Evening Star Newspaper, December 18, 1926, Page 17

i * tutions ‘ WASHIN( The ‘7nmmg %Iaf CAPlTAL BUlLDS $41.500.000 N HOMES WITHIN TEN MONTHS‘E Year's Record Construction of All Types: Is Ex‘pected to Reach Total of Close to $65,000,000. L.A VIGRE. Washington Conv Bureau as of inere tional industry, as well sion | prestige in officis | ternational affaivs. the last 10 months new | Although Washington virtually is been constructed in the |without industrial smokestacks, nor an sregate | is it rated particularly as a manuf: Value of $41,000,000. Total new r si-|turing city, vet it produces an out- dential construction amounting each | put aggregating $80,000,000 annually r 1o approximately $45,000,000 pro- | and employs about 10,000 persons on ides housing accommodations 1or an | factory pay rolls. annual increase of not less t Tl "The hotel proprietors comp; 000 population. Washington is com- | the membership of the hotel pleting a record year of building con-| tion of \ashington represen Struction of all types, which will total | penditures of $51,500,000 in prov near $65,000.000, and that does not|made for the comfort and convenience ke into tion the Fe of visitors, having a pay rll approxi- building nor any * | mating 3,250 employes. Our hote! quickly subur & * [ facilities will meet demands of 25,000 in Ma * | convention delegates at one time com « hl“’“ ‘]h-“‘“ ? Elio fortably. The disting of a 3 " ment in Washingt plannir §100,000,000 to Be Spent. is its nefWwork of park areas and at-| Washington's tractive home sections, nestling in all | provement pre parts of the city and not particularly | years includes the —expenditure of ricted 1o Zone. In other | £100,000,000. of which the public build- we have oases and pretty | ines projeet in the amount of $50,000,- Man beren monotony of just | 000 - and the Arlington _Memordal Siroets or desert. The residences |Bridge in_the amount of $14,750,000 fringe some 563 parkd reservations | and 0.000 for additional par and cir the value of these areas |and i ve definite features in improvements being 155,883,180, All s and many more have budded and are blossoming on ¢ Other small tract of land less than 10 miles g Cveek Park, | fauare, named the District of Colum ek s and Soldiers' | bia. Private enterprise i paralleling, Pt e Jenl of |iT not uostripping, Government de Home, with 500 | e ,“'I" = ‘\( opment, and we have come to the America in natural landseab® DS | point of actually reaching out into The steady, conservative and Dealiid | i janes of commerce and industry increase in real estate values W (Be|j.cyond our own confines—to Ma Tast years no doubt is due Ny, G50 Virginia, our neighbor good to the distinctive ““.d.l”} where the co-operative greater metro- usuy ure of this close admixture |, ;. 0 gistrict of Washington is being of homes and parks everywhere over | ORI the Where home ownership | A new home atmosphere is inereasing with | iy T s like it is in Wash- | Joatet there rests best proof of sub-|¢ye strong appeal and forceful pres- se( dvancement \\nlnvu\ jon now being m: o for repre- to artificial inflation wtion_in the Congress. The in- It is good to learn sed interest of the citizenry in erate home—where the h District affairs is evidenced by the vital and inner circle that fast-growing membership of the 47 good or bad citizenship for | associations operating through the fion through the community. Home | Federation of Citizens’ Associations. is the sure rock and unit on which| For a good many year: civilization and proj stands or | has had no outstanding coh falie ring the destiny of 4 peo- | as & municipall pting as it re- | ple. "The more real homes, the great-| flceted the act of the Federal | or the atmosphere of affection and | Government. The Great War changed fenderness, of power, resolution and | many thinge. Among other things, it capacity for the building of a city | chs shington. An interesting $hll, ‘ridures. sformation is present, working Ba1d the f lendid future, builded upon hix anpual message just delivered to ic concentration of enterprise Conigrens, and 1t i worthy of the| closer xympathy and under- - i standing between the powers behind widest circulation and attention: | Standing ecween the powers benind #We 'are embarking on an ambi-| the FEAC > > i s buflding program for the' city | Voteless: Washington. of Washington. The Memorial Bridge | petat jg.under way with all that it holds | for use and beauty. New buildings are soon . contemplated. This pro- gram should represent