Evening Star Newspaper, April 22, 1933, Page 13

REAL ESTATE WASHINGTON, D. C, I]z Foening gfaf; s BUILDING NEWs |B—1 LOAN CHIEFS HERE ON HOME AID BILL U. S. Building and Loan L From Over Nation to Session Monday as Congress Prepares to Act. BY VINCENT committees into action on President Roosevelt’s home mortgage refinancing measure, a group of authorities in the home mort- gage field prepared to converge on the Capital Monday to co- operate in the mapping of the Chief Executive’s program. Summoned together at the instance of the United States Building and Loan League, the group will include 75 financial men from all ! S administration leaders in House and Senate prodded banking over the country, representing the financing institutions which are holders of the majority of mortgages on American homes today. Leaders in the building field look upon Mr. Rooscvelt's small home mortgage refinancing plan as one of the most important features of the administration’s reconstruction program. | “No part of the new deal program, so far announced, carries more il portant implications for so large a por- tion of the citizenry than the home mortgage plan introduced in_Congress April 13, comments Ward B. Whit lock of 'Springfield. Iil. president of the United States Building and Loan | League. Mr. Whitlock will preside at the sessions to be held here. | ‘Wide Interest Aroused. Nation-wide interest is focused on this proposal to create a Federal agency to relieve the burden on the small home owner—a proposal which comes at a time when the number of mort-| gages on small homes in the United States runs into the millions and the rate of foreclosures on feal estate is nearly 300 per cent higher than in 1926, according to Federal statistics. Out of the Washington meeting of building and loan experts doubiless will come recommendations which they believe should be included in the| presidential program as mandatory | for the welfare of more than 4,000.000 families affected. They believe that because of their wealth of experience in the home mortgage business they | are the logical ones to make reccm- mendations as to the new program. Many of the men to attend the meet- ing are on the directorates of the Fe cral Home Loan Banks of their sev- eral districts, and are committed to a sound program for the permanent | home financing structure of the Nation, The proposed legislation, it is be-| lieved, is destined to be confronted with numerous amendments on its way | through the National Legislature. The chief objection thus far voiced in real estate and mortgage circles is against the exclusion of homes above the $10,- 000 class from the mortgage benefits provided in the measure. This fea- ture of the bill, some feel, may have a | tendency to revise downward the value | of homes just above the $10,000 group. | While there is considerable agitation for an increase in the limitation m‘ $20,000, it is felt in congressional quarters that a_compromise on $15,000 | will be reached. | It was estimated before committee at the Capitol this week that | 000 limitation wbuld include | y rs of the owner-occupied | of the country (about 8,000,-| ) homes), while extension of the limit to $15,000 would add 1,500,000 | more, and a $20,000 limit would take in 10,000,000, or “nearly all” owner- occupied homes. In this connection, Horace Russell. general counsel for the Home Loan Bank Board, raised the question whether the Government would be able to raise enough money to finance all the homes, and also whether the Gov- emment should undertake first to pro- tect the small home owner and leave the larger home owners, which®consti- tute a more wealthy and independent class, to their private resources. | Reduced to simple terms, the Roose- | velt home mortgage refinancing plan would operate in this manner: The| owner of a $9,000 dwelling, for example, has a mortgage of $6,000 on his home, with interest at 6 per cent, and he is| unable to meet the obligation. Either the home owner or the mortgagee would | approach the Home Owners’ Loan Board offices for refinancing. In exchange for the mortgage, the mortgagee would accept bonds issued by the board on which the Government | guarantees interest of 4 per cent. The refinancing plan imposes upon certain | mortgagees the necessity of adopting a Jiberal, co-operative attitude concerning | the remainder of their security over and above what the Government is will- | ing to finance on a first mortgage. In‘ return for certain interest, then, the| ‘mortgagee in this hypothetical case may | agree to mark down the debt to $5,000. The Federal Home Owners’ Loan | Board would then issue a new mortgage | with a face value of $5,000, payable by | the home owners in 15 years at 5 per | cent interest. In addition, the corpora- tion may advance the home owner cash | for the payment of taxes and necessary | Tepairs to the property, and cover it in the mortgage. Moratorium Possible. \ The President’s plan would give the | the newly created Federal agency au- | thority at its discretion to grant a| three-year moratorium on the debt. The $2,000,000,000 capital contem- | plated for the refinancing plan_would be raised by the Government through | the setting up of Federal savings and loan associations which would be mem- bers of the Federal Home Loan Bank | system. Established only where the | Federal Home Owners' Loan Board | finds existing sa*.ngs facilities insuffi- cient, these associations would attract depositors secking safety for their sav- Foxhall Village $7,950.00 4426 Reservoir Road Overlooking beautiful Colony Hill and containing six spiendid rooms and tiled In perfect condition. _strictly including new_electric refriger- beautiful real today or ath. modern, ation. Extra_deep rear vard. shrubbery and roses. garage. bargain. Don't fail o inspect Sunday. Save $3,000 by INSPECTING TODAY 1013 Quebec St. N.W. $6,150 8ix extra large rooms and tiled bath. Large front and large double rear en closed porches, in reality four sleepins rooms, _Built-in garaze. perfect condi- New kilchen equipment through- Drive out to home. and loan® | Committee on an Award of Merit of | prise, a local non-profit organization of | | market values in homes above $10,000. TO CONFER eague Calls 75 Financiers TUTCHING. business leadership of local home VIRGINIA ARCHITECTS PLAN YEARLY AWARD Selection of Prize-Winning Work to Be Made Annually, Be- ginning Next Year. ‘The work of any Virginia architect may be placed on exhibition at the an- nual meeting of the Virginia Chapter of the American Institute of Archi- tects, under plans drawn up by the the chapter. The exhibit is proposed to begin with the 1934 meeting. A jury to select the building best in | design will be appointed by the Vir-| ginia Chapter, and the certificate of merit will be awarded to the architect | so celected. This award will be given | annually by the chapter, The Committee on an_Award of Merit_included William C. Noland and Merrill C. Lee, both of Richmond. The Nominating Committee for the | Virginia Chapter has proposed the fol- | Iréwéng slate of officers for the year| 1933: President, Philip N. Stern of Fred- | ericksburg; vice president, Samuel J. Collins of Staunton; secretary-treas- urer, Pendleton S. Clark of Lynchburg, and’directors, L. P. Smithey of Roa- | noke, M. C. Lee of Richmond and C. J.!| Calrow of Norfolk. 703 DEEDS RECORDED HERE DURING MARCH| Publication of Board, Reviews Statis- tics for Month. ‘The Washington Realtor, official pub- lication of the Washingtqn Real Estate Board, lists the following record of March real estate statistics in its April issue: Number of deeds, 703; number of deeds of trust, 393; amount secured, $1,987,648; number.of foreciosures, 85, | and building permits, $302,940. Washington Realtor, — ings such as now provided by the Postal Savings Division The Home Owners’ Loan Board would be created under the Federal Home Loan Bank Board with an initial capitalization of $200,000,000 subscribed by the Federal Government. The cor- poration would be authorized to issue tax-exempt bonds up to $2,000,000,000 at 4 per cent interest. The Government's plan, fashioned along the lines of the farm mortgage relief measure, proposes a loan by the Government up to 80 per cent of the totsl value of the residential property. The Home Owners’ Protective Enter- home owners, is unalterably opposed to the placing of the Government in_the loaning business “permanently.” Their immediate program has three major ob- Jectives: “l. Representation of home owners as such on all Federal agencies controling home loaning policies. “2. In the pending urban mortgage bill, raising the limit from $10,000 to $20,000 value if for no other reason than to prevent artificial shrinkage of “3. A national conference of actual home owners and mortgage holders to agree on mortgage finance standards to be applicable to homes of all value and to endure after emergency legislation has expired by limitation. An impor- tant feature of this conference project is to devise methods for an immediate Nation-wide home repair and moderni- zation campaign which will protect equities of the home owners and mort- gage holder and which will produce as a by-product hundreds of millions of dollars from private sources for nor- n';gl employmernt and purchase of sup- plies.” NOW IS THE TIME TO PLACE YOUR MONEY IN A HOME AND HERE IS THE HOME 4405 Garrison St. N.W. "A NEW DETACHED COLONIAL $7,550 $57.50 PER MONTH WITH MODERATE CASH OTHERS $7.950 to $0,730 BLOCK_NORTH OF FESSENDEN ST. BETWEEN 44th & 45th STS., WEST CHEVY CHASE. OPEN ALL DAY SUNDAY DAILY 2 TO 6 BOSS & PHELPS b s T el New Home Four Bed Rooms Studio and lavatory on first floor, modern sunlight kitch- en, nine spacious closets, master bed room with private lavatory. Think of It Nearly $10,000 be- low original cost 1616 Webster St. N.W. $13,950 Open for Inspection Today and Sunday, A beautiful eight-room and two-bath home: in addition, beautiful large sun parior upstairs and down. Just west of 16th St. at a row house price. . large side and "~ rear _vards, . two-car brick garage. Biggest bargain ever of- fered 'in city. Al trades given im- mediate consideration. METZLER, Realtor 1106 Vermont Ave. N.W. trict 8600 Night—ADams 0620 oil DIst Sunday and 1341 Shepherd St. Northeast Recreation Room—Garage Electric Refrigeration Semi-Detached All Brick Most Unusual Price and Terms Chas. M. Wallingsford Builder & Owner | modious fireplace to enhance this| Simple Cot Story - and - Half Living Room Projected in Separate Wing. FLOOR SET BELOW REST OF DWELLING Charming Informality Gained in Addition.to Convenience. DWELLING of unpretentious cottage style, embracing new ideas in general planning, is offered by the American Insti- tute of Architects’ Washington chapter this week as the seventh in a series of house designs published in this newspaper under auspices of the chap- ter. Conceived % Howard W. Cutler, a member of the chapter, the design presented today is characterized by a feeling of informal domesticity, secured by a variéty in general plan. The front elevation is broken up by the projection of the story-and-a-half living room extending out to form a wing by itself. This provides a shel- tered ell for the placing of an entrance porch. It also makes possible a living room with generous provision for win- dows. Studio Effect Achieved. ‘The plan calls for dropping the living room floor down a few steps below the level of the floor of the rest of the house, taking advantage in this instance of a slope on the site. A genuine studio effect was created by the simple use of materials in the living room, utiliz- | ing exposed ceiling beams and a com- feeling. ‘The architect, believing that small windows on either side of the fireplace take from the fire the interest it should hlave. has eliminated their use in this plan. Convenience was the guiding factor in the planning of the remainder of the dwelling. One unit of the first floor includes the dining room and kitchen, with a large pantry between An unusual feature in a house of this size is the room with adjoining lavatory which may be used as a down- stairs bed room, library, study or “den” for the man of the family. Its secluded location makes it ideal for the latter purpose. Marked by Roominess. ‘The upstairs plan is marked by its roominess, containing three bed rooms and bath and ample closet space. ‘The plan calls for a garage in the basement, opening on the side of the house away from the front entrance. Additional space makes provision for laundry and storage. ‘The_exterior design, indigenous to, both England and America, may b!