Evening Star Newspaper, June 1, 1929, Page 17

REAL ESTATE: THE EVENING STAR, WASHINGTON, D. C. SATURDAY, JUNE 1, 1929. *REAL, ESTATE.. " REALTORS O HEAR ABOUT APPRAISALS Committee Has Prepared a Set of Standards to Pre- | sent National Convention. The subject of real estate appraisals will be given the spotlight at the twenty-first annual convention of the National Association of Real Estate | Boards, to be held in Boston June 25 | to 28. | Under the auspices of the associa- tion’s appraisal division, a special com- mittee on standards of practice has prepared a set of standards of practice and code of ethics which form the . first statement ever issued by realtors on appraising as to what constitute sound and accurate appraisal methods. | This work, which has been approved | by the appraisal division and board of directors, is set forth in a report which will be submitted to the convention for adoption. 1f adopted by the national associa- tion, these standards of practice will define the procedure which realtor ap- praisers and appraisal committees of | real estate boards will be expected to follow. Regulations Specified. | The proposed standards of practice would make the following specific regu- lations governing fractional appraisals: | “In appraising the property to de- termine the security for a loan, it has been common practice fo have one ap- | praiser to determine the value of the | jand (or leasehold) and another the value of the improvements. Frequently | the land (or leasehold) value has been | derived without regard to the improve- ments thereon, such value being either a market value as unimproved or a value as if improved to the highest and best use. The value of the im- provements, on the other hand, has been taken at depreciated reproduction | cost. Such appraisals of a fraction of property, under assumed conditions which are or may be incompatible with the conditions assumed in appraising the other fraction, are called fractional appraisals. The addition of such frac- tional appraisals to derive an opinion of the total value of the property, whether such fractional appraisals are made by different appraisers or by one appraiser, is called a summation ap- | praisal. Appraisals Condemned. “Such summation appraisals are con- demned as unsound, inaccurate and misleading, because this method bases the opinion of value on the addition | of values which may not simultaneous- ly obtain, and ignores the effect of an over, under or misplaced improvement, and disregards the interrelation be- tween land (or leasehold) value and the value of the improvement. This method evades the fundamental ques- tion, in the case of investment prop- erties, of the economic soundness of the improvement in regard to the rela- tion of its cost to its rentability and normal earning power.” A national appraisal contest will be held at the Copley Plaza Hotel Thurs- day morning, June 27. John P. Hooker will preside. The buildings which the Boston Real Estate Exchange has chosen to be appraised in the contest are the Windemere, a combination store and apartment building, located at Boylston _street and Massachusetts avenue, as the business property, and the Standard Plate Glass Co. Building, 270 Albany street, Cambridge, as the industrial property. Both buildings offer peculiar prob- lems to the appraiser. The Windemere is an old structure with many obsolete features, and it occuples exceedingly valuable ground. The Standard Plate Glass Co. Building is vacant and in- volves the problem of determining its value to a prospective purchaser, for whose industry it possibly would have to have expensive alterations. CHILDREN IN CHARGE. At the INinth Street Christian Church, Ninth and D streets northeast, Sunday the children of the Sunday school will have charge of the morning services and render a program adapted for children and pertaining to mis- sions. This is children's day in the church and foreign missions” Sunday. The Missionary Society of the church Wwill hold their June meeting Wednesday at 10:30 o'clock. After the program the officers will be installed by Mrs. H. B. Douglas, president of the Mis- glonary Societies of the District of Columbia, and a luncheon and program ‘(;ux“ 5011’31;1, this service. The Missionary u! meet Wednesday eve: the chuch at 8 o'clock. $ e Mount Zion Church Service. Dr. F. H. Butler, secretary of Epworth | Yeague, preaches at Mount Zion M. E. | Church, Twenty-ninth street between Dumbarton avenue and O street, to- morrow at 11 a.m. Church school, 9:30 a.m.; Epworth League, 6 p.m.; Brother- hood, 7 p.m. Dr. Julius S, Carroll, the ?nn‘-m;-n p:me‘f 'l; 8 p.m. Holy com- e IppOkcR Wb morning and eve- For Colored [arsmre wouse. row ar. riessant | l|VIRL‘.