Evening Star Newspaper, August 17, 1929, Page 15

REAL ESTATE D. C. BUSINESS PROPERTY VALUES INCREASING FAST, SURVEY SHOWS New Downtown Centers Being Created According to An by Story & Co. ‘That business property values are in- creasing rapidly, new downtowp business centers being created and unprécedented | activity is taking place in the erection | of business structures is revealed by an | analysis made by Story & Co. of the| general assessment figures for the year | 1929-30, just made public, covering| downtown Washington property. | “By taking the current figures, ana- | lyzing them and comparing them with the assessed valuations of former years, alysis Completed immediately north of Seventeenth and | H streets was also included. “Based on a comparison of the as- sessed valuation of 1908-9 with those of 1929-30, and after making allowance for the fact that in 1908-9 property; was assessed on a basis of 6623 per cent of its actual value and that now it is as- sessed at 100 per cent of its value, the squares facing on F street showed an average increase in assessed vnluaél}l:'n s | WASHINGTON, D.; 0., hg émn"gning %taf' SATURDAY, AUGUST- 17, ¢ ; ANING EDITION — Design by Baltimorean Awarded $500 Prize House to Be Located on Comparatively Narrow Inside Lot. Roof Lines Broken by Large | Gables and Small | Dormers. P The house design by Willlam N. S. Pugh of Baltimore, Md., which won one | of the three $500 prize awards in The Star's area in the recent national bet- ter homes architectural competition | conducted by the Home Owners’ Insti-| tute presents an interesting study of a house of this size to be located on a| definite facts were uncovered,” said| for the period of 352 per cent. the research. Cites Valuable Properties. “The total assessed valuation of real property in the District of Columbia | for the present year is $1,139,000,000, land values being $550,000,000 and im- provements $589,000,000. The 12 most valuable parcels of downtown property, taking the assessed | valuations of the ground only, per square foot unit and disregarding im- | provement values, are located as follows: The northeast corner of Fourteenth and | F streets, assessed at $185 per square | John P. Story, jr., in commenting upon‘ foot; the northwest corner of Eleventh | and P streets, at $160; the northwest | corner of Thirteenth and F streets, at | $160; the northwest corner of Four- | teenth and F streets, at $140; the north- | east gorner of Twelfth and F streets, at | $140; the northeast corner of Fifteenth | and F streets, at $135; the southeast| corner of Fourteenth street and New | York avenue, at $135; the southwest | corner of Fourteenth and G streets, at | $130;_the northeast corner of Eleventh | and F streets, at $125; the northwest | corner of Tenth and F streets, at $120; the southeast corner of Eleventh and F streets, at $120, and the northwest cor- ;llero of Fourteenth and G streets, at 3 | Of course, size and shape of lots have influenced these valuations to some extent, but they are indicative of | high-value areas. It is worth while to note that seven of these corners are| located on the north side of F street | between Tenth and Fifteenth streets, and that five of the parcels have front- | age on Fourteenth street. | “The downtown square having the greatest assessed valuation, covering | ground value only, is that bounded by Thirteenth street, F street, Fourteenth | street and G street, the assessed valua- tion being $8,628926. This is a large square, but property values are high here. | Based on Assessments. | “In_order to determine the rate of growth of business property values, as well as the tvend of business area loca- tions, a compilation was made of the assessed valuations of 32 squares in close-in property, based on the assess- | ment figures for the vear 1908-09. A period approximately 20 years back was used because business property trends move slowly and accurate results cannot be predicated upon short-time observa- tions. Also entire squares were taken instead of isolated properties, in the| bellef that results based on general ob- | rvations are more apt to r actual conditions. i G “The property covered in the surve comprised the squares facing on F street from Ninth to Fifteenth streets. along Fourteenth street and Fifteenth street from Ninth to Fifteenth street, K street from Fourteenth street to Con- necticut avenue, and up Connecticut avenue as far as M street. The section THE TRUST All cash payments made by in a special accou | pletion of the Tower Building and the| figure applies to ground value assess- ments only, as do all other figures given below. “Compared with this, the seven squares’ which face ‘the corner on Mc- Pherson square, excluding the square in which the Veterans’ Bureau is