} enhanced, in the opinion of the archi- tect, by the use of common brick in skintled coursing, and wocdwork, cre- osote-stained. The estimated cost of building this| residence, at current prices of mate- rials and labor, would be between $8,000 and $11,000, the architect says. TAX APPEAL LIMIT NEARS The first week in June is the “dead- line” for the making of applications for appealing taxation assessments, the Washington Real Estate Board points out. Appeals should be filed on bhnks‘ provided by the District tax assessor before that time. SN WILL EXCHANGE £ Tourist Home in Virginia, containing 22 rooms fur- nished, with 1315 acres ground, on good road, 3% miles from Washington, for a large rooming house in Washington. GRAHAM AND OGDEN REALTORS 803 King St., Alex.,, Va. 313 Woodward Bids. Alex. I . . . Built Right 1933's Greatest Values Your 'Dollar Buys More in a Dunigan . Home Exhibit Home 5416 | Kansas Ave. | On_a Beautiful Boulevard | With Two Baths, Dinette, | | Recreation Room and the Large Dunigan Kitchen TERMS LIKE RENT | Only a Few Left! D. J. Dunigan, Inc. ashingto: | Chapter, American Institute of Archi tage Style S Vi AN TN il o P’ x v Embraces New Ide fi I 'l FrLoor PLan [} Architect's sketch and floor plans of a dwelling presented as the seventh in 2 ‘series offered by the W n tects, in_ collaboration with The Star. Howard W. Cutler is the architect. ACREAGE IS INCREASED Maryland Cabbage Producers Plan | 5 Per Cent Larger Crop. Maryland cabbage producers intend to plant about a 5 per cent greater acreage this year than they harvested in 1932, according to a recent report by Richard C. Ross, agricultural statis- tician for the Maryland Crop Report- ing Service. The intended acreage of 2330 acres for 1933 is the since 1930. COLORCRETE Concrete benches, urns, sun dials, flower boxes, birdfonts. A va- riety of bright permanent colors. Display at— No. 7 Arcade Store— The Dupont Circle (1341 19th St. NW.) Phone Potomac 1318 for Circular ——— FHomes af Comorrow in FOXALL @ Double fronts, six and eight rooms, with- one, two and three baths . . . double screened porches . .. open fireplace . . . electric refrigeration . . . gas heat . . . insulation . . . garage . . . out- standing value at $11,350 to $14,950, with monthly pay- ments less than rental value. Visit our Budget-Balancing Home at 4410 Volta Place, three short blocks south of Reservoir Road. Open 9:30 A. M. to 9:30 P. M. WAVERLY.TAYLOR. 1522 K STREET NAT'L 1040, TODAY’S BEST BUY! —this home, forcef 4609 Langdrum Lane Chevy Chase Directions: North on Wisconsin Al; day’s arge car from secure tected Tower Building NAtional 1265 1010 Vermont Ave. N.W. THOS. L. District 2637 titive sales prices. bed rooms bed room and storage room on third floor. In new-house condition throughout. 2- garage. grounds. 2 blocks from school, % square as By the Associated Press. l erty appraisals. Inpg Leading this campa! organized American Institute of Real tional Boards as a lized group to thresh out the compl appraisal problem. Agree on Essentials, Already, the association reports, there has been a growth in general agreement among real estate men on technical essentials of sound appraisal in a new era of property values. Old rules of appraisal—such as value of land plus cost of a building—long since have been generally discarded, and Real by a new set of considerations more embracing in their scope. As fundamentals of property apprais- CORNER SITE SOLD Katherine Moore Acquires Property at Fourteenth and L Streets « as Investment. Sale of the business property on the southwest corner of Fourteenth and L streets to Katherine Moore, who plans to hold it as an investment, took place this week. ‘The property, consisting of premises 1024, 1026 and 1028 Fcurteenth street, was sold through the business property department of the Cafritz Co. The building contains stores on the first floor, while the remainder of the structure comprises apartments. While the purchase price was not :tl&seld’,. the gmu.nd'. and improve- en ve a current assessed valu- ation of $90,000. Froor Pran . PLAN JOINT PACKING Charles County, Md., Tobacco Grow- ers to Have Community Plant. | _According to the Maryland Tobacco | Grower, Charles County will have a community tobacco packing house this year. All the tobacco will be packed as the individual farmer’s crop, as far as is possible, and will be shipped un- der_his name. Charges made for the service will be 112 cents per pound, based on the State warehouse weights. These charges will be deducted from the first sale of cco. Visit the. Forest Hills Exhibit Home A new home of unusual inter- est, featuring a two-story pan- eled recreation room with a great fireplace, opening out on a terraced garden. Completely furnished by Hutchison, Inc. 4511 28th St. Conn. Ave. to Albemarle St. and _east to house Open Daily To Nine 'Waggaman-Brawner Me. 3860. 