|NII\ INDUSTRY Design by Milbwn-Heister & Co. for an eight-story apartment house, having | a construction cost cstimated at $450,000, to be erecied at 2514-16 Fourteenth | street for the Clifton;, Manor Corporation. Manor, for which L. H. Charles Co. are agents. Can Yeu Equal This Location, Near Ward- | man Park Hotel, Overlooking i Rock Creek: Park. 8 larg , inclosed @ breakfg'g,Wr:i??ncleoni;Cfg;;t 8 Rooms 2 Baths porch with cement floor; 2 $14,950 complete tiled baths, built-in garage, double hardwood floors throughout, brick fireplace, inclosed. sleeping _ porches, ced]nr;l’.ned cll?sgls‘h Fflfigignlrb; real bronze lighting fixtures, < Jandscriped lawns, paved street Inspect and alfiey. - homes Sunday 4 6-room Homes at $12,950 nearinig completion, zhibit Home 2639; Woodley Pl. N.W. {Open Until 9 P.M. these Look! Sacrifce—Possession! _Ownzr Has Left City! T 7 817 Whittier Place N.W. 7 rooms, tile bath, open fireplace, sleeping porch, all modern improvements. House in fine condition, surrounded by beautiful shrubbery and frust trees. Lot 45x125. 2-car garage. Price and Terms Right—Open All Day Sunday G. R. Myton 4910 Ga. Ave. N.W. Adams 179 § i § For Colored H Street Cars to 24th Street N.E. 17 Minutes by Street Car to Treasury—10 Minutes by Auto KINGMAN PARK *6,175 Outstanding Colored Development Over 100 Houses Sold The Only Brick Thoroughly Modern Home Development With Refined Surroundings Near extensive Government Park already provided for, insuring future value; to be outstanding beauty spot; built and finished like homes selling for $8,000 and $9,000; large, well proportioned rooms; colonial front porches; brick columns; concrete steps; double rear porches; hardwood floors; hot-water heat; ample floor plugs; deep lot to alley; full concrete cellar with laundry trays. Inspect Before It’s Too Late CHAS. D. SAGER 924 14th St. N.W. REALTOR AND EUILDER Main 36 The building will be known as Clifton | | | | held at the George Mason Hotel in | value on a 30 per In Sixteenth Street Heights R R R R R R R R R R R R R Rttt tR Rt AR Rthth S ATBILIONARK Real Estate Men Told Output in State Is Rapidly Increasing. Northern industrial leaders are rapidly discovering Virginia's advan- tages and facilities, and Greater Wash- ington's Virginia area should take ad- vantage of this fact, Guy N. Church, president of the Virginia Real Estate ssociation, told the Alexandria- Atlington-Fairfax Real Estate Board at the regular monthly luncheon meeting Near the baths, large, southern exposure. light ALONE house will be sold. Drive out Colorado Building FOR Unusually Attractive Site is trees through which flows a pool. Convenient to stores, two lent schools. Hard-su eful Restrictions hment. promptly a home in keeping n 2303 16th Street to Floral of Alaska Avenue), turn east on Floral, half square to house. Open evenings till 10 P.M.—and all day Sunday. ROBERT E. HEATER, Realtor - aced roads, City guard | Alexandria yesterday. Mr. Church said in part: “Virginia, with her network of rail- ways and 17744 miles of improved roads traversing vast coal, iron and agricultural regions, has already at- tracted numerous industries, with an | annual output of manufactured articles | valued at $760,000.000. Due to the 1 $275,000,000 industrial construction and extension work now under way, this output will exceed $1,000,000,000 in 1929. | “Principal crops produced in 1928 ex: ‘(‘N‘dl’d $147,500,000. Many large water | power developments have recently been completed, providing cheap electricity for industries and farms throughout the State. Bank deposits in 1927 totaled | $465,255.000. | 7 =A" revised system, equitable alike to private and cor- porate property, has been devised, with rates that compare favorably with those of any section of the United States. tax “The counties of Arlington and Fair- | | fax have perhaps enjoyed the greatest | increase in property values, due mainly | | to several large Federal projects nearing | completion and their close proximity to | the Capital. The assessed nt valuation of Border of Rock Creek Park EW detached brick house, 8 bright, cheerful rooms, 2 basement; lot 60 feet front; The location, accessibility and fresh, clean, pure air e worth more to the preservation of the health and happiness of your family than the price at which this (first street north Main 4820 SALE Facing This Attractive, Stone Stucco Residence