located. showed en average increase in assessed valuation of 683 per cent. The average | increase for the entire 32 squares sur- veyed was 457 per cent. ‘The square showing the greatest increase was that | one bounded by Fourteenth street, Ver- mont avenue, K street and L street, the gain being 889 per cent. The next greatest gain was made by square 218, bounded by Fourteenth, Fifteenth, K and Eye streets, where the increase was 865 per cent. “The total assessed valuation of ground alone, in the District of Co-| lumbia, 20 years ago. was $151.887,660. Compared with the figures of the cur. rent year, of $550,000,000, and allow- ing for the difference in basis of asses ment of the two periods, it will be seen that general land values have increased 271 per cent while downtown business property ground values. on an average. have increased over the same period 457 per cent, and in specific blocks as | high as 889 per cent.” | Healthy Increase Noted. “Some of the apparent Inferences that | may be drawn from the facts revealed by this survey are that downtown prop- | erty values have had a healthy nnd‘ steady increase, and in many cases| extraordinary increments in non-specu- | lative properties have taken place. It is certain, too, that new business cen- ters are being established. Those squares facing or cornering on Ms- Pherson Square already comprise a rap- idly-growing business unit, devoted principally to commercial office use rather than to retail purposes. The past few months have seen the com- approaching completion of the Cilub | Hotel at Fourteenth and K streets, as well as that of the Southern Railway Building, the Shoreham Office Buildin, and other projects, all of which will have their influence in establishing this rew business center. “Likewise K street gives promise of becoming our main cross-town street, | and_Connecticut avenue is already weli | established as a shopping center. Wash- ington has become a great city, and | business property values are reflecting | that fact.” . Buys Forest Hills Home. The detached Colonial brick residence |at 4921 Thirtieth place, in the Forest | Hills section, recently completed by Ed: | ward T. Lindner, builder, has been pur: ‘chued by Francis X. Emmet through | the office of Shannon & Luchs, Inc. | in association with Edward T. Schwartz. The house, situated on a lot containing 0,000 square feet, contains eight rooms | and two baths and has a two-car garage s eling of th the wide | some feeling of the Colonial in the wide | BUEENE S0 %t the three $500 prizes in The Star’s area in the National comparatively narrow “inside” lot. | This design, together with all those | submitted in The Star's area and all regional prize winners in the national | comnetition, is to be hung in the exhi- bition here, arrangements - for which | now are being made. Here we have a design for a home Scae Vo= 1'0 along modern American manner, with | clapboard siding in the gable ends. Tk facade of the main portion of the housc | is to be of brick construction, painted | or whitewashed. The roof is designed to be of slate of rough texture, again: which rise large rectangular chimne: in white color. The roof lines arc! broken by the large gables and the small dormers seen at a number of points. On the street front is a covered porch with supporting columns and half way to the rear, on the right side, is the main entrance, reached by the garage | driveway running along the side of the | property. A stone terrace connects the main entrance and the front porch. The living room at the front and the | dining room at the right center are separated by the entrance hall, while € | the kitchen, pantry and breakfast nook are in the left center portion. At the rear is the garage, over which in the second story are two maid's rooms and bath. | ‘There are four bedrooms on the sec- ond floor, two at the front, opening into | the center hall, which has an adjoinir bath. At the right rear is the mast bedroom, with private bath, and there is a guest room at the left rear, also with private bath. These two are sep: rated by a rear hall which connects with the hall in the servants’ quarters. In the basement is a recreation room, 14 by 22 feet, which is fitted with a large fireplace. To the rear of the base- ment hall, which leads to the recreation room, are the boiler room and large laundry. | Plans call for nice landscaping of | both front and rear yards. At the rear | of the lot is provision for a children’s play space. b Drawing and floor plans of house designed by William N. S. Pugh of Balti- Better Homes Architectural Competition. Plans are copyrighted by the institute. APARTMENT SOLD ON TENTH STREET $375,000 Deal, by Which Jesse M. Lewis Becomes Owner of the Clyde, Is Report. The Clyde, seven-story apartment house located at 1122 Tenth street, has been sold by A. Joseph Howar, builder, to Jesse M. Lewis, a local investor, it is announced by the firm of Boss & Phelps, through which the transaction was handled. Mr. reported to have taken in pa a number of resi- dential properties located in scattered sections of the-city. A vdluation to- taling more than $375.000 was said to have been placed on the properties in the negotiations. The Clyde was erect ed more than a year ago. It contaix 62 apartments. | PLAN $1,000,000 TEMPLE. Special Dispatch to The Star. BALTIMORE. August 17.