Evening Star Newspaper, July 18, 1931, Page 16

ESTATE COT BESTBASS INSETIVG ENTS Charging “What. Traffic Will Bear” Is Unsound, Owners | Are Told. ‘ Rents should be based upon costs ot | production and costs of operation--not | on what the traffic will bear. This ad- | vice was given this wesk to the “sky- scraper 'men” of the Ulnted States and Canada attending the Seattle Conven- tion of the National Association of | Building Owners and Managers by | Charles W. Smith of San Francisco. | “The only sound basis for rental | charges is that of cost.” said Mr. Simth, who was formerly secretary of the San Francisco Association of Building Own- ers and Managers. i “The first cost to figure is the cost | of producing the space, then come the costs of operation, which 1emain more | or less fixed. Last but not least are the taxes, Taxes are ever mountin, this in that may exist at any give: is due to the fact that the skyscraper does not disappear as do security hold- ings and reserves in periods of depres- sion. | “The inability of assessing authorities to locate this evanescent wealth throws | an added burden on real estate at the worst possible time. If an oversupply of office space exists the butlding man- ager cannot close it out in a bargain sale and restock with merchandise on which he can make a profit, as can dealers in other commodities. It is far better to leave the space vacant, hold- ing it for future sale when business conditions improve, than to rent at a loss, bicause the loss is a continuing loss for the whole period of the leas> and Jasts even after business conditions improve and other commodities are sell- ing at profitable figuras. “Cutting rents never created a new tenant. It merely shifts tenants. Office gpace is rented for relatively long periods of time and therefore is less subject to upturns and downgrades than commodities. It is unwise for the bullding manager to charge all the traffic will bear during prosperous times, because he wili be the first to suffer when the business cycls swings into the downgrade. His tenan's will find that the tariff they were able to bear during | a period of prosperity is greater than | they can afford during degression, and | the result will be moving as son as lease consideration permit.” Epecial Dispatch to The Star. BALTIMORE, July 18.—Claiming that in thousands of cases there was no re- lation between the existing real estate assessments and the fair market value, a sp-cial tommittee has peen named by Peyton B. Strobel, president of the Real Estate Board, to co-cperate with the Commission on Governmental Efficiency end Economy in making a new study of the organization and functions of the Appe?l Tax_Court. Brick Semi-Bungalow! Attractive de- A good hcme high location. Excellent S-ven large rooms. complete bath with shower, lavatory on 1st floor, large kitchen, built - out pentry, electric refrigeration, hardwood floors throughout. nat- ural wood trim, large closets, open fireplace, cement front porch, large lot. 2-car brick ga- rage to match house. 22 Madison St. N.W. Only ONE Left! OPENTOS9P.M. Come out and see t+'¢ home, hag, meny attractive reccures. They i ‘only be appreciated by inspec- tion, Waple & James, Inc. Realtors 1226 14th St. N.W. North 0962 Will You Follow the Leader or Lead? 31417th PlaceN.E. This, the exhibit home of a new group, will prove a pleas- ant surprise. It is something different. First, the construc- tion is substantial, being almost solid masonry, including back porches. Then there are two baths for the four large bed rooms. The kitchen is larger, there is more closet space, the modern equipment is complete. One will marvel at the decora- tions, the interior trim and the new electric fixtures. Yes, voull be glad vou in- spected this house. The first purchasers, of course, will have the choicest location. Come out today. Residence at 5440 Thirty-second street, purchased by Walter E. King. chief | engineer for the Washington & Old Dominion Railway, from H. P. Huddleson & Co., through the agency of L. P. Liles of Realty Associates. The house contains six rooms, two baths, finished attic and garage. has two porches and a two-car built-in SHOW HOME BUILDING DISCOURAGED IN PAST Realty Boards Find That in 1650 Settlers Were Kept Too Busy Raising Food. Today many prominent people are encouraging home building for the good of the country, but in 1650 many promi- nent people d#couraged home building “for the good of the country,” says the National Association of Real Estate Boards in its weekly story for the public. Today President Hoover and many others agree that home owning is good for the individual, good for business, and good for the employment situation Leaders in New Netherlands and New England in 1650 agreed that “home building took time away from the im- portant business of land cultivation, and that poor people would be dis- | | couraged by seeing the fine houses of the rich.” “The wealthy were afraid that the poor might go back home and not help to develgp the new country. They were especially afraid that they puld not be able to grow enough to eat,” the association finds. “Many of the poor were living in holes in the ground and the wealthy settlers denied themselves the comforts of home owning and also lived in crude cellar habitations. Many rich families lived in this way for three gr four years until the farming programs were suffi- ciently under way so food was assured for all.” Authority for this picture comes from a letter written in March, Dutch settler named Ticnhoven. the original of which is in the archives of a government building at The Hague with other documents relating to the colonization of New York. Mrs. P. Meawg, for more than 50 years sacristan of the Borriskane, Irish Free tate, Catholic Church, has died, aged 101 _—-—————— AMAZING VALUE - PRICED FOR IMMEDIATE SALE Distinetive Design Superb Construction Spacious Rooms Furred Brick W White Oak Flo Paneled Walls Artistic Fir: 1st-FLOOR Recreation Screened Rear eplace HILED LAVATORY Hoom Borcn St. N.W. 502 ONEIDA 3220 McKinley St. N.W. Ghovy (Gluse MDIC, —New Detached Brick— FEATURES Large Landscaped Lot With Shade Trees Open Sunday and Daily Until 9 P.M. 1621 K J. E. DOUGLASS CO. Exclusive Agent TWO COMPLETE TILED BATHS Rogers Eleciric Fixtures Standard Plumbing Fixtures r Screens ellar uipped Kitchen all Covering— Inlaid Lino- on Floor Slate Roof—GARAGE Met. 5678 PLACE N.W. MARIETTA PARK The price is representing the las the heart of MARIETTA PARK only $9,750 An outstanding NEW ALL BRICK home of six big rooms and ord in modern appointments. It's right in where all the homes are new and 1650, by a (CHURCH PROPERTY VALUES BAFFLING 8 New York and Chicago Af- ford Appraisers Vex- ing Problems. Appraisers of gproperty in New York {and Chicago, where a number of the newer churches have been huilt into partment structures, have had real puzzlers” to solve” in computing the |.value of such properties, comprising a combination of non-taxable religious | housing with commercial property. Alco, churches are bought and sold, sometimes for use as churches and sometimes for other uses, and deter- mining their.value is a complicated pro- 1 cedure, it is pointed out by the Na- tional Association of Real Estate Boards. “In the case of commercial proper- ties, the modern Iflprllaer works on the combined value of the land and build- 1ing, discarding the old practice uing these two factors separately,” the board states. *“But this method is base on the fact that the combination of both land and building produce an in- come of such and such a figure. “But a church has no income that | can be compared with the income from |a corner cigar store, and the realtor- appraiser usually uses the ‘summation process’ of appraising church site and \| Buy a Home With | Salesman on Premises Daily Until 9 P.M. @ roems and bath lass sletpins Borch Ratht t0lored ulo and"sho b e "and"s Built-1n’ tuh i Euiii-in wall safe Mirrordsor Builiin" telenbone cloget Rulli-In_dining set with benches Tined closet Real Estate Construction STOP! DS AR R A S R AN S SRR SRNRN K\\‘)\\\\\)‘\G RS S N I A R AR A A A A A A A A A I I A S SR kA Detroit Jewel console range, stores. There is also left in this group above features, 14th St. car marked “Sheridan St west ‘one-third squcre. or Evans Bldg. TERMS—$500 Cash Steuart Brothers, Inc. ATATLTLEEFTRHETER T ERLRERTRERL LR ANNENNNSY, LOOK! A SEMI-DETACHED BRICK 310 Concord Ave. N.W. Seven Rooms and Bath PRICE, This house is especially desirable and cannot be money. It is well designed, finely appointed. and the windows so arranged that there is plenty of wall space for furniture: has bright kitchen with Frigidaire and abundant there are front and rear porches and screens: there is a full open stair- way with concealed opening from hall to living Toom: also a storage room and a brick coal vault sturdy and heating pant guaranteed. It is a gem, and the PRICE IS $8,950 Drire out 13th St. or Ga. Ave. to