Evening Star Newspaper, February 19, 1927, Page 22

s 22 APARTMENT HOME DIVISION GREATED Realtors Name R. B. Warren to Head Co-operative Bureau Work. REAL Tecognizing the growth of co-opera- tive apartments in the fleld of home ownership, the National Association of 2eal Estate Boards has elevated the 20-operative apart- ment section of the mortgage and finance division of the association to the status of a full-fledged divi- sion. R. Bates War- ren of the firm of M. & R. B. War- ren of Washing- ton, a. pioneer of *0-operative apart- ment building in this city, has been selected chairman of the new divi- slon, with Irvin A, Blietz of Chicago, Tll., as vice chair- man, and Edward Gerbereux of New York City, secretary. The organization of renltors espe- clally interested in the development of co-operatively owned apartments as a division of the association was made n order that an intensive program may be developed for the further standardization of this form ef real e financing, and in order that the jon may undertake a movement for securing recognition in the stat- utes of the various States and in Fed- eral revenue legislation of the home status of apartments owned by their occupants, an announcement by the National Realtors’ Association states. Ask Tax Exemptions. The national association is now ask- MR. WARREN ing Congress that the Federal revenue | act be so administered as to recog- nize the co-operatively owned apert- ment_house, where the bullding is owned 100° per cent by the families who make it their home, as being a home within the meaning of the act, with the same exemptions from in. come tax as is accorded the single- family dwelling owned as a_home. Modern conditions often prevent a family from owning an individual home, especially in the larger cities, the division points out. It asks: (1) That _the co-operatively-owned apartment building should be definite- 1y classified as a group of homes and Nassau Isle “Where Romance Still Lives” Prospective visitors to Nassau, British Ba- hamas, will be interested to know that NASSAU PROPERTIES, LTID., is offering to arrange reser- nerous proportion of the assau, in order to have an vations and assume a expenses of a trip to opportunity to show to ve'loPmem, NASSAU ISLE, a romantic island within thirty minutes of the City of Nassau. Those taking advantage of this offer are under no obligation whatsoever, save to devote eir stay in Nassau to a delightful trip of exploration on this unique island. For particulars write or telsphone to UITABLE INVESTMENT CO. ion Trust Building a half day of 201 ESTATE. THE EVENING'STAR, WASHINGTON, D. C., SATURDAY, FEBRUARY 19, 1927. ———— e ! be exempt from the Federal income tax law and the franchise tax laws of the varlous States. (2) That State and Federal authori- ties make a change in their classifics tion of corporations under which' co- operatively-owned apartment buildings | are organized and managed. These | corporations are now listed under the ! various statutes as business corpora- | tions, though they are organized pri- marily to provide permanent homes for their members and not for profit. Organizations Defined. The amssoclation in the bylaws of its new division makes a clear-cut definition of two types of organization involving an element of tenant own- ership in apartment buildings. A co- operative apartment property is de- fined as one where the entire equity in the property is pro-rated among all the apartments according to their ap- praised value, and where uniform proprietory leases on all the apart- ments in the buflding (the janitors apartments and ground and basement floor, which may or may not be ex- cepted), are issued to the several stock or certlficate owners by the cor- poration or trustee holding title to the property, for the respective oc- cupancy or use of said lessees. A group ownership apartment build- ing is defined as an apartment build- ing owned by a corporation or by & trustee which has leased only a por- tion of its apartments to its stock- holders or beneficial owners, and the corporation or trustee is responsible for the renting and shall be entitled to the rents from the apartments not s0 Jeased. The executive committee of the new division is made up of the officers for the year 1927, and, in addition, of the following: E. M. Dawson, Washing- ton, D. C.: Barl G. Gubbins, Chicago, IlL; R. Bates Warren, Washington, D.'C.; H._H. Decker, Chicago, TIl. Lawrence B. Elliman, New York City Albert W. Swayne, ago, 111.; R G. Pratt, Philadelphia, Pa., and Wil- liam A. Ziegler, New York City. s - i More than half the foreign automo- biles going into Jugoslavia this year are from America. Young real estate dealer desires to rent room wi.th stenographic service in established real estate office north- west section. Ref- erences. Box 57-H Star Office urchasers their new de- Main 2800 "The Home—the location—the pri@ —and the terms and large closets. Porches side and rear, and large sleeping porch. Kitchen splendidly equipped, including built-in refrigerator. Best type of hot-water heating plant, laundry tubs, ete. out are most attractive. cost arguments for purchase. Dutch Colonial— 128 East Thornapple St. Chevy Chase, Md. Just a short block East— from Connecticut All six of its pretty rooms are of excellent size, and convenient arrangement. Big open fire- place where the logs can glow. Hardwood floors The electric fixtures and decorations through. Lot is 60x125 feet—prettily planted—flower boxes on porch and at windows. This is the house the present owner took in exchange for some land. He doesn’t want to hold it—and offers it at about $2,000 less than it would to duplicate We can arrange terms that will make the payments easier than rent Open for your inspection Sun- day from noon until dark. Deal With a Realtor are all tempting avenue it The firms of John F. Maury and O. B. McLean have been consolidated under the name of Maury & McLean, Inc., and will occupy their new offices at 1522 K street, which shortly will be enlarged. The new organization will engage in general real estate busi- ness, embracing rentals, bonds, loans and insurance in all its branches. Mr. Maury, who has been active in the real estate business of Washington for 20 years, and