—Bids are scheduled to be a soon for the construction of the $1,000,000 tem of the Scottish Rite Masons. The structure will be erected on North OTECT™ FUND int in the TRU DEPARTMENT of In any real investment (as di speculation), the matter of safety first. Your investment in a co-operat in Tilden Gardens is amply protected. For instance: safety are many and varied. the purchasers of individual apartments in the new Clu 1 RICT NATIONAL BANK of Washington, D. C,, the DIS sished from a of principal comes ive apartment home The factors of ng are deposited to be RETURNED TO THE PURCHASERS in the event the building for any reason should not be satisfac- torily sold on the co-operative home ownership plan. Upon delivery of the deed to your corporation you receive from the Bank’s Trust Department a copy of the title company's certificate showing that your title is free and clear, that vour property has no liens or encum- brances other than the trust of record, and the Trusts Department’s certification that all papers in the transac- tion are correct, complete, and in good order. The fee for this valuable service is paid by M. and R. B. Warred! SOCIAL AND FINANCIAL REQUIREMENTS: Your co-owners of the property are subject to the most rigid investigation as to their social and financial re- sponsibility. termines property values. Assurance of financial ability to meet obligations is also essential. NEVER ANY “UNSOLD” APARTMENTS: Tilden Gardens is 100% co-operative, with a responsible owner for each apartment to meet his proportion of all costs from the very beginning. All stock covering each unsold apartment is purchased outright by M. and R. B. Warren, who must then make all payments on each apartment until sold. EXPERIENCED MANAGEMENT: Building management is today a specialized business. The character of the neighbors fixes the character of a neighborhood, and the latter largely de- At the pleasure of the resident-owners of each building, the actual details of management are entrusted to the thoroughly trained and competent staff of the Management Department of M. and R. B. Warren. It is highly significant, that over a period of several years no building has ever been withdrawn from Warren management. hkfi These are the prosaic things about Tilden Gardens—not as alluring and interesting as the beautiful gardens, the luxuriously appointed facilitics of the NEW CLUB BUILDING—and yet, as the fact foundation of your in-— vestment, of the utmost imporgance. Visit Tilden Gardens today or tomorrow, and see for yourself its physical beauties, its many advantages in tomfort, convenience and economy—and permit us to inform you more fully as to its soundness free living. as a practica TILDEN GARDENS Distinctive Co-Operative Apartment Garden Homes A Development of M. and R. B. Warren nvestment yielding enormous dividends in economical, satisfyipg, happy, care- Connecticut Avenue at Tilden Street—Telephone Cleveland 6084 | Charles street, and when completed will | the second largest temple in the southern jurisdiction of the order. NEW CHEVY CHAS HOME 131 HESKETH STREET In the country club section, and adjoining the grounds of the Chevy Chase Club. Pleas- ingly situated on a large won- derfully landscaped site is found this popuiar type, true period home—special millwork, wrought iron fittings, hewn beams, mold pillars, mettowee stone recep- | tion hall floor, all combined with every latest feature—yet the price is its most popular and impressive attraction. Open to 9 P.M. Drive west from Chevy Chase Circle rkway about 100 ft.. sketh St. two blocks J. E. Douglass Co.