Evening Star Newspaper, October 13, 1928, Page 21

REAL ESTATE. 21 REAL ESTATE. THE EVENING STAR, WASHINGTON, D. €., SATURDAY, OCTOBER 13, 1928. FEW MORTGAGES NOW FORECLOSED' provinces has decided that death or tm¥ * prisonment is preferable to serving, § [NAZARENE SECT REFUSES ! JUGOSLAV ARMY SERVICE | "1 "Nazarenes are members o i future highway development. | religious sect reared on strict purij The study in which the three real | | principles. The recruiting officer of esubemx:fl:ewl%l t1‘3“1'—flpe‘:":ll‘e will lncéude | Members of Strictly Puritan Re-| the d!smcé repnru' lm\énm &I s;lg';}rt- an esl ate of e savings on grading | & | sons called to service from e . of lots by having the highway follow | liglous Group Prefer Imprison- | only one was willing to put on the Drobale. mumper of ‘rees (hat Goulg | ment to Military Service. | MRS Mt on taws provide |2 be saved, the effect on the value of | pryGpapE of | penalty of 10 vears at hard labor for engineer, In a further study of this method, was to ascertain the possible savings to private property owners by the adoption of these principles to of the land rather than carrying out the rigid checkerboard arrangement. The three named are Harry K. Boss, W. C. Miller and E. S. Kennedy. The contour plan for streets, it is pointed out, makes for greater beauty |in residential sections and, when coupled with the plan for longer blocks and the elimination of cross streets 3 | found unnecessary, results in great sav- |ings, both to the public and private The real estate course given by the | property owners, individually. Governiflg Excavation of Stones A writer in a recent issue of Building | materials and had merely said that the Age and National Builder describes a |contractor was to excavate all mate- legal complication which may confront | rials, he would then have been bound | any owner. It illustrates the care which |to have removed ledge without extra should be exercised in signing contracts. | pay. And Comment i News Briefs | UP.—A community Real Estate Board Notes Strong Contrast Between | Present and Past. Despite the fact that the great ma- | fority of homes today are bought on | time payments, through application of the mortgage loan system, the number of foreclosures are unbelievably few compared with the vast sums loaned in mortgages, the National Association of Real Estate Beards points out to- day in one of a series of educational articles on real estate matters. For a prospective "home buyer or builder, a_mortgage is a_means of ac- quiring a home that could not be pur- chased in any other way unless the | prospective buyer or builder could pay | all cash; and statistics show, the as-| sociation reports, that exceedingly few homes are purchased by full cash pay- ments. Situation Today Changed. | The situation today, when borrowers of mortgage funds are protected to a great degree by laws imposing restric- tions on foreclosures, is in marked con- trast to former days when a mortgage was a “stain” on the family honor, and when “moftgages were néver dis- cussed in public and their owners shuddered about them in private,” the statement adds “Very few businesses today can go very far without credit,” the associa- | tion states. “Even the little corner grocery store requires credit in order to purchase new stock. The man who can command credit today can com- mand the modern world. And the man Wwho can secure a mortgage is a man who can secure credit. “The organizations that now deal in first mortgage loans include great mortgage companies, banks, trust companies, and building and loan as- sociations. Also as a result of the passage of the McFadden act, national banks are permitted now to lend mort- gage funds. These institutions are a far cry from the dingy one-room of- fices where some honest and a good many dishonest money lenders drew up foreclosures a hundred years ago. Time Limit Is Varied. “The time required after the default of the borrower before the lender can acquire title to the property varies from a few weeks in some States to as much as two years in others. In Missouri the time is 20 days, in Mich- igan it is 15 months, in Maine it is year. This means that if the rrower defaults the lender of mort- {age money in Maine, in order to pro- lect his interests, has to pay the taxes and insurance on the property for an entire year. he lender must do this so the property will not be seized for taxes or burn down and npet him nothing. In addition, he must forego the interest