1700 Eye St. A 4 BED ROOM 2 BATH HOME IN Wesley Heights THE GARDEN SPOT OF WASHINGTON PRICED FOR QUICK SALE AT $16,750 The name of Wesley Heights alone is sufficient to convey to thousands of peo- ple the idea of beauty and exclusiveness. Here is an offering that speaks for itseli and a visit_to, this charming house will surely satisfy you as to ifs value at the price. 4534 Hawthorne St. OPEN ALL DAY SUNDAY DAILY 2 to 6 W. C. & A. N. Miller Realtors YOU MUST SEE splendid, practically new brick ‘The price represents very ° ully the extraordinary value you can obtain by taking advantage of to- low production costs and com- Center hall plan, ch off living room. § covered 2 baths on second floor, Beautifully landscaped You can here pro- car and bus lines. a sound home investment against the inflation of the This is a rare opportunity to make the present value of your doflrl i real dividends. bring you .PEYTON 1427 Eye St. We unhesitatingly recommend this as the out- standing new-house buy in Chevy Chase at the price T 116 SUMMERFIELD ROAD At the Corner of Western Ave. Several blocks east of Chevy Chase Circle. Lot fronts 95 feet (including parking). Presenting in 2 modern way the old Colonial Home, center hall, 4 bed rooms, finished attic; 2 baths, club room, 2 fireplaces, 2-car built-in garage; up-to- minute kitchen and many other fine features. OPEN ALL DAY SUNDAY DAILY 2 to 6 BOSS & PHELPS Realtors Washington’s Oldest Established Builders Drive out 16th St..to Holly St., turn west 1% Ddlacks to this attractive home. in many instances have been replaced | al_today, the association finds, must | IN DOWNTOWN AREA| | | REALTORS SPEED ACTION ON APPRAISALS TANGLE New Institute Threshing Out Problems, to Formulate Slide-Rule for More Orderly and Accurate Evaluations in Industry. N a major maneuver to achieve order where confusion has reigned, the real estate industry is formulating a new slide-rule for grop-' rief, the goal is attainment of more sound and more ag- curate evaluation of property—not so much in the light of past ex- perience as on a basis of present facts and future ign is the newly o possibilities. Estate Appraisers, formed by the Na-| come answers to such questions as iation of Estate | these: What is the “use value” of the prop- erty, present and future? How does it rank as an income-producer now, and what are its income-producing possibilities for the future? These questions, association officials explained, cover a broad range of items —including future rent possibilities, tax burdens, population and tenancy trends—to a far greater and more de- tailed degree than most appraisals have covered them in the past. Distinctions Made. Greater distinction likewise is sought in use of the term “value”—with de- mand for specific mention of bcok value, reproduction value, cost, less de- preciation value; selling or buying value, as the case may be. By setting up an “ideal” method of appraisal, covering full consideration of all modifying factors plus evaluation of known facts and possibilities on a given piece of property, the Apprais- ers’ Institute hopes to reduce the num- ber of faulty appraisals on both city and_country properties. $7,950 524 Jefferson St. N.W. 6 Rooms—2 Baths A large brick home with latest appointments, beautiful paneled club room 1n cellar, 3 porches, large lot with 1-car brick garage. A splendid value priced far be- low original cost. Open Saturday Afternoon and All Day Sunday Philiips & Canby, Inc. Na. 4600 Investment Bldg. N\ JUST COMPLETED INITIAL OFFERING 7002 ARLINGTON ROAD EDGEMOOR, MD. Built by A:"T. Newbold THE HEIGHT OF PERFECTION IN NEW HOUSE BUILDING AT THE ASTOUNDING LOW PRICE OF— $10,950 ‘This market offers marvelous values that are bound to rise. Here is a detached Colonial home that defies competition. In lovely Edgemoor, facing 60 feet on tree- lined street. Of brick, stone and clapboard construction; slate roof; copper guttering: 4 bed rooms, 2 baths; a kitchen that will reach the woman's heart; 2- car garage. Finely planned and bezutifully decorated. From junction of Wisconsin Ave. and old Georgetown Road at Bethesda Bank, drive into Edgemoor Lane 1 block’ and turn right. OPEN ALL DAY SUNDAY DAILY 2 TO 6 BOSS & PHELPS 7 Rooms—2 Baths—Featuring Master Bed - - Room—Recreation Room—Formal Outdoor Living Room—Modern Electric Kitchen