~ Realtor: 1621 K St. N.W. i s Met. 5678 | \ 1929, HOME & GARDEN 15 NEW SAFEGUARD IS PLACED ON CO-OPERATIVE BUYING Under Warren Plan, All Money Is Placed in Trust Until Apartment Owners Can Secure Title. A new financial plan for the sale of co-operative apartment homes has been set up by M. & R. B. Warren, pioneers in this field of residential development in Washington, as a means of placing an additional safeguard around the in- vestment of ent home buyers, it Was annount today. Under the new system, all money paid by apartment buyers is placed in trust in a local national bank, inde- pendently owned, which is to hold such payments until the building containing the apartment homes has proved finan- clally successful and the buyers of the homes are incorporated and taks title to_the building. In effect, the plan provides that the development concern will not receive any payment for the sale of apartments until sufficient number of units of the building have been sold to guarantee successful operation of the building, the care for the scheduled curtailment of the trusts against the property and the meeting of interest and .operation costs. After this has been done, the buyers organize their own corporation, take title to the property and then the de- (Continued on Sixteenth Page.) Miassacuuserts Park West of Kalorama -Acxoss Rock Creeke Mass. Ave. entrance at 30™ St. One Square east of New British Embassy “The National Cathedral on west Sites for Individual Homes Priced from *150 per sq.ft. up Within 2 miles of White House Location and contours can never be dublicated in heart of Washington again- RPrices ana Data from= MIDDAUGH AND SHANNON Ixc, 35 K st. NaB685 CHEVY CHASE, MD. 6712 North Central Ave. 305 West Bradley-Lane Chevy Chase, Maryland Opposite Chevy Chase Golf Course 5 rooms and bath bungalow on paved street New oak floors Lot 50 ft. by 150 ft. A REAL BUY EASY TERMS To reach property: Turn right from Conn. Ave. on East Thorn- apple St. Continue across Brookeville Rd. one block and turn left to house. OPEN SUNDAY EDW. H. JONES & CO., INC. 5520 Conn. Ave. Cleveland 2300 This fully detached, brick home, nestled in a grove oi shade trees, just being completed, is a charming home in a delightiul setting. There are 6 rooms with 2 tiled baths. The rooms are large and the appointments perfect, including such details as open fireplace in living room, bronze screens, and inlaid linoleum on kitchen floor and floored attic. $14.,950 Drive out Connecticut Avenue to Bradley Lane, turn west to prop- erty, or out Wisconsin Avenue to Bradley Lane, and east to property. Open for inspection daily and Sunday until § P.M. Phone Wisconsin 2873. M. & R. B. WARREN 6310 Georgia Street Chevy Chase, Maryland Near Connecticut Avenue This new. corner, detached. colonial home of brick 01 07 FROM ACTUAL PHOTO. MODEL HOME 4401 Greenwich Parkway Open 9:30 A.M. to 9 P.M. Drive West on Que S Reservoir Rd.. West to Village. A Beautiful Section of Washington That’s Not in the Guide Books PART of the Nation’s it. A few moments of the central city . . . yet the peace and tranquillity and beauty of an old worl offers the family of ave worth-while things without p . them. Think of modern of trees, priced under $15,000 . . . homes that are And think of buying a home really small estates. with rent money. Drive Modern Detached Homes, $9,750 up Large Wooded Homesites; $1,400 up DIRECTIONS . . . Drive Avenue and_District, Line: sion; turn right at this poini office, 7900 Georgia Avenue. E. Brooke Lee, Pres. Curti t. to Wiscol “watch for laroe S| Walker, Treas. and clapboard is one of the most charming sia homes we have ever built. Complete in ever; including open fireplace in living room, bronze screens, garage, beautifully landscaped lot on paved streets and sidewalks. We cannot do justice to this house in' words ——it is worthy of your personal inspection. $12,750 Drive out Connecticut Avenue to Bradley Lane, turn right (east) one block to Georgia Street, turn left two short blocks to property. M. & R. B. WARREN Wisconsin 2875 or 2489 Announcing the T Showing of THE Gloucestershire Group or FOXHALL VILLAGE AMERICA'S SMARTEST COLONY OF ENGLISH GROUP HOMES, Seven Minutes Prom Dupont Circie. 3 Bedrooms, 1 Bath to 6 Bedrooms and 3 Baths As we predicted Foxhall Village is growing constantly more beau- tiful. It's future is assured. All- brick homes with Frigidaire, oil burners, steel beam construction, plate glass windows and many other wonderful features offer opportunities for buying homes that cannot be found elsewhere in the city. $11,750 to $24,500 BOSS & PHELPS CREATORS AND DEVELOPERS OF THE VILLAGE " 1417 K St. National 9300. North One Square to ‘Hand Turn at 44th St. M A Clubhouse in Detroit, Mich. With Straub Cinder Block Walls Painted Architect, Albert Kahn, Detroit, Mich. Capital and yet apart from from the heat and turmoil Character and Quality With Rea) Economy 1d garden. Sligo Park Hills rage income most of life’s ng a premium for Colonial homes with plenty By Using STRAUB CINDER UNITS With this modern building material you obtain superior masonry at less cost out today and see. Alaska out Sizteenth Sireet to Alaska following arrows. Sales Shepherd 2400, Permanence, Fire-Resistance and Dryness Are Inherent Characteristics of STRAUB BLOCK WALLS 3 WASHINGTON CONCRETE - PRODUCTS CORP. :South Washington, Va. National 3087