the best that| ssisis in the art and science of Largest Capital Representa- tion Expécted to Attend Real Estate Convention. sing and in RBY C. Executive Director During homes have National Capital at consid am oping and Zovernmental im- am in the next few Beauty Spots. Rock acre acres, We few part spirit of self-government District, by its residents residents, is manifested in stantial, st citizen of our land in | ture. Into these structures h must be considered as of a per nature, ought to go_ the pirations of the Nation, its ideals pressed in forms of beauty Beauty Put First. “if-our country wishes to compete with ‘others, it it not be ip the sup- port of armaments, but in the making of a beautiful capital cit Let it the coul of Amer n American is at the sea his Government, however traveled | and cultured he may be, he ought w: city of stately proportion, sym- st \Alll‘\\ Jaid out and adorned with the best that there is in hitecture, which would arouse his imagination nd stir his patriotic pride. ® 0 In the coming years Washington should be mot only the art center of our own country. but the art center of the world. Around it should cen- all that is best in science, in . in letters and in art. These Indications are that the Washington | Real ate Board will have the largest delegation at the Midwinter meeting of the_National Association of Real Estate Boards in Miami next month_that it has ever sent to any gathering of the National Association. So far approximately 40 members and their wives will leave Washington Saturday, January 8, by special cars. The arrangements are being han- the crea-|dled by a committee consisting of urces with | Theodore M. Judd, chairman; Way, ot Nawored.” W. Taylor, jr.; Karl E. Jarrell, Per which we have be reau, in | H. Russell, Clarence . Donohoe, Washiigton Con¥sniat, b ,,““I,, C. Miller and H. Clifford Bangs. In its job of selling the Nations) formation may be gained from any tal to America and the "WOFC member of this committee or James convention_center, has "g““"}‘mp P. Schick, executive secretary of the ferred to Washington in deseripiit|yoard. Hotel arrangements and travel A and spoken, a5 Wh® | acconimodations will be taken care of Soul of America « by Mr. Schick,and the committee. The dent of ‘the l|‘|:lfl;:“*ld“f* “"“(‘.“lg‘:“;_ convention K"m take place January B i | LS ed oo e s i that in the making of this beautiful| “ryesday, January 11930 am., city “let it express the soul Ofipoard of directors’ meeting;, rica.” & entertainment. A‘;‘;‘ncoluscomnmnl on the subject of | “\yednesday, January 12—10 am., education, not_presuming to dictate | general business session; 2 p.m., eight any plan or system respecting it, divisional conferences; 8 p.m. enter- that it should be viewed as the el et it subject which we @ a peo- | Thursday, January 13—10 am., i can e engaged in. Without | general business session; 2 p.m., eight attempting detail, it (.-{x be aum “"[g di\'ls‘imml sessions; 8 p.m., entertain- Zhat the National Capital is ess ment. the leading modern forum for self ¥ education among all the cities of America—one cannot live here or Yisit here without gaining added understanding Inevitably centering in Washington are national structures and centers of education, of science, of literature, of Jaw, of history and of art, libr: day, January 14—9 a.m., general business session; 11 a.m., trip to Miami Beach for luncheon party; 2 p.n., gen- eral sightseeing trips in and around Miami; 7:30 p.m., annual banquet. The divisional meetings, which will take place Wednesday and Thursda will deal with every phase of the rea estate industry in detail and a number i vernment |of important matters will be taken up A i Which national progress at the January business session each . ile . is resplendent diplo- | da) s guided. Here is resplendent S| M gides the social activities incident matic A;"‘ ok of impressive architec- | to the convention itself, a number of and embassies of improssive (e of | postconvention trips ' have been ture. major functions e events, | planned which will take some of the T ol ek of higher Government |local delegates to South and Central 1 in the aggregate, th: oy ¥ HOME & l.