in WOODSIDE PARK ‘An Exceptionally Attractive Home Site Gently sloping upward from Woodside Parkway. This bordered by a number of fine spring-fed brooklet. This piece of ground, somewhat over 1 acre, offers un- usual opportunities for landscaping, tennis court, garden and golf clubs, churches and excel- Water, against llectricity all in. all undesirable We will make special inducement to purchaser building with the surroundings. COME OUT TODAY Information on the Site DIRECTIONS—Drive out 16th Street and Alaska Avenue through Silver Spring, out Brookeville Pike %4 mile to Woodside Parkway. Through Woodside Parkway till you see this house. Forest Glen or Four Corners to Woodside Parkway. Hopkins-Armstrong, Ine. Busses 323-1 Colorado Bldg. STEEL FRAME EAUTY, durability and utility combined in this new economical type of construction t h a t has proven so thoroughly prac- tical in home building . . « Inspect Washington's first 1418 Eye St. NW. - STONE EXTERIOR 3302 RITTENHOUSE ST. ~n Chevy Chaze, D. C. $28,500 e CQHPANV ING, Exclusive Agents LOT 60x190 steel house—available now at a surprisingly moderate figure and offering, unques- tionably, the best home buy on today's market. . .. Open Sunday until 9 p.m. for your inspection. * Qanslmj) Nat'l 5904 just and Arlington County, containing 28 square miles, is $21,704.780. “The average increase of values over a period of five years is estimated at | 110 per cent per year, with the peak | not yet in sight.” ‘ C. R. Ahalt, general counsel of the board, discusséd the great advantages | |of a standard sales contract. The board adjourned to meet June 12. i Gospel Mission Preacher. Evangelist J. Henry Gramps of Fort | | Plain, N. Y., who has been preaching at | | various churches and missions in the interest of more aggressive evangelism | {and consecration during the past week | { will preach tomorrow at the Gospel | | Mission. 214 John Marshall plac FOR RENT property | First Floor Office 14th St. Between Eye Desirable, well lighted, two large rooms, private lavatory; suitable for real estate or similar business. Can rent furnished or unfurnished | | and K Sts. N.W. ‘ | | | | Rent very reasonable B. F. SAUL CO. Main 2100 925 15th St. N.W. Facing the South! bath! An Exceptional Value SPECIAL PROPOSITION Three big porches! crete streets and alleys—all paid for—No Special Assessments! *8.95 Eight rooms, bath and detached garage at a remarkably low price. *9,650 : Ask the Salesman 14th St. Beautiful Kansas Ave. Home 20 Ft. Wide with Garage SEE THESE FEATURES: 20 feet Wide, Six Large Rooms, Elaborate Kitchen Dressers, Kelvinator Electric Refrigerator, Colored One- Piece Sink (buff), Artistic Two-Colored Bath (green- buff), Real Open Fireplace, Breakfast and Sleeping Porche: Concrete Front Porch, Cafritz Wardrobe Closets, Parquet Floors, 7;- inch Oak Hardwood Floors and Trim throughout, Paved Alley and Garage. $500 casu Small Monthly Payments 4919 Kansas Ave. N.W. Emerson St. Bus—Georgia Ave. Car, 14th St. Car— East to Kansas Ave. CAFRITZ Owners and Builders of Communities Main 9080 1016 611 Gallatin St. N.W. OPEN SUNDAY Open Every Day and Evening Until 9 P.M. Big lots—137 ft. deep—ample room for a gar- den or play space for the children! Big, well-designed rooms! Fine A DETACHED GARAGE! Con- ON EASY Every effort is made to meet your particular financial re- quirements. Your rent money will buy your own home. D. J. DUNIGAN INC. Nat’11267 1319N.Y. Ave. THIS TRULY UNUSUAL HOME Alluring Sunken Gardens—Beautiful Arbor-covered Walks and Flowers Magnificent Trees—Rare Shrubbery | STREET Chevy Chase, Md. To reach—Drive out Conn. Ave. to Rosemary Street.” west om Rosemary Sireet to Elm Street ana the home. AVE you dreamed of one day owning a home in which all. your dreams of the ideal The, psbor-Covered Iniaid Walk ~ home came true? This is your opportunity to acquire such an establishment at a surprisingly low price. The house proper contains nine very spaciously propor- tioned rooms, a sun porch, a large living porch which is entirely hidden by shrubs and vines, two tiled baths, servant’s quarters, and a shower bath in the basement. Included in the all-modern equipment is a Tile Kitchen, Frigidaire and a large open fireplace. In the rear of the lot (18,993 square feet of ground), and completely screened from the rest of the gardens by fine shrubs and trees, is a 2-car garage and a chicken house. It Will do You Good to Inspect This Home Today while the Rose Gardens are in Bloom Open From 9 A.M. Until Dark NNON: & LUCH Ezclusive Agefts With Its Bed of Rare and Roses