on the mortgage for this time. And | the day before the year period expires, the borrower can pay the interest and avoid foreclosure. “But foreclosures are unbelievably few compared to the vast sums loaned in mortgages. The interests lending money in_this fleld rely on what is 2760 Woodley - Place Modern 6 room and bath home—Breakfast and sleep- ing porches, garage, house equipped with screens, draperies and automatic hot-water heater. Many other extras. Priced very attractively. Inspection by appointment. Call Mr. Ochsenreiter. The Munsey Trust Co. Real Estate Dept. \one of moderate size. “I expect extra pay for blasting that ledge of rock that has been encountered | in excavating for your cellar,” said a contractor to an owner. “Nothing doing,” replied the owner. “Your contract states that you will ex- cavate the earth, stone, old foundations | rubbish and all other materials accord- |ing to the plans, of sufficient depth to build all walls, piers, foundations, ete. My lawyer tells me that that clause in the contract prevents my being liable to you for extra compensation. I am sorry that you struck rock, but that was your lookout when you took the job.” “Well, I've got a lawyer, too,” rejoined the . contractor, “and he tells me that your lawyer is in error so far as this controversy goes."” And so the court was called upon to decide who was right and who was wrong. That tribunal decided in favor of the contractor, saying (Dionne vs. West . Paris Building Association, 139 Atlantic Reporter, 497): “The word ‘stone’ according to its or- dinary use covers small pieces of rock or * ¢ ¢ Large masses are usually described as rock or ledge. “'To excavate is to hollow out or make a cavity by digging or scooping, and un- less there is something in the contract or written instrument to indicate a broader use of the term, it does not in- clude blasting and removing rock or ledge.” Some laymen may wonder how the court got around the fact that the con- tract not only required the excavation of earth, stone, etc., but also “all other materials.” There is a rule of law that where a contract specifies a lot of things and is followed by a general description like in this contract, the general de- scription will be presumed to have been intended to apply only to things similar to those specified. There is sub- stantial reason to support this view, for if “and all other materials” was in- tended to cover any sort of material that might be encountered, what was the use of specifying “earth, stone, old foundations, rubbish™? If the contract had not specified any known as good will for their very existence. Competition is keen, there is an adequate flow of capital for mort- gage purposes, and mortgage interests cannot secure public good will by fore- closing on the stroke of 12 o'clock. REPAIRING OLD HOUSES IS PROFITABLE BUSINESS Easy to Finance Alterations, as They Put More Value Into Property. Repairing old houses and bringing | newer ones up to date with modern | materials is profitable business, says | one observer. ,Even if self-satisfaction and respect for the opinion of the neighbors do not prompt_improvements, substantial self- interest does. About as simple and sure way of making money as can be founda is to modernize the old house in ap- pearance as well as in plan. In most communities it is easy to finance alterations, because they always put more value into a house than their cost. This “goes” even when the old house is already covered with all the mortgage it can stand. A canvass of building and loan mortgage companies shows that generally the entire amount of approved alterations can be covered by loans. Renewing the house renews the security of old loans. Here is what is reported to have hap- pened with an old house in Washington. The mortgage company rated it as ab- solutely valueless, but appraised the lot at $5,000. They put up $9,000 for the alterations and then held the house and lot to be worth $14,000 and splendid se- curity for the $9,000; but explained fur- ther that the property now has a cu- mulative value which will amount in the near future to $18,000—due entirely to the magical effect of the renovations. The resuscitation of dying houses is one of the most truly economical things that can be done from the community standpoint, it is contended. Thus a vast amount of investment capital finds it- self occupied. If the owners of the old houses would generally undertake to bring them up to date, they would make new wealth for themselves far in excess of the amount of borrowed money re- quired, and would benefit their friends and neighbors who have funds to in- vest through building and loan com- panies, banks, mortgage loan com- panies and private loan: First Time Offered Jameson-Built Homes 410 to 416 Douglas St. N.E. © 502 to 508 Central Ave. N.E. Ready for Ask the Man Built, Owned Thomas A. S Inspection Six and rooms, tiled bath, built- in tubs, h.