\l(lb}\J APPRAISAL-MAKING EXPLAINED TO “Y" REAL ESTATE STUDENTS Normal Market Value and Special Factors Analyzed for Class by Trust Company Officer. The tent appraisals were outlined by Wil liam L. Beale, in charge of the real estate department Security and Trust Co Y. M. C. A. da Beale stressed the fact that proper appraisals are primarily the resuit of experience in this fleld and a proper study of property values. In lecture the speaker said that it is necessary to understand \\hv is meant by the word “valuation.” This, he said, can be found in a_d rendered by former United State Chief Justice Charles Evans Hughe laid down in the Minnesota note case, | volume 230, U. S. 352. The normal market value is the base upon which values are made, to- gether with special values that may arise and fair market values for pa ticular vicinities. Appraisal E market value, he said, w for which the property would be in cash by one who does not have The average sale at the weekly real estate class last Mon- trolled by supply and the age-old prin demand. Boom and de- preciation factors, however, must en ter into the study of what the prop- | erty previously was purchased at and what its salability price is now. Elements in Valuation. elements entering into valuation of land are: 1. Lo- cation. 2. Utility. 3. ze. 4. Shape of lot. In regard to location and acces sibill it was pointed most cities the in the downtown business distri and districts that are visited by the most people, and utility chiefly | cerns the use of the lot, the desir. ity of the ground in respect to purposes. In dealing with the | size, it must be taken into considera tion the assembled plottage and the depth and the utility specific purposes. Zoning regulations, particularly in the District, also enter as a large factor in appraisal matters. The regulations govern height of building, amount of land which can be used and the type of building that ple The proper may be placed on the ground. Zoning Wardman Gardens to be located at Connecticut avenue and Calvert street, will cover 13 acres, the greatest area covered by any apartment structure in the world. Work will begin some time next year. Controversy is now | rife over the height of the structure | between Harry Wardman and the Zon- ing Commission, for Upper, shows plai layout and garden treatment of | the group. The building occupies only 17% per cent of the ground, the bal- ance being used for parks. Lower: Ele- vation of part of one of the five strue- tures. The plans may have to be re- arranged into one big building because of the zoning regulations. § 5 EBE S N M | 1] AvpERsa’n (T al’l n l m 3 n-- must be particularly studied and understood in order to have a proper appraisal arrived at, said the speaker. In order to make a proper valua- tion it was suggested that a map should be made showing both size of the ground square and the four | corners, together with the depth the lot. The ground and building valueg should also be analyzed to propérly determine the ground values. The speaker declared that many ex. perienced appraisers adopt the unit system of valuation which was recom- BN BN B J\enrled by the National Associ f Real Estate Boards some vears ago. This system calls for the estab- lishing of the value of a typical inside lot to the full depth of the longest lot and the comparison of this strip of ground with the remaining long and_short lots. Others, he declared, used. the 4, 3, 2, 1, rule, placing 40 per cent on the first 25 feet, 30 per cent on the next 25 feet, 20 per cent * " » of the American | con- | of the size for | of | tion | underlying factors of compe- | on the third & kis | eision | | vidence of value and this sale is con- | | ment, t | | {he | tions between real es feet and 10 per cent on the back 25 f If the improvements being appraised do not come equal to the fair rate o n the ground, then the valt on ground produce in interest e of the In beginning his iecture Mr. | iImprovements are worth nothing. e all rules sense ru'c, take in all affecting pa stressed, however, that subject to the comme which must necessa spu tfal circumstances ticu wr properts In speaking of the value of improve ments that usuaslly present the reproduction less a fair depre ciation from the time built, deprec m is largely matter opinion and consequently varies In appraising apartments it i properly arrived at by multiplying the income received by X six and one half. Mr. Beale stressed, however, that regardless of all rules and regulations appr s are, after all, a matter o opinion, in which it is hard to pre whether a pe wrong. He stressed, however, the necessit that appraisers be honest in their opinions afte careful examination. In order to properly carry out ap praisal functions he urged that appraisers keep in touch with develop. he trend of the market, trend neighborhood and sales, and