Evening Star Newspaper, September 1, 1928, Page 13

REAL ESTATE A Home K STREET PROPERTY VALUES SHOW GREAT RISE IN DECADE Steady Growth of vealed—Assessmen Cases 300 to 800 Per Cent. 1 BY DON S. WARREN. Prope: alues in the District have risen steadily over a long period time. This dua! appreciation, to the benefit of real estate dealers and owners alike, has been virtually devoid of “boom” conditions, in the opinion of competent observers. The rise in all classes of property is ndicated in assessments and sale prices. though it is more strikingly shown in the latter. Growth of population and expansion of business area. however, has brought about unusual and in some cases tre: is leaps in values of property 1t to older business sections. street between Fourteenth and eenth is an example. The change in values there in the past 10 years has been & revelation to the more skep- tical. While the rise could not be in the category of a “boom. the appreciation is amazing, as shown from a study of sale prices and assess- Business Area Re- ts Increase in Some Iy $17 a square foot six or seven years ago. or the equivalent of $25.50 a foo! under the present 100 per cent assess- | ment plan, and in 1927-8 was assessed at between $30 and $35 a square foot Certain interior lots (not corner lots) on the north side of K street between Fourteenth and Fifteenth streets were | assessed for the fiscal year 1917-18 at | WASHINGTON, 1 D C, Gkl e so"pxanncai As to Eliminate the Boxlikc phaSeS. HOUSE EMBRACES | 95,500 CUBIC FEET| Divided Into Six Rooms Bc-" sides the Bath and Plenty of Closets. $4 a square foot, or at the rate of $6 {a foot under full valuation assessment. and in 1927-8 at $20 a square foot ‘Pfl?l’!fl'l_\' on the south side of the | street was assessed 10 years ago at $3.50 to $4 a square foot, or from $5 to $6 with adjustment of the figure to 100 per cent assessment, while the full value assessment during the last fiscal year was $21 to $26 a square foot " A corner Idt in this section was as- | sessed 10 years ago at $24 a square foot | as adjused to the present full value as. " | Sessment plan and for the year 1927-8 | |s at $70 a square foot Certain interior lots on the north| | side of K street between Vermont ave- ment schedules. | | {nue and Fifteenth street were assessed | New Business Center. This is pot regarded as indicating a shifting of the business center, but as development of a new business section. The supremacy of downtown F and G streets as the shopp! district, ‘observ- | ers believe, is not challenged, but there | s a trend in development of K street as a section of office buildings, hotels | and special business houses Fifteenth | and other downtown streets also have | made great strides. A study of sales and assessments along | O 3 getn as much as 300 to 800 per cent Evidences of this appreciation are noted in three major building operations now | in process on K between Fourteenth and izteenth streets. ! During the Spring Maj. W. L. Brown- | ing and Bates Warren announced plaxs | for a 12-story office building having an | estimated cost of $1.200,000, now being | erected on the morthwest corner of| Fourteenth and K, the site of the old Pranklin Square Hotel. On the south- west corner Morris Cafritz has started the razing of buildings to make way for 12-story club hotel, the actual bulld- cost of which was estimated at $2 g?omo and having an estimated value, cluding land and equipment, of about $3.000,000. A block west, on the south- west corner of Fifteenth and K, a site tontaining about 30,000 square feet, is| ing prepared for the mammoth new | rashington headquarters building of | the Southern Railway, detailed plal {nr which have not yet been made pub- 10 years ago at $5.62 as adjusted to the present plan and for the past fiscal year | t $25 a square foot, the assessment | schedule books show. H Rise of $44 a Foot. A corner lot on the north side of | Fifteenth and K streets was assessed | 10 years ago at $6 a foot as adjusted | to the full value plan, while last year the assessment was $50 a square foot Certain interior lots on the south side of X street between Fifteenth and Six- teenth streets were assessed in 1917-1i as adjusted to the