-w-h., electric lights, hardwood “floors and trim. One-piece sink, built-in ice box and other extras. Double rear porches, wide front porch. Garage with each house. seven large These located homes are 2 squares north of 4th Street and Rhode Island Ave. N.E. Who Owns One” and for Sale by Jameson Co. Owners and Builders Main 8080 906 N. Y. Ave. N.W. Phone Main 5526 Two Values In New Homes Both Open Sunday Fo B r Inspection ig’ Bargain : Only 2 Left Pri1 Inspe ce $11,500 ction of these houses will convince you that they are priced $1.500 less than similar houses are se]ling for. NORTH CLEVELAND PARK 4204 38th St. N.W. Convenient to the Bureau of Standards This home is in one of Washington's most exclusive sections, midway between Conn. Ave. and Wis. Ave., is SEMI-DETACHED, exceptionally well constructed: 7 rooms and tiled bath: stone mantel and open fireplace: interior woodwork hand-rubbed and exceptionally beautiful: all decorations of a superior order: floors, plumbing and heating plant best obtain- able. Large lot to paved alley: paved street. Attractive Terms to Immediate Purchaser PHENOMENAL BARGAIN 5908 4th St. N.W. NCW Semi-Detacl’led Brick Home Young Men's Christian Association will | open Monday evening with a lecture on | property management by J. F. Bowle, vice presi- dent of the H. L. Rust Co. This course, which has been given for a number of years, has been reorgan- ized this year { under the supervi- {sion of -John A. Petty, executive | secrefary of _the | Washington Real Estate Board, who will serve as in- | structor. Mr. Petty pointed out that | the course is de- signed as an ele- mentary outline of general real estate F. M. Bowie. | discussions covering the various { branches of the real estate busincss. as | well as allled subjects, such as law, | titleg, financing and zoning. TRe entire course comprises a series of 15 lectures, which will be held on succeeding Monday evenings through the Fall and Winter and will be open to both men and women. Fdk Three Washington real estate men Capital Park and Planning Commission to join with engineers of the commis- sion in further studies of proposed changes in the highway plan for unde- veloped sections of the District in ac- cordance with the new plan for laying out streets to conform to the contour water heat, hardwood floors. closets, attic, large porches: trees. On concrete street, business district. Garage. $7, Price 945 K St. N.W. Main 5371 —is the setting your children—a to play. a lovely garden. ideal. And, too, the apparent to you mind, for lots in value. to meet the req most exacting, A new detac] * | Jlanning Commission also that these | practice and will embrace lectures and | were invited recently by the National |7 Six rooms and bath, all modern improvements, hot- See Mr. Pleasants With O. B. ZANTZINGER CO. Over g Acre of Beautifully : Landscaped Ground Or if you harb, L SR S | 1t is the opinion of members of the | principles of highway layout not only | result in savings to the city by the | elimination of some of the cost of | grading and paving, but also tend to | help preserve trees and other scenic !features that sometimes are interfered with oy grading under the old plan. | During the recent sessions of the Park and Planning Commission esti- mates were made public showing that the savings to the District by applying these principles to the remaining unde- veloped portions of the city would be approximately $3,657,000 in the original | cost of new streets and an annual sav- ing of $337,500 in the cost of their | maintenance. * k % % L | 3. C. Nichols, member of the com- | mission, explained that the purpose of | inviting the local real estate operators to_work with J. - e Old Georgetotvn Remodeled old frame house with charming rooms, open fireplaces, a large and delight- ful den opening on the gar- den and an old-fashioned gallery. Garage, electricity, modern bath. Gantt and Kenyon 1634 Connecticut Ave. Pot. 5087 Pot. 5087 , large kitchen, large pantry, lot 55x140; fruit and shade 2 blocks from bus line and 250 Terms Hyattsville, Md. Hyattsville 72 