who is president of the Washington Real Estate Board, heads the new firm. O. B. McLean is vice president, H. O. McLean treas- urer and H. W, Dure recretary. The McLean company has been in business here for years. George A. Lewis, local advertising expert, addressed the Sales Managers’ Division of the Washington Real Estate Board at the regular bimonthly luncheon at the Hamilton Hotel last Tuesday on the subject of “Advertis- ing.” Mr. Lewis made many interest- ing comments and suggestions to the sales managers to assist in better- ing their copy and to bring about bet- ter conditions in the advertising of the National Capital. C. H. Hillegeist, chairman of the division, presided.' Affleck Realty Co. has moved into its new home, on the northeast corner of Thirteenth street and New York avenue. The old Evelyn Hotel, erected there a generation ago, has been re- odeled into an office building having separate offices. The building has a frontage of 57 feet on New York ulven:m and 62 feet on Thirteenth street. Shapiro Company has two construc- tion projects under way. Twenty- nine English-type community houses of brick and stucco are going up at Fifth and Madison streete and a The coming retail center, suitable for any kind of business. Reasonable Rents Affleck Realty Co. 13th and N. Y. Ave. Franklin 9299 Value EATURES that insure real home comfort and Location of easy accessibility. Price and convenience. generous terms that ownership cheaper than renting. Your problem of find- ing the right home is simpli- fied upon your first inspec- tion of these fine homes. N. L. SANSBURY CO., Inc. similar number of rural-type English row houses are being erected in the 1900 block Irving street, Mt. Pleasant. Robert Bates Warren of the firm of M. & R. B. Warren again has been honored by the Natlonal Association of Real Estate Boards, being selected as chairman of the newly formed co- operative apartment division of the assoclation. E. M. Lawson of this clty is a member of thé executive commit- tee of the division. Widespread in- crease in the construction of co-opera- tive apartments led the assoclation to establish a division entirely devoted to the subject. Formerly a section of the mortgage and finance division of the association handled the work. Six new members have been added to the roster of the Washington Real Estate Board since the opening of the fiscal year, in October, bringing the total membership to 350. New active members are: Preston E. Wire Co., John A. Brickley, Aurora Hills Homes, Inc., Harry K. Kellams, Brodle & Colbert, Inc., and Schwab, Valk & Canby. WRECK UNITES BROTHERS. :!teunion Follows Shower of Honey | After Crash. DETROIT, February 19 (P).—The | wreck of a truckload of honey yes- terday united two brothers who had been estranged for several vears. Silas, the older, was driving to market with the honey when his vehicle got | out of control, turned over and threw part of the cargo over a bystander. Accompanying his victim to a hos | pital, Stlas found that it was his| brother, Leland, 88, also a farmer. The latter sald his only objection was being uck up” by his kin. A Home in Petworth Is a Tangible Asset! water heat; electricity; floors; rear concrete porches garage. . Th $7,650 He Main 36 Here you will find brick homes con- taining six rooms and tile bath; hardwood “Pittsburg” automatic water heater; Quality gas range; built-in re- frigerator; kitchen cabinet; front and and -built-in Sample House, 5627 8th Street N.W. permits its conversion into another apartment—thereby carrying all the charges for you. future Washington. Chas. D. Sager s Realtor hot- Only $65 Monthly $500 Cash e “Duplex” feature of this home re is an asset that will grow with 924 14th St. N.W. make ator, Yg-in. clear oak complete kitchen cabinet, built-in garage. $8,750 1418 Eye St. N.W. Completely Furnished—Truly a Work of Art 1119 ~17 $t. WOODLAWN 4435 Cathedral Ave. Avnilable for Your Inspection Designed and W.C.& A.N. Bulldevs V5, @, and AL Miller Iln 1790 I New tapestry brick homes, six rooms, tiled bath, three large porches. Screened throughout, built-in refriger- (Cor. Girard) Open Daily floors, Main 5904 Built Miller REAL ESTATE. Mr. John F. Maury and Mr. O. B. McLean Announce the consolidation of their two firms under the name Maury & McLean, Inc. Located in their new building 1522 K Street N.W. Maury and McLean, Inc., will do a General Real Estate Business, embracing Rentals, Bonds, Loans and Insurance in all of its branches, and solicit the continued patronage of their respective clients Loan Correspondent—Provident Mutual Life Insurance Co., Philadelphia » General Agents by Agents St. Paul Fire and Marine Insurance Company Niagara Fire Insurance Company Victory Insurance Company Royal Indemnity Company Norwich Union Fire Insurance Society, Ltd Eagle Fire Company. Yorkshire Insurance Company, Ltd Great National Insurance Company Phone Main 10276 Unequaled Values In homes is denoted by quick sales. Nowhere in Washington can there be found greater values than the new northeast operation of the Shapiro organization. These homes are of 5 and 6 rooms, thoroughly modern and contain more built-in fixtures than any comparative homes in the city. Located in a rapidly growing section 18th Street N.E. (Between Newton and Otis) Known as the Chevy Chase of the northeast, because of its unusual attractiveness and convenient to schools, churches, stores, car and bus lines. An exceptional value at *6,750 Up $250 Cash—3$59.50 Per Month Semi-Detached—English Type Located just around the corner on Otis Street. Six-room homes, especially desirable and attractive. See them today. Priced low at .$8950, with special terms. We will be glad to furnish car if you will call office for appointment. Open Daily and Sunday 9 AM. to 9 P.M. Inspect Today - = 919 15th St. N.W. Phone - Main 8949 A Faithful Reproduction of Old World Architecture 131 Hesketh St. . Built for the discriminating purchaser who is looking for individuality and en- vironment. This beautiful home overlooks the grounds of the Chevy Chase Golf Course. In sec- tion 2 of old Chevy Chase, Md. 2 Blocks Directly West of Chevy Chase Circle. i Open Every Day Until 9 PM. Douglass & Phillips, Inc. 1621 K St. N.W. Realtors—Builders Frank. 5678