present full value plan at $3.75 to $4.50 a square foot and last year at $22 a square foot A “corner lot at the intersection of | Fifteenth and K streets was assessed i0 | years ago at $9 a square foot as ad- | justed and last year at $50 a square | oot K street property, of course, does not have the highest assessments or sale values of any in Washington, statistics show, although the appreciation in val- ues there during the past 10 years prob- ably is greater than most any other similar section of property in the Dis- trict. Property on downtown F street, for instance, has higher assessed valu Corner property at Thirteenth and streets last year was assessed at 140 a square foot and similar land at the co: ner of Fourteenth and F streets was as- sessed at $175 a square foot. Close Downtown. - One leading reason for the appre ation of K street values is its proximity nd availability to the congested older downtown business section which was forced into expansion by the steady growth of the population and business needs of Greater Washington. .|cent for steel basement windows: 9.16 | sulation; 2.64 per cent for a_compl: BY L. PORTER MOORE President, Home Owners Institute, With masses attractively broken up by the arrangement of gables which tend to eliminate any feeling of box- | like structure, this modified colonial design, which is plan No.325-S, has been constructed as a Home Owners | Institute model home at Stewart Man- or, Long Island. Designed by Benje- | min Driesler, jr., of Brooklyn, the | house contains 00 cubic feet. This| space is divided into six rooms and bath, with plenty of close! . | Several points about the exterior of | this design are notable. he long Inc. | | sweep of roof over the entrance door- way reduces the apparent height of the house. The round-headed door itself with circular light, is a distinctive de- tail. The bank of windows to the left of this door, the attached garage and the open terrace are other features of interest. | Within the house the living room at. once commands attention and ad- miration. Me: 8 feet, with seven windows ight and air from three directions, a log-burning fireplace and an attractive stairway in the rear and to the right, this room is truly exceptional in a dwelling of this size or even one of considerabl larger proportions. It offers dec 3 and_ hostess rare opportunity for the display of talent. A careful record was kept by buiiders of the materials and | costs of butlding this dwelling. Priced to sell for $12,500, the construction cost was $9,825. Of this sum 1.5z per cent was for excavation, rough grading and cesspools; 23.4 per cent for founda- tions and masonry; 38.16 per cent for carpentry and millwork; 2.64 per cent for copper sheet metal work: 0.3 per per cent for metal lath and plaster; 5.85 per cent for brass pipe, plumbing fixtures and fittings and gas piping,; 1.52 per cent for tille work and built- in bath accessories; 4.58 per cent for hesting boiler, radiators and pipe - electric wiring system and lighting fix- tures; 4.07 per cent for painting and decorating, and 6.1 per cent for lin- oleum, gas range, zinc weather strip- ping, window shades, automatic heat tegulator and several other items. e Foening SR e o OOR PLANS OF THIS HOUSE ARE _Owning and Building Page for Washington and Its Modified Design of Colonial Home Shown Here “ 432 ILLUSTRATED ON PAGE 14 $1.500,000 BUILDING SOLD AT BALTIMORE AUCTION Eusie Company to Open at Thir- Seventeen-Story Structure Is Larg- | | est Forced Sale in History of | Monumental City. Special Dispatch to The Star BALTIMORE, September 1.