the land:and an opinion on the beauty refusal to serve and the government of the city resulting from such a sys- ‘Nazarenes” inhabiting the Woywodina | has been obliged to act against the | Plateau in one of Jugoslavia’s richest | entire community. T YU UBVTUBA GUNVBVEVY - Ryder, commission | JOME Situated on a gradually sloping knoll is this picturesque brick dwelling of nine rooms and two baths, hot-water heat, billiard room, two-car garage. DTG X The property: comprises 2 1-5 ucres of beantifully landscaped grounds with almost every Madwis vatioty faheibbry jand fruit’ tiesa.. This is thashoiie: of fu walldknown Hoviat) whos with the kind sssistance of nature, has transformedsit into.aiveritable garadisé. - The figure 4t which this property can'be purchaséd-demanda your inspéction. PGS A Drive out 16th Street and Alaska Avenue through Silver Spring to the Colesville Pike, turn right at first street above county building indicated by arrow pointing to FAIRLAND, 4 squares to property. Open for Inspection Sunday From 11 to 6:30 P.M. NORTH WASHINGTON REALTY CO., INC. E. Brooke Lee, Pres. P: Blair Lee, Vice-Pres. J. Curtis Walkér, Treas. Telephones: Shepherd 2400 On Sunday Phone Silver Spring #15 YN Unequalled at This Price $10,950 1 31,000 Cash Monthly Payments Less Than Rent for the new De- tached English Residences in 14th Street Terrace. Think of the freedom such surroundings offer Iways a safe place or the dream of the opportunities offered by this fine, large lot are value of so de- - sirably located a property will be r keen business the Intown Sub- urb are constantly increasing in In Fourteenth Street Terrace we have equlpped the reSide“c:s uirements of the hed home of 8. rooms, 4 bedrooms, 2 baths, a New Kansas Ave. Homes At Emerson Street—Just North of Beautiful Sherman Circle On Highest Point in Petworth Oul: tremendous resources, enormous buying power u.!d magnitude of our operations permits us to offer these desir- able_homes at this low figure. Containing All the De Luxe Features To Be Found in the Very Finest Homes. These homes leave nothing to be desired. They are replete with every modern improvement and equipment which one would expect to find only in homes selling at two or three times the price. Spacious living room wilh real open fireplace* and electric fixtures above it—charmingly deco- rated dining room—a kitchen that will delight any housewife with its built-in cabinets, electric refrigerator (Kelvinator), one-piece colored enamel sink, enamel stove and huge breakfast porch—parquet floors arnd 'v;vmzd"wnrk of clear chestnut—are some of the outstanding features on the irst floor. ~On the second floor are to be found three bright, cheerful bedrooms with generous closets and oak floors—a fine sleeping porch extending the f!.m Wl.dt,h of the house with entrances leading to two of the bedrooms—a charming bath with veautiful buff-tiled walls, built-in tub with shower and other fixtures, of beautiful sea-green enamel, variegated tile floor and recessed medicine cabinet with only the ornamental mirror showing. Automatic hot-water heater and garages make the house complete. Large lot completely sodded and shrubbed, a wide avenue with certer parking and framed by two small parks. Just around the corner from the new school and convenient to transportation. If you want a home of which you will Now $8.950 Liberal Terms to Prompt Buyer first-floor tiled lavatory. a base- ment lava!ory, a completely equipped kitchen. unusua]]y large closets, a large front living porch, and, of course, all modern con- veniences, including Kelvinator Electric Refrigeration. 1362 Hamilton Street N.W. 'SHANNON - & LUCH Inc. Members of The Operative Builders' Ass'n, always be proud—be sure and see these. Exhibit Home, 4921 Kansas Avenue The [ Your critical inspection of this attractive dwelling is welcomed: some of the features are three bedrooms and inclosed and heated porch: open fireplace and built-in refrigera- tion; spacious cedar closet; plate mirrored door in coat closet; tiled bath with tub and shower; hot-water heat, with instantaneous heater for service water; front and rear porches: concrete street, sidewalk and al- ley; detached garage. “wmn H Saunders Co.Inc: REALTORS 16 33 K STREET - MAINIOZ Reliable Emerson Street bus within' two squares of will take you the - houses. eve- M. Open for inspection ning, including Sunday, every day and until 10 P. Or Phone for Auto AFRITZ Owners and Builders of Communities Main 9080 1016 14th 10 Years' Service