affects the real wdvocated the cost son is right ¢ of the all development which estate situation He exchange of opinions and consulta- ate men in order study of general arrived at and a rounded-out tions might be that loc | form a basis of a general topic. out that in | highest valuations are | APARTMENT LEASES DISCUSSED BY BOARD Other Matters OTXl\tel‘elt Rental Department Taken Up at Meeting. to The property management division of the Washington Real Estate Board met at luncheon at the Lee House Thursday. This division. ~presided over by Bowie of H. L. Rust Company, is fl«])e( fally interested in discussing forms of leases now used by brokers operating apartment houses. Tt has compiled the forms of leases used in a great number of other cities covering this character of tenancy and is making a special study of these agreements. Other matters of interest tc departments are to be ¢ which will be of interest to various office: Concrete Paving Gains. Awards of concreté surfac ment during October totaled square yards. Of this amount 3,250,000 square yards_was for streets and alleys and 4,250,000 square yards was for roads. The total volume of awards for the first 10 months of 1926 was 101,500,000 square yards, exceeding by 615 per cent the total volume recorded for the corresponding period in 1925. rental idered the pave- 0,000 CAPITAL HOLDING SIXTH PLACE IN CONSTRUCTION FOR YEAR Eleven Months Show Total of $60,652.990. S]ig}ltly Under Figure for Same Period of 1925. vashington is running sixth in com- |$400,000,000, or about on the same level parison with other ecities throughout |as last year, will ‘account for more the country in building construction | than 6 per cent of the Nation’s total for the 11 months of the year. With a | building. Gains of considerable con- total of $60,652,990 for the period from | sequence also are indicated in D January 1 to November 30 of this year, | troit, San IFrancisco, Newark, Pitt there is a decline of $389,993 shown |burgh, Milwaukee, Seattle, Albany from last year's figure. However, |and Buffalo. with the spurt evidenced during the| Many of the suburbs of the I first part of this month, construction | cities have.made remark: activities here probably will be | Yonkers and Mount Vernon slightly ahead of tHe peak record of |are included among the 25 last year. building cities. The latter led the New York City, Chicago, Detroit, |country in point of inc with a | Philadelphia and Los Angeles are the | gain of 101 per cent, thstand- only cities which are ahead of Wash- |ing various disturbing factors in Flor- ington. Baltimore, the nearest large |ida, Miami occupies eleventh pl city, is $20,000,000 behind the Capital | among the building cities of the thus far. tion, based on the year’s records A loss of approximately $300,000,000 50 far. . in building operations throughout the | About one-half of the building opera- Tnited States for the year 1926 as |tions of the country have taken place compared with 1925 is indicated from |in’ the 25 principal building center reports of building permits issued in | These 25 cities, as a group, have a the leading cities and towns of the |l0ss for the year of 2 per cent. country and made public vesterday.| The figures reported from the entire These reports, made to 8. W. Strauss |country indicate that the curve of de. & Co. the various building depart- |cline i much sharper now than it has ments aled losses in the aggre. |been for any time during the year. In gate of approximately 5 per cent. 481 cities reporting, November permits While the reports for the current |were $301,601,559, compared with $351.- month_are not yet complete, it was [048,785 in Novembew last year aml pointed out that there is nothing in | With $405,212,894 in October this v the situation to show that they would | The loss from last November wa 14 appreciably change the year's build- | PEr cent and from October 34 per cent, | leading ing losses as now indicated, and it is 11 Monta G expected that the Nation’s 12 months® L Mpgie 11 Mogthe building program will approximate $6,200,000,000, as compared with 000,000 last year. ‘While the loss in building opera- tions thus Tuns into a large amount slowing down processes now at work are not of suf- ficient consequence to prove a dis. turbing factor, it was said In many of the larger cities, the Straus’ figures show activities slightly ahead of last vear. Building operations in the five boroughs of Greater New York are expected to exceed $1,000,000,000, which means that