Evening Star Newspