Evening Star Newspaper, January 18, 1930, Page 14

B2 R LUCHS FORESEES BUSINESS GAINS Optimistic Outlook for Real Estate Market Is Seen for District. An optimistic outlook for the real estate market in Washington during the coming year is taken by Morton J. Luchs, vice president and treasurer of EAL ESTATE.’ THE EVENIN the firm of Shannon & Luchs, who re- ports that a study of the situation here since the 1st of January shows a definite pickup in the number of inquires and shles of property and realty securities over conditions in later months of 1929. | “The fact that sales of first mort- | gage notes have increased since the first | of the year shows an easing up of the | money Situation for investments which, in itself, will improve the real estate situatiol Mr. Luchs declaves. This| casing of money will help the builders in financing the erection of proposed homes and investment properties and | i | G 8 TAR, "WASHINGTON. BUILDING OUTLOOK CHEERS INDUSTRY Survey Finds Leaders Op-l timistic Over Prospects for Good Year. (Continued From First Page.) the country. The questions asked were these: Have there been indications of easier mortgage money since the | ‘Wall Street readjustment? Do you anticipate easier mortgage conditions in 19307 | Do you anticipate many applica- tions for building and permanent mortgage loans in 19307 “lasier Money Seen Already. ‘The result of analyzing a large num- ber of replies sent in by the officials of mortgage lending interests has been the formation of a fairly definite pic- ture as to mortgage money conditions for 1930. D. C., SATURDAY, JANUARY 18, 1930. CHANGES IN PERCENTAGES OF PUBLIC DEMAND FOR NEW BUILDINGS IN 1930 COMPARED WITH 1929, National Percentages, U. S. A. Type of Building. Automotive ... Banks ... Apartments . Apartment hotels . Clubs, fraternal, etc. Community, memorial Churches Dwellings Dwellings Dwellings Hotels . Hospitals Industrial . Office buildings . Public buildings Schools . Stores . Theaters Welfare, ¥. M. C. A., ete (under $20,000) (520,000 to $50,000) . (over $50,000) B © Nehiel DuekhbhLbaaka® I++kl LR S e e Prubabaaannee-wae COLBWNR R BN IIDD RO mortgage conditions, we can look for- | other data, every lot, parcel, farm and ward with reasonabie optimism to the | financing of _the | schedule, Mortgage money will undeveloped acreage, with the names ' 1930 construction | of subdivisions, boundary lines, areas, be | owners’ names, buildings of all types, available in proportions which will swell | house numbers and_all projected de- rapidly in the second half of 1930. The | velopments of the Park and Planning cross-section of these opuwic:is can be | Commission. summed up as follows: ‘That there have already been signs of easler mortgage money since the Wall Street collapse. ‘That it will take the early part of 1930 for adjustments to clear away the obstacles already described R | Various Changes REAL ESTATE. INCREASED SPAGE LEASED BY A A. A in Location of Departments Made by Motorjsts’ Organization. Increased space in the Mills Build: |ing, Pennsylvania avenue and Seven teenth street, has been leased by the American Automobile Association and its District of Columbia division for a | period of five years, it is announced by | Arthur Carr, local realtor, who handled negotiations. The organization now is occupying 27,505 square feet of space in the build- ing, this being an increase of more than 103 per cent in the past two and a hal | HUGE SUM INVOLVED | IN MORTGAGE LOANS BUSINESS PROPERTY years, made necessary by the growth of the departments of the A.A. A. There also have been some changes in the location of some of the depart- ments of the organization. The forelgn | department was moved to the street joor, where it occupies space jcintly | with the Distriet of Columbia division. This was made ible acquiring space formerly occupled by another tenant. ‘Thus the information sources of the A A.A, relative to travel are grouped | together and are in conjunction with | the ticket dispensing branches of the | organization. The offices of the air | travel division also are operated in con- junction with the District branch. FOR SALE Shepherd St. Near 5th We have a very attractive home containing six rooms and bath. Can be purchased now at greatly reduced price, INVESTMENT LEASES ——— We Specialize in The replies which were re-'| ceived were in general quite encourag- | ing. They were conservative and care- 8ix rooms and bath. Brick house in good N.W. section. This will show net return of over 15%. Residence at 3919 Oliver street, Chevy Ch: Md., which has been pur- chased by William H. Pattison. The property was acquired from.F. G. Sherrill through the agency of Cuvier A. Metzler. as