Concord Ave. Takoma. CHAS. W. MORRIS & SON Builders D. C, SATURDAY church and adding the two amounts, when he is called in to evaluate a house of worship. “The value of the church land, is ar- rived at.by examining the values of other parcels in the neighborhood and computing value by a process of com- parison. The valuation of the church building is more of a problem. “What appraisers call the market comparison method cannot be used in setting a sale price on a church, The church does not represent a typical use on which the above method is used. “The appraiser of church property must study nelghborhood trends #nd ‘supply and demand,’ which in this case is the supply and demand of a | worshiping public. | “Several churches in Gotham, unable to sustain old houses of worship on land rapidly rising in value, have sponsored the construction of apartment buildings |in which they take over one or more floors and rent the remainder of.the building to flat dwellers. The revenues |are dispelling some of the financial wor- | rles of these churches, but the new | structures caused appraicers some knit~ | ting of brows until they worked out the | problem. |7 “Church property is tax exempt, and tax figures play an important part in setting the value of commercial prop- erty. The apartments in the building | are commercial property. The Gotham | churches. also had put in their ground leases rent-free provisions for their own quarters in the new building, therefore | those particular portions of the build- ings are not income producing. In such cases, according to F. M. Babcock of Chicago, “the church and | the commercial property should be treated as two separate problems and | 2ppraised separately by different proc- esses, as is done in appraising other combination buildings. such as theater |and office building combinations. All Conveniences $7,650 'l Sample House, 1837 Bay St. S.E. - 18th, 19th, B & C Sts. S.E. Eastern High School lectric clock H er heat (oversize boiler) Hot-water storage tank One-piece laundry tub Paneied walls Hardwood figors Hardwood tAm W o Between N G. E daire ker eleetrie dish washer a modern fireplace Fluid heat Extra heavy 3ARAGE $60.00 a Month (Includes Interest on Both Trusts) 138 12th St. N.E. READ! $9.350 equaled for the storage space; tchen and arched cpening to Construction is Near 14th St. cars, schools and one 6-room house embracing all the turn east to houses. or take et off at Concord Ave. and walk MEt. 5869 % adadedatathanthdhtidtitetased S N R R N N S R R A S A A s A S S S S X REAL ESTATE. NEW STORE TO HAVE WOMEN’S APPAREL East Half of 804 F Street Leased for Three Years by Richie Weinstein. ‘The east half of the business prop-, erty at 904 P street has been leased | for John H. Bartlett, owner, to Richie Welnstein for a period of three years for an undisclosed rental consideration, to be used as the home of a woman's| apparel and accessories shop, Shannon & Luchs, Inc., agents in the transac-| tion, announced today. i Smiley Shops, Inc., of New York City. | has leased a dress department in the Maison Maurice millinery store at Thir- | teenth and G streets, for a period of | 18 months on a percentage lease ar-| rangement, the same realty firm re-| ports. The lease was made for the O. R. & O. Millinery Co., lessors. | James S. Miller, trading as the Blue Ribbon De Lux Motor Coach Co.. has| leased the building at 1419-1423 North CLEVELAND PARK SEMI-DETACHED Stucco-on-Tile Located at 2921 34th St. N.W. 8 rooms, tory, gas ectric refrigerator, completely weather-stripped, screened and new awnings. It i ry this house be sold, i ving town. Saturday and Sunday, when owner will * be on premises. Fully Detached Brick Home New and Modern to the Minute On Large Lot PRICE ONLY $11,950 7 large rooms, complete bath, extra lavatory off master bed room, roomy kitchen, built-out pantry, electric refrigeration, open fireplace, natural wood rim. Early Inspection Invited 37 Longfellow St. N.E. Open to 9 P.M. Waple & James, Inc. Realtors 1226 14th St., North 0962 N.W. On Top of Petworth in a Warren Development Most complete clo Petworth. To reach property. Emerson Street one block Capitol stree Faces Beautiful Hampshire Come out Saturday or Sunday. w See more house in a beiter location for less money. C t, formerly the Liberty ‘Theater, for a term of five years at & Tental approximately $12,000, to be used as an office, a garage and bus ter- minal for the company. Extensive re-| pairs are being made by the owners,| S. M. and