ' home ownership gives: the satisfaction of knowing that your neighbors are of a more substan. tial class than in the average rented building; the satisfaction of knowing that you “belong™ to the community in which you live and that, as a gen- eral proposition, the home-owner is considered a more desirable neighbor and a better citizen. Home ownership on the co-operative apartment plan in Washington is an attractive investment. It places homes within the reach of the bulk of our population, which {s composed of people, who, because of heritage and inclination, have the home-owning urge and whose occupations make the apartment the convenient, comforta- ble and desired type of residence. Volume of Construction Drops. The volume of construction per- formed during August, as indicated by shipments of construction ma- terials, was 6 per cent less than the volume recorded for July. The index number for August was 215. The total volume of construction perform- ed during the first eight months in 1926 exceeded by 3 per cent the total volume performed during the cor- responding period in 1925, August Report Shows Decline From Same Month, 1925. Bullding plans filed in Greater New York in August show a decline of about 20 per gent from August, 1925, and a loss of 5 per cent from July, this year. Although Brooklyn, the Bronx and |g Richmond showed gains from August a year ago, the slowing down in Man- hattan and Queens was marked, par- | ticularly in Manhattan, where the loss_was 53 per cent. The August total for the Greater City was $75,- 925,165. Manhattan ‘Brooklyn ueens ronx . Richmond Totals August ‘26 August '25 | | 160.387 i 18:826:810 1.262.760 $75.926.165 It has been officially recorded that Robert E. Peary discovered the North |p Pole on April 6, 1909. L] SN REAL ESTATE. awards, but slightly in excess of the volume recorded for July a year ago. The money value for July, 1926, was $442,568,000. The total volume of con- tracts awarded during the first seven Second Lieut. 219, | cent that recorded for the correspond- Field, Rantoul, Il City View Heights Bladensburg Blvd. at L St. N.E. —answers the calls I have had to build Homes—where the children could be safe and that the family could afford to buy. B If you haven’t seen them, DO—at once—because they are just what you are looking for—where you’ll enjoy living and what I have diligently planned to make possible. Army Aviator Transferred. Ralph H. Army Air Service, at Bolling Field, Anacostia, has been ordered to take a course in communications at Corps Technical School, at ¢ Lawter, e Alr anute =S S S 37 e years thousands of apartments have|cuent s ) tenants, and the G g gg ”’"’-"“'“U"‘!g:pxr:ll s e Dbuildings plan by residents of Washington. All|pecause they are constricted of kmflrn»,;ad in :'a'UP cheap materials and poor workman- ve been resold at|chin for the speculative market. = and| ) Acknowledged profit to the] > | owner. | ). The income tax the landlord has to pav on this profit. | (). "Allowance for vacancies and bad debts. eration has ihis, e ) Allowance for the cost of get advantage—that in the co.operative| ¢ yvou owned your own apartment there is an internal market made Up | ynder the 100 per cent plan, it would of the friends of the tenant owners | ejiminate (1), (g), (h). and. reduce— = em ol TRt Ao EE practically eliminate—(@). building. I mention the subject of converti- Reduced Rents The Everett, 2127 P St. bility berause it usually enters, or Near Dupont Circle brought into, discussions of invest. The return on a co-operative stment, how- 3 rooms, kitchen and bath..$70, $75 2 rooms, kitchen and bath, $30, $52.50 1 room, kitchen and bath ce between the Geo. W. Linkins ng value of the apart- of occupancy under 1733 De Sales St. Main 10100 $ 500 CASH $ | old when it was sold co-op- . =EEEIEHE SR SEE A New Home in Chevy Chase, Md. - THINK OF IT! Five hundred dollars cash and easy monthly payments buys one of these homes. They are priced right. Imagine buying a detached two-story dwelling containing living room; dining room, with French doors; kitchen; pantry; three bedrooms; extra large bath; large porch and built-in garage for $9,750. The lots are from sev- enty to ninety-eight feet wide. Plenty of room between houses. * Concrete sidewalks. Blue stone street, sewer, water, gas, electricity. See these without delay. Natu- rally the homes on the wide lots will go first. Comparing the convertibility of the co-operative apartment with a private | residence, the c | Think of Buying a Home For Only $45 a Month The Terms Are as Low as Thag S Which is less than $12.50 a room with a modern bath included. Remember more than one-half of what you pay you save, applying, as it does, to the purchase price. 55,375 $5.675 $5,975 Semi-Detached ment and t the ope: capitalized plan. This saving the co-operative purchaser the return on Also Two Bungalows with Built-in Garages for $8,450 FEEE-E SRR S Inside Home Corner Home Pretty Brick Homes—with big rooms, easy to furnish; hardwood floors; artistic electric fixtures; tiled bath; a guaranteed heater. Colonial porch; lawns and shrubbery; and good size back yard. Convenient to Schools and OWNER OFFERS New Takoma Bungalows COME OUT SUNDAY 8 ARTISTIC BUNGALOWS AND SEMI-BUNGALOWS , (e A Kite-built Home is a money’s worth Home always. Stores Open for inspection every day and evening, including Sunday. Take car at 15th and N. Y. Ave. N\W.