blocking the mortgage money channels. That we may with some confl- allows the real estate business to be- come active and get back into normal condition. $189,363,579 Total for 1929 | Slackening Only Temporary. “It is, of course, obvious to any one analyzing the situation here that any slackening of business must, of necessity, have been only temporary. The mer- chants generally report & good year for 1929; in fact, much better than they anticipated. They are looking forward to even a better vear in 1930. Nothing can permanently stop the growth and BUILDING PERMITS Home in Good Taste BY SARA HILAND. Three types of lamps which are a! tractive in various parts of the home are shown in the accompanying illns- fully considered. The average opinion indicated that there have already been some signs of easier mortgage money during the short period since the Wall Street readjustment. As a rule these indications varied consistently accord- ing to districts of the country. In the area of metropolitan New York the first signs have already appeared as indi- cated by the announcing of & number of building projects. Mortgage money has not yet become easier for smaller dence expect much easier mortgage money conditions in the second half of 1930. ‘That there are a large number of building projects which will seek financing during 1930. ‘The detailed figures of the national building forecast indicate total con- struction activity, exclusive of public | works, roads and utilities, of 87,000, | 896,000 as compared with $7,308,793,- | Largely Intended for Homes. Mortgage loans amounting to $189,- 363,579 were made during the year 1929 by the Prudential Insurance Co. of America. - Archibald M. Woodruff, vice presi- Finding the Right Location e CONSULT MR. BRENT BOSS = PHE(PS Estab. 1907 Telephone for Inspection W. S. HOGE, Jr. Fr.7020 1517 K St. N.W. dent in charge of this phase of the Pru- :rio]rfunx‘s activities, classed the loans as follows: Class. Number. Amount. development of Washington. At rno time in its history have there been as many factors working toward the | greater development of Washington. | 200 as forecast for the year 1929. d pick i Plans Appr(‘\'cd call for 13‘tn go into a store and pick out a lamp pm}e(‘bls noé fol; pl‘o]ecumln the outlyldn‘l . v suburban districts. This same condi- which will be just right with the furni- | tion holds true for the Middle West. ture with which it is tor be combined. “When the Federal building program for the south side of Pennsylvani: e- nue was first announced, it was esti- mated that $150,000,000 would be spent. This estimate has been steadily in- creased until at this time nearly $200.- 000,000 has been authorized, and it is predicted that more will be authorized and appropriated. With this tremend- ous construction program inaugurated, employing hundreds of mechanics in all the building trades, money is kept in circulation. “The municipal center on the north side of Pennsylvania avenue running from Third to Sixth street, for which funds have already been appropriated, will use four city squares. The activity in these squares also helps to spread the money throughout Washington and make business generally better. Outside Finance Interested Here, “The number of inquiries and in- vestigations being made in Washington by outside -erganizations wishing to lo- cate here to do business and make permanent investments is very notice- able . One of the recent examples of this has been an investigation by a New York investment corporation look- ing toward the erection of a group of apartment in Washington to be held for investment. “Governmental activities require an increased personnel practically every month. In a short time eight thousand clerks, to handle the large detail of the 1930 census, be established in Washington and will remain for two or three years. This increase in popu: lation for several years, together with our normal increase of from twelve to fifteen thousand persons per year, will all go toward making things better and the spending of more money around ‘Washington.” BUILDING ACTIVITY GAIN REPORTED DURING WEEK By the Associated Pre NEW YORK, January 18.