-—A seven- teen-story office building, which cost $1,500,000, went under the auctioneer’s hammer this week. It was the first time a building of this size and character had been sold here in this Way, accord- ing to the auctioneers. The Court Square Building, erected last year in the financial district, was sold subject to a $700,000 mortgage for §175,000, and was bought in by the | Hugo Hoffman Credit Co. of New York, | representing the second mortgage bond- | holders, according to counsel for the | Equitable Trust Co., trustee. | Bidding started at $100,000 and was | run up by & number of bidders to the | final price. [rhz Earle Drug Co. will open a store on the first floor of the new office build- NEW DRUG STORE. teenth and E streets. teenth wid B Bhis Month, | " The building now is being remodeled |in preparation for the opening. A soda fountain and Juncheonette will be ope- Downtown Washinglon will have a rated as a part of the stove. v drug store late this month when Massachusetts Park The Triangle of Increasing Values Massachusetts and Connecticut Avenues and Woodley Road. Over 250 homes built and under construc- tion. Actual improvements and home values exceed $10,500,000. Wooded villa sites, lots, central and side hall homes, with lots from 75 to 300 feet front. Call for Literature and List of Over 300 Purchasers between ing on the northeast corner of Thir- | I, 1928. Suburbs 'THOUSANDS VISIT STAR MODEL DWELLING IN SHEPHERD PARK One of the Unusual Features of Home. Is the Upstairs Den or Trop‘".y Room. The Star model home located in Shep- | | herd Park, which was opened to the public for a month of inspection be- | | ginning August 19, has attracted th | sands of visitors in the past two week: 1- This home, the second of the series of four demonstration dwellings being | sponsored this year by The Star and the Home Owners’ Institute, Inc. was built for the exhibition by L. E. B | ninger & Sons. The furniture, drap | wall paper, lighting fixtures, | and landscaping were planned b; ous firms specializing in the s branches of home decoration, One of the unusual features of this home 1s the upstairs den or trophy room. This is a room about 18 feet square, with a large stone fireplace at | the far side of the room. The fireplace | has a mantel she!f on which is placed an antique ship modei. he 1o from the | sageway, which was designed purpo to give the effect of Intimacy. The ce ing of tiis room is distinctive. '] 3 posed rafters run to the ridge of the ro in an i d V effect furnished with antique furniture in ha mony with the atmosphere of the den. Another feature of the home that Is attracting attention is the design of the living room, which is combined with a semdi-circular shaped sun room, which lends much to the attractiveness of the room and admits plenty of light and air 14 windows. The living shed with all the usual liv- furniture, together with a baby second floor hall ck is some- thing new in the provision for the kee| g of ns and blankets. It is ar- nged in two different tiers of shelves, de by side. One side consisting of about six shelves is for towels, while the (Continued on Fourteenth Paj 4017 LELAND STREET CHEVY CHASE, MARYLAND PRICE $13.950 hibit home worthy of your serious consideration, built of the best materials that monoy can buy, constructed under the strictest specifi- cations, located on corner lot, which is a masterpiece in the art of landscaping. Circumstances permit us to offer this home at a price below its reproduction cost. Drive out Commecticut Avenue to Leland Street, turn left on Leland Street 4 squares to property. A chart of assessments on downtown | | business property would show a rise on {a line mn}:g on Seventh and Ninth | streets running west on F and G streets, (" NEW EXHIBIT HOME ) NEW EXHIBIT HOME M. & R. B. WARREN, REALTORS Office Wisconsin 2763 Evenings and Sundays Wisconsin 4034 Middaugh & Shannon, Inc. tise in values. Speculation may explain some of this sppreciation, but it is believed by ma at the gradual growth of Greater| Weshi and the proximity of this | section to the older downtown area has | been a more important reason for north on Fourteenth and Fifteenth streets and west on K street. The trend to the north on Fourteenth and Fif-| teenth streets, it was pointed out by one i Fise. The rise in values there has been & extended throughout the decade. According to reliable information the | Bouthern Railway site brought a total | of about $1,600,000, or about $50 a square foot. This was in the neighbor- hood of 70 per cent above the assessed value of last year. The railway, forced out of its location at Pennsylvania ave- nue and Thirteenth street, was under necessity of buying if it was to A | residential classification rchased 1919 for $60.000. Later about $30,000 fvas spent on improvements. This year this property