about one-sixth of all the building of the United States now within the confines of ew York Cit Chicago, where building operations will this year run close to Massachusetts e American countries. Cuba and on an O itarion Is growing rapidly inte | inspection txip of Florids. a city of magnificent and imposing RN ST churches, shrines representative of I 500 REAI.TORS ON forceful and prevailing religious | Iy activities in virtually every known denomination—a religious powerhouse | BALTIMORE BOARD as well as political dynamo in wc 1d affairs. The total veal estate values 5 )f our church and educational insti- | ! »pro: e $50,000,000. iti i o e PeducationarInstitutions, Only Two Cities in U. S. Have churches—here we have the fin Larger Enrollment, According coalition of the triumvirate gover ment under the three great to Figures Clted ntribute most to e al, —_— nd cultural progre: - et : Cnitea | BALTIMORE, December 18.—Only Government - of the United iwo cities in the United States now D 000000, haw | have real estate boards with a larger R1G At el number of members than the Balti- 59,816 persons on its annual pay rofl: {more board, whose total now emeoda} s D 817 1§00 members. e gt he outstanding reason attributed | };:"“;“ : it ot our churches and 1o this extensive support of the local L Do rd by property owners, business improvements amounting to §480,000 | ;nd professional men is the fact thul; PR, allexempt from axtion the board tukes a keen and active | Land and Improvements. {interest in all civic problems affecting | & R 5 ints | the interests of the taxpay nd the | 1 el raite 3 da et N ] are of the community. | subject to taxation for the vear end The local board, awhils ione ing June 15, 1 s $000.749,842, With | jjqest in the United States, is quite | intangible and miscel- | voung in the field of activitles, which additional 4gRre- | has prought this extensive support | 4 The Iederal City | from citizens not engaged in the r §5 founded primarily upon the securi- | extate business St | ties of the Government itself, so we | jzed a estate brokers’ #ind comparative figures interesting, | chang, 185 It 'was. Teor in that the real t“-l e huhhnfi\‘ of the i 1914, with less than 100 member: United States of the value of $400.- | In 191% its scope of activities was 000,000 and the total holdings of pri- | extended to deal with problems by vate and busin . the immediate interest of the of $1,564,3 the private 4 state brokers, whic holdings times that of |s in a constantly the Goverr not only pre- membership. dicts, but establishes, the fact | Three-fourths of the board’s pre Awashi inneh more th membership is made up of individuals, center for operation of |firms and corporations who are not fairs and that it is a growing ccm-’engaged in any way in the real estate suunity in the way of commerce and business. Park v Re-subdivision on Woodland and Rock Creek Drives, ad- joining Rock Creek Park, ong block west of Conn. Ave. Bndgc and near Mass. Ave., now available. Included in what remains of The Triangle of Increasing Values —between Connecticut, Massachusetts and Cathedral avenucs. Over 256 homes built and under construction. Actual improve- ments and home values excced $10,500,000. Wooded villa sites, lots, central and side hall homes, with lots from 50 to 300 feet front, from $25,000 to $200,000. Middaugh & Shannon, Inc. ES BLISHED 1899 717 14th St. N.W. Tell Santa Claus the Family Wants a DUNIGAN-BUILT' HOME FOR CHRISTMAS Tell him you want one of Dunigan’s cozy—new—attractive Homes on Farragut St. N. W. EXHIBIT HOME—633 Farragut St. N.W. Open Daily and Sunday Until 9 P.M. Six Large Rooms and Bath, Every Home Comfort 16th St. Busses or Cars Will Take You to These Homes These homes are located in the choicest section of Petworth, north of Sherman Circle. lot of 142 feet to wide paved alley. to tell you of all the new features 1 just I'hey are 32-feet-deep homes on extra large It would take a page advertisement so we ask you to spend a few min- ule\ mspcctmg them—and we will let these homes sell themselvs to Hamilton St. N.W. Exhibit Home, 630 Hamiiton Si. N.W. 7150= Three Distinctive Styles Large Cozy Room: and are planned just like you want your home Roomy, cozy, with every new hunu ldea that you Convenient to 14th St. and Sth St. Cars 15 Open and Lighted Until 9 P.M. =t Luncrcte :xdewalk and street. the family’s Christmas gift. Pick yours out Suuday for D. J. DUNIGAN, Inc. 1319 N. Y. Ave. N.W. “Buy Wfll Confidence—Buy a Dunigan All-Bm:k Home” Phone Main 1267