—Big build- ing activity in the United States ac- quired added momentum in the past week with the announcement of an unusually high volume of heavy con- struction projects planned throughout the country, the McGraw-Hill Construc- proposed work were valued at $172,018,000, comparing with $47,372,300 in the previous week and l‘llc3,550.000Ain thefifl?pflcndml WR{ ast ‘vear. Approximately 66 per cenf of the total is accounted for in in- dustrial and public work construction plans. The largest project announced during the week involved the expendi- ture by the New York Edison Co. and associated companies of $76,848,053 on construction during 1930. "AIDS NIGHT AUTOIST. Reason Assigned for Having Ga- rage Convenient to House. In many of the larger houses being built today it is quite usual to have asone-car garage in direct communica- tion with the house in addition to the main garage. The reason for this is that many people like to drive when going out at night and it is convenient on returning to be able to reach the house under cover after locking up the car. Dwellings and Branch Bank Structure. Private building projects in the Dis- trict having a total estimated construc- tion cost of $270,150 were approved by Col. John W. Oehmann, building in- | spector, during the past’ week. Plms | for 13 dwellings and a branch bank | building were included in the list of | new work. Among permits issued were those for the following: Boss & Phelps, owners and builders: James E. Cooper, architect: to erect six 2-story brick dwellings, 1533 to 1543 Foxhall road (lots 156 to 161, square | 1352): to cost $37,000. J. E. Dyer & Co., owners and build- | ers; D. L. Stern, architect: to remodel warehouse building, 3300 M street (lot | 809, square 1184); to cost $30,000. { Plans Brick Studio. | John Niepold, owner: Warren Spen- | cer, designer and builder; to erect one | 3-story brick studio, 307 Seventh street southwest (lots 23 and 802, square 434); to cost $22,000. ‘Washingotn Railway owners; Skinker & Garrett, builders; to make repairs, Four-and-one-half and O streets southwest (lot 800, square 547); to cost $20,000. Everett S. Beall, owner, designer and builder; to erect two 2-story brick dwellings, 3639 and 3637 Veazey street (lots 24 and 25, square 1895); to cost $20.000. ‘Washington Mechanic's Savings Bank, owners; George Oakley Totten, architect; John P. F. White, build- er; to erect one 2-story brick and stone bank building, 3401 Connecticut ave- nue (lot 808, square 2219); to cost $20,000. - Evelyn E. Carpenter, owner: 8. W. Phelps, designer; W. E. Hannah, build- er; to erect one 2-story brick-veneer dwelling, 3412 Seventeenth street north- east (lots 19 and 804, square 4145); to | cost $9,000. P. H. Willis, owner, designer and builder; to erect two 2-story brick and tile dwellings, 5730 and 5732 Third place (lots 18 and 19, square 3292); to cost $12,500. Mitchell Quick, owner: L. W. Giles, architect; F. L. Fanning, builder; to erect one 2-story brick and frame dwelling, 5823 Nevada avenue (lot 83, square 1999): to cost $9,000. Standard Oil Co. of New Jersey, owners, designers and builders: to erect one 1-story brick and stucco lubricator and office, 1545 Wisconsin avenue (lots 817 to 820, 33 and 34, square 1271); W cost $6,000. Store on Good Hope Road. Maurice Otterback, owner and build- er; George T. Santmyers, architect; to erect one 1-story brick and concrete re- tail store building, 1348 Good Hope road southeast (lot 104, square 5602); to cost $6.800. | Crew-Levick Co., owners and build- ers; Franklin H. Price, designer; to erect one 1-story masonry addition, 1737 Kalorama road (lots 50 to 53 and lot 28, square 2563); to cost $6,000. | Horner & Joyce, owners; Maurice Joyce, designer and bullder; to erect one 2-story stucco and frame dwelling, 3618 Horner place southeast (lot 20, square 6091); to cost $4,800. Miss Genevieve Wimsatt, owner; R. L. Jennings, builder; to make repairs, 1511 Twenty-eighth street (lot 276, square 1266) ; to cost $4,500. Finest Homes in Sample House Now Ready! = 5811 6th (AT 6th AND NICHOLSON STS. N.W.) “Marietta Park” St. N.W. . - |Architect Says Two Shades Are There is nothing like trying the piece in the room where it is to stand; but it is possible to have the room in mind and then look around for something as nearly like your idea as possible. The first lamp at the left is in a very | | | | Jovely little Georgian design, just right | for a desk or end table. It has a pewter finish, though if you prefer you may have it in bronze, and the shade has a clever colorful print decoration. The lamp in the center is of an in- teresting design, with a cupped base, just like the old ones which caught the candle drlrplng& The shade, of cherry red and plain parchment, is very strik- ing with the metal stem. The very perky little bird at the right | would be very appropriate for & nursery, its red tail and body and green eyes making it colorfully checrful for this type of room. CHOICE OF WALL COLORS. Available for Exteriors. Geod taste limits us to two choices for the color of exterior walls of most houses, Charles S. Schneider of Cleve- land, fellow of the American Institute of Architects, points out. “The house with siding walls invar! ably should be white or near white, says Mr, Schneider. “The house with shingle walls, depending upon its de- sign, may be either white or some weathered tone approaching as nearly as ible the color of wood long ex- posed to the weather. “Let us have no more walls of shin- gles stained in bilious greens and yel- | & normal condition. lows, sad browns and mustards. This is most decidedly bad taste. Two Jocation, situated on wonderfully OPEN AND HEATED CHEVY CHASE HOMES $14,750 Just Off Conn. Ave.—3 Taylor Street Charming English type brick and stucco home, in a most excellent Every modern feature, including open fireplace, two tile baths, garage, model kitchen equipment, hardwood floors, floored attic, ete. $18,750 Large Corner Brick—6501 Conn. Ave. Tmposing eight-room thoroughly modern brick home, on pro; nent corner site with long frontage on two streets and overlooking the wonderful grounds of Chevy Chase School for Girls. plete tile baths, two-car garage, ete. Drive out Conn. Ave. to Taylor St. homes on northeast corner. On the Pacific Coast optimism is the rule. Mortgage money promises to be definitely easier in the near future. In the South mortgage money conditions show definite signs of improvement. In upper New York State and most of New England there has as yet been no! change. It is apparent that for a period rep- resenting probably the first half of 1930 mortgage money channels are seriously blocked by two obstacles. In the first place, savings banks and possibly even building and loan associations, were drained heavily for funds to meet stock margin and collateral loan requirements. The funds which might ordinarily go for mortgage purposes have been used to _meet demands of the Wali Street collapse. Thus this important channel of mort- gage money is temporarily dammed and will re-establish itself only as savings | and conservative investments mount | again. But they will surely mount be- cause the public has learned a lesson. The second obstacle is the fact that many mortgages commi due at this time are being called by mortgagees who wish to use the money to cover their own situations. These mortgages on existing buildings must be replaced and as a rule they take precedence over loans for new construction. These must be cleared out of the way and this re- adjustment has already begun. Opinions Form Cross Section. It would seem obvious that there will | be a great increase in the amount of | money placed through mortgage chan- nels. There is always a swelling tide of mortgage money after any great eco- nomic adjustment, but it will take time ! and patience before the last obstacles | are cleared away and we reach again | When we reflect upon the foregoing | conditions and take into consideration | the opinions of hundreds of indi uals_who are directly familiar with | | We Specialize In PROPERTY MANAGEMENT E. S. Poston & Co. Realtors et Counsel: Juliy s 1. Pevser M. Strasburger Fred National 0760 1616 K St. N.W. New landscaped lot of wide frontage. Two com- SUNDAY / ALL DAY PLANS OF COUNTY ATLAS APPROVED Real Estate Board Indorses Specifications for Mont- gomery Project. Plans and specifications for a com- prehensive real estate atlas of Mont- gomny County have been approved | y the executive committee of the Washington Real Estate Board, it is announced by J. F. M. Bowie, chair- man of a special committee of the board on the subject. ‘The project was indorsed by the com- mittee after it had conferred with Irving tional Park and Planning Commissio: T. Howard Duckett of the Washington | Suburban Sanitary Commission and | other prominent Maryland leaders. | The development of this s burhll’l1 area of the National Capital was con- sidered in connection with the projess and the atlas, which will be prepared for publication along the lines of the plat books of the District, will embrace a wide range of information. Through co-operation of local and country financial and business interests it is expected work on the book will be started shortly. Mr. Bowie said that the atlas, held to be an important need, would be pub- lished in colors and would show, with 1213 TRINIDA Worth much more $7,450 Dwelling .. veees 19,450 $103,341,303 Apartment ..o 1,321 40,497,950 Other city loans... 340 26,279,965 Farm ...coce 8,750 19,244,361 Total. . 