was sold for the stagger- ing figure of $250,000. ©On another nearby location on K is land which. according to reliable report. | was bought in 1921 for $112,500 and old in 1924 for $160.000. Two corner ots 2t another location on K were pur- rhased in 1219 and 1920 for a total of | $290,000 and :oid this year for approxi- | tmately $500.000, or about $50 a square foot, it is ¥ bly stated Change in Assessment. A study of assessment schedule books, bzsed on the District 2SSLSSOT'S Te ;ers. tells a similar story. During the vear period a change was made from two-thirds assessment plan to full lue esscssments for taxation purposes *This change must, of course, be con- stdered in comparing assessments of the | years 1917-18 and 1927-8. Land on the corner of Fifteenth and K streets d at approximate- an you duplicate this for $17,750? €804 LAXGDRUM NoeSanshury 1418 Eve BL NW Main 3904 ness westward on F and G streets and New York avenue in this section. Th the trend continued north on Four- teenth and Fifteenth streets to K street, it was explained. This trend has not stopped at K street, it is also pointed out, the increase in values having spread farther north on Fourteenth a: Pifteenth streets, Vermont avenue and, leaping across the on Sixteenth street to Connecticut avenue, where in |there has been in recent years a tran- sitfon from one-time residences to spe- clalty retail shops, office buildings and apertment houses. | OFFICES RELOCATED." Cafritz Real Estate Firm in Tem porary Quarters. The real estate offices of Morris Ca- fritz, formerly located in the three- | story building at the southwest corner of Fourteenth and K strects, where Mr. | Cafritz has started the construction of | a large 12-story club hotel, have been | moved to a temporary location at 1016 Fourteenth street. The firm moved to its temporary of- | fices Monday when work was sta) | on the razing of the buildings on the | hotel site. Mr. Cafritz plans to provide | permanent offices for his company on | the ground floor of the projected hotel, | where eight, stores also will be located. | 5017 5th JUST OFF KANSAS AVE. RENT-LIKE TERMS D. J. DUNIGAN, Inc. Main 1267 detached Colonial bricl( rcsidenCe nverlookind the ChevyChase Country Club grounds, with a frontage of 63 ft. Two baths, first flnnf Iavatnry. side porch Frigid- aire. Maid's room andbath. 2-car built-in garage. Beautifully land- scapcd ¢munds. Drive west on Grafton Street from Chevy Chase Circle to Wisconsin Avenue. Three squares consin Ave sign on left north on Wis- nue a"d sce at Langdrum Lane. L H. A. Surman Arch., Detroit Straub Cinder Units re, re quirements with the advanta heat insulation. The masonry unit for the modern home. Ask for Washington Concrete Products Corp'n South Washington, Va. '\ Open Every Day Till 9 PM. / Cinder Block Residence Chevy Chase, D. C. When Buymg Your Home make sure that it is built of STRAUB CINDER UNITS tance and permanence and combine these basic re- St. N.W. A well designed and spacious home — three bedrooms — includes every proven home- making convenience— tastefully decorated. 1319 N. Y. Ave. oy Luther R. Ray Bidr., Wash., D. C. present the ultimate in fire ges of sound protection and Details ESTABLISHED 1899 1435 K St. N.W. Main 8685 OPEN FOR INSPECTION UNTIL 9:30 P.M. Main 8528 Announcing the new double building on the Sedgwick Street. fronlage of Tilben Gardens 'his newest building is liter- ally surrounded by lovely land- scaped gardens, tastefully plant- ed with rare shrubs and flowers many of which are not to be found elsewhere in this part of the country. - Some idea of the views had from all the windows be obtained from the photos shown . here; much better understanding can be had by a visit to the gardens and the— may a PENED to pub- lic inspection for the first time, this imposing new addition to TILDEN GARDENS merits the in- tense interest it has aroused among all who have followed the prog- ress of Washington's out- standing apartment home Furnished Apartment Home Luxuriously Fitted in the Latest Yogue by w. ». )nonl Q Solu OPEN DAILY TO 9 PM Connecticut Avenue at Tilden Street M & R B WARREN Pionger Washington R Co-Operative Apartmen Iders o Office on Premises Cleveland 6084