—riding to 15th and H Sts. NE— transfer to bus or walk north 2 short squares. You should not fail to see these houses before buying. Built, Owned and For Sale By Harry A. Kite > ff 4 Open Fireplaces, Metal 'Sash in Basement, Hollowtile Foundation Main 1514 1 K Street 4846 A YMIN comTevcriel Lguanp 57| BRADLEY LANE = SEE-SEEE SEE Follow chart, entering from either Wisconsin Avenue or Con- necticut Avenue. Exhibit house corner of Leland Street and Cur- tis Road. o e, C i "u! r Prices Right Waggaman & Brawner Easy Terms 1700 Eye Street Franklin 7485 or CONNECTICUT AVEAUE §7%E%E%%’ ] WISCONSIN._AVEMVE. Now Ready for Your Inspection YiYevi 7 That Home You've Been Looking For will likely be one of these three 3815 Gramercy A magnificent three.story new de- tached brick res- idence at the city edge of Chevy Chaze, D. C. com- manding a vista of Connecticut Avenue and distant Rock Creek Park. Two large side porches (one glass-inclosed), large reception hall, spacious living room with fire- g niace. handsome dining All bungalows have large rooms—sleeping porches—open fireplaces and brick mantels and large lots. DESCRIPTION stic home, well designed, with first- hout, do not fail to see these houses 2, d 4 bedrooms), tile bath ing porch, front pore including hot-water he: ated near District schools, s are right. Easy terms. vy owzaw‘ Your Own Broker If vou appreci: class mate: and fixtur at once. Have 5, 6 and 7 with built-in YOU WILL APPRECIATE THE SHADE TREES convenience. s, Shade trees. ind west of railroad ss than 50 feet wide hy 148 deep to alley. Location—5th and Whittier Sts., west of railroad Near Takoma’s New 5-Acre Park and Playground Only two blocks south of Fifth and Butternut Streets, near Ninth Street and Fourteenth Street car lines. H. L. THORNTON, Realtor Owner and Builder Office, 6900 4th St. Takoma Park, D. C. OPPOSITE TOKOMA THEATER Home Phone, Col. 4957 K DAYS PHONE FOR AUTO Deal With a Realtor Office Phone, Adams WE! “Jameson-Built Model Homes” Now Ready for Inspection SELLING FAST 1301 to 1333 E St. N.E. Thos. A. Jameson Co. Invites the Public to Inspect These Fine “Jameson-Bui't Model Homes” The architecture of these fine homes has been care- fully designed and se- lected by our experts of superior * home designs, The material also has been carefully selected. All labor furnished by skilled mechanics of the best grade. slate roof. oak sleeping ol porch. cozy breakfist porch two-car _brick Rarage. every modern Seventy Reason- ably priced. Terms ar- ranged. Open Sunday and dailg! 1 | $2,000 Under-price! Companion Homes of | e _ = T g Pure Spanish Type— —stucco and cement construction, with broad open porches en- tered through French doors from the living room; and surrounded 3512-14 Quesada St. Chevy Chase, D. C. Wonderfully complete homes—of 9 rooms and 2 baths—and garage Old Georgetown Rd. & Battery Lane One of the show places on Old Georgetown Road, at the corner of its inter- section with Battery Lane—about half a mile beyond Edgemoor, following the Rockville car line. The home is of Spanish design with many delightful and individual features, including a spacious living room opening to inclosed sun porch, three large bedchambers, ‘two tiled baths, numerous cetlar closets, maid's room with lavatory, built-in garage and exquisite electric fitments throughout. The price is strikingly moderate for such a residence. Open after 2 P.M. Sunday! 7005 Meadow Lane Near the Colum- bia Country Club, on the most e .clusive thorough- fare of Chevy A center American sidence with These homes have been {| personally supervised by the owner, and money can be saved by buying direct from the owner. They are full of pleasing features—artistic fireplaces; large closets; decorative lighting fixtures; high-grade oak floors—best of service equipment in Kitchen; laundry and heating plant, in- cluding separate heater for hot water. The price has been Reduced from $16,950 to $14,950 —and satisfactory terms will be made These homes contain six large rooms, tile bath, with built-in tub and shower. One-piece sink in kitchen, extra large ‘ porches, iront and rear. Front porch built of ce- ment and steel. Oak floors, latest fixtures, floor plugs in each room and buiit-in ice box. Deep lots to wide alley. These houses are in the most desirable section of Capitol Hill, convenient to churches, schools and stores. It will pay you to inspect these homes. our offico up. to Built, Cwncd cnd For Szle By C : 5 Thos. A. Jameson Co. | KEVE , GO 906 New York Ave. N.W. Main 5526 “Ask the Man Who Owns One” tiled “baths an im- mense living room comfortable side porch. Lt cors I rake at_the rear of the attractive grounde Turn west on_Leland Street from Conn cut A venue one equare! Open all day Prices Moderate—Terms Arranged ‘ Leaders for 19 Years in the Sale of Washington Homes 1417 K Street—Main 9300 THOS. A. JAMESOX, Pres. Quesada street is the first turn to left from Western Avenue as you leave Chevy Chase Circle—and these homes are but a block beyond. Open Sunday from noon wuntil dark—or phone 5% om. any week " day. ORDUGOR