J. S. Biron. | ‘The residence at 1733 K street, for- | merly the home of Senator Wadsworth | of New York, has been leased for C. M. Payne at a monthly rental of approxi- mately $200, Shannon & Lucl an- nounce. The premises are owned by Mrs. Fletcher Harper, a sister of Sena- tor Wadsworth. " AReal Bungalow! At the Low Price of $7,500—Terms 2514 4th St. N.E. Just Above R. I Ave. MEET HOOVER GROUP A committee representinge the NI-‘ tional Asscciation of Real Estate Boards met recently with President Hoover's Committee on Mortgage Structure in | Philadelphia at the Union League Club and discussed home financing and a | suggestion for a central mortgage dis- count system, in accordance with the Tecent acticn of the association conven- | tior Open for Inspection! Waple & James, Inc. 1226 14th St. N.W. North 0962 First Showing A New Group of Houses on 38th St.—U. S. Glover Park Sample House, 1937 38th utiful houses range in size from six th to eight rooms and 2 tile baths. in natural trim, others in ivory and y, big cedar ciosets—splendidly ap- pointed kitchen having two-toned Sanitas walls. Armstrong linoleum, large cement front porch entire width of ho! Double-car brick garage on rear of lot. Brick retaining wall Lawns fully sodded and planted with shrubbe: Prices, $9,550 to $12,950 Burleith Bus Stop One Block from Houses ooley Bros. "BUILDERS OF BE TTER HOMES" Tower Bldg. Nat’l 9240 THIRD AND EMERSON STREETS N.W, $8,750 to $12,250 6 rooms and bath—8 rooms and 2 baths We Take Pride in Establishing Such Substantial Wonderful Equipment in Moderate Priced Homes kitchen —Westinghou: her in Petworth. Beautifully equipped baths—General Electric Flectrie fan in kitchen. Copper screems throughout. standing features. rdens. See what others préclaim the most outstanding value in Drive out New Hampshire Avenue to Emerson Street, turn left on to the houses. every convenience is nearby. Six rooms of MASTER SIZE, clear oak floors throughout, natural hardwood trim, fireplace, big pantry with Frigidaire, very large back porches, concrete front porch, two-car built-in garage, large well planted lot with paved street and alley. SAMUEL S. SPRUCE . Restricted Community Low Price Reasonable Terms Robert W. Savage 717 Union Trust Bldg. Nat. 6799 Or Your Broker Tower Building National 9419 OPEN AND LIGHTED Drive out 5th St. four blocks morth to Kennedy. RM HOOKER REALTOR Meotrop. 2663 Tower Rldg. | All-Brick Homes Semi-Detached! R rooms, hath, lavatory irom master bed room, large kitchen cozy breakiast nook, Electric re- frigeration. Many modern’ and convenient features mnot to be found in homes at the low price asked. Located in a section where all | homes are new and attractive | and every home is occupied by its owner, meking it a desirable place to live. $750 CASH CHEVY CHASE, D. McKEEVER & GOSS, Inc. Realtors Certain conditions make it possible to offer this pre- tentious new home at many thousands of dollars less than the original price. You can now afford to own the honie you want at less than you expected to pay. Brick and stone construction with slate roof, English design and center-hall plan with rooms of more than gen-\ erous size. Beautifully colored bath, oil burner, maid’s apartment. Huge fireplace framed by elaborate book- cases; sun parlor; in fact everything you would want in a home. Announce the removal of their offices to the SHOREHAM BUILDING 15th St. ;t H Washington, D. C. DON’T FAIL TO SEE THIS BEFORE BUYING _ Facing Rock Creek Park 4709 COLORADO AVE. N.W. Drive out 16th St. to Colorado Ave., west to houses Sample Nearing Completion Come out and see how tie homes are built. Have your own selection of decorations. We will gladly in- | stall what features you may like where possible. - 305 Longfellow | St. N.W. Out Any Street, North to Long- fellow, Then East to Houses WAPLE & JAMES, INC. Realtors-Builders 1226 14th Street N.W. L . North 0962 NEW—6-room home. brick and half timber. 1 full bath, 1 shower room, hot-water heat, automatic hot-water tank, double floor, first floor; oak floors throughout, inlaid linoleum in kitchen, Magic Chef range, 20 floor plugs, radio plyg. fireplace, slate roof, copper gutters and spcuts. Lot has 60-foot Irontage. 3726 KANAWHA ST. N.W. 1, Square from Conn. Ave., 1 Square South of Military Road. THIS OFFER WILL SELL HOUSE ON FIRST INSPECTION OWNER WILL BE AT PROPERTY SUNDAY—9 TILL 6—OR CALL C. S. LIGHTBOWN COL. Open Saturday and Sunday Telephone National 4750 ROBERT L. McKEEVER, President 145