24,861 $189,363,507 As in the past, Prudential made loans largely on property to be used by fami- lies purchasing their own homes. A total of 22.278 families were thus ac- commodated. The apartments on which | loans were made provided shelter for 15,753 familles, it is pointed out by the H. L. Rust Co., loan correspondent for Prudential in this section. WOODRIDGE, D. C. A Detached Home That Is Different 3914 21st STREET N.E. Price $8,500 Terms J. Dallas Grady 1010 Vermont Ave. N.W. Dist. 9179 Open Daily Till 8:00 P.M. D AVE. N.E. Terms arranged The owner of this desirable SIX-ROOM MODERN HOME has greatly reduced the price in order to effect a quick sale. Situated so conveniently to transportation, stores and school makes this, undoubtedly, the best value in this new close-in community of modern brick homes. Among the many comforts awaiting you are: A built-in garage, hot-water heat, laundry tubs in cellar, hardwood floors and trim, a big front porch, two very large inclosed back porches (in fact, two rooms), a tile bath, a complete kitcherl, paved street and alley. The house has teen decorated throughout and is ‘n beautiful condition. To fully appreciate what a real bargain is being offered, you must come out and inspect. It is vacant, and for your convenience will be— Open Sunday 10 AM. to 9 P.M. and Every Day from 1 to 7 TO REACH—Drive east on Fla. Ave. to Trinidad, turn left two squares and see our OPEN sign. R. M. HOOKER Tower Bldg. Metropolitan 2663 LIVE... In This New, Modern Apartment, Overlook- SIXTEENTH STREET HEIGHTS 7 Rooms, 2 Bath Rooms, 2-Car Garage Only $14,750 A new home with an unusually " snappy ex- e h s §ood, attic, hardwood loors and trim throueh- e P lrnfinchon e | _Just _off Alaska @t 1214 Holly St. N.W. W. C. Kremkau The Ne EASY TERMS OWN 906 New York Ave. N.W. Open Daily and Sunday to 9:00 P.M. 23 Ft. Wide from Dining Room Back—44 Ft. Deep | We want you to see these Homes that are Different! | 8 rooms, bath and | half bath. All rooms large. 7 big closets. Lot 31.25x143. Garage. Come out and you will be in- terested in the many features that have been installed to make a home most complete—of which many may be easily installed in J. €. Bouglass Co. Realtors 1621 K St. N.W. s Metropolitan 5678 ing Rock Creek Park Each suite has outside ex- posure. One room and bath to five rooms, two baths; to meet your requirements. Ready for | Price Low—Easy Terms Come Out and Bring Your Friends—We Want Your Ideas and Criticism! WAPLE & JAMES, Inc. Owners and Builders 1226 14th Street 3131 19th St. N.W. TO BE SOLD FOR $8,580 An Exceptionally Moderate Price for This Colonial Brick Home in Mt. Pleasant OVERLOOKING ROCK CREEK PARK A roomy home with many interesting features. Steel beam_construction. Tiled bath with shower. 15-it. alley in rear. Beautifully and conveniently located. OPEN ALL DAY SUNDAY Drive out 16th St. to Park , turn left to house, or west on Irving St. to house. tirely modern throughout. fireplace. Bt 1417 K St. BO2 HOME OF Realtors your present home if you are not in the market for a new one. || North 0962 En- Open Double rear porches. RA. and west to 19th Our shops are splendidly Modern Heating Systems have so improved that Your Wardrobe Needs Year 'Round Protection Homes—modern and old—are kept so warm that, even in Winter, your wardrobe is subject to attacks by moths, larvae and the like. The only sure way of protecting your fine apparel is to have your Clothes Closets Cedar Lined —or to have new cedar closets built in your home. order. They use the nationally famous Brown's super cedar closet lining—all at a surprisingly moderate cost. Phone District 5300. Our representative will call. equipped to handle your occupancy. 2737 Devonshire Place N.W. Connecticut Ave., at Klinffe Road Bridge Representative in Attendance. Open for Inmspection Daily Until 10 P.M. Thos. A. Jameson Co. ‘RS and BUILDERS w Jameson-Built Homes in Petworth Priced From $8 ,250 Up Inspect at Once 415 to 445 Jefferson St. N.W. 6, 7 and 8 large rooms; tiled bath, builtsin tub, shower, hardwood floors, cedar-lined closets, servant’s toilet and wash trays. Frigidaire and other modern appointments. Double rear porches and concrete front porch. Paved street and alley. Lots 140 feet deep. Garage with each house. Conveniently located to schools, street cars, stores and churches. Nat’l 5526 3209 Oliver Street Chevy Chase, D. C. Only $ 12,750 Here is one of the most striking and appealing new homes we have offered for a long time. Brick and frame construction, with large living room and open fireplace, dining room, concrete porch and « kitchen equipped with Frigidaire, electric dish washer, and many very unusual features. 3 bedrooms, with 2 fine baths, and a floored attic. Den in basement with fireplace. Superior electrical equipment, including lights in all closets. Don’t fail to Large oak trees on lot. see it Sunday Open 10 A.M. to 7:30 P.M. Drive from Conn. Avenue east on McKinley Street to 33rd Street, thence north 2 blocks turning right on Oliver Street to 3209. . L McKrven RO eaidens ~MEEE=S~ Earr E. Goss Vice President 1415 K Street N.W. Nat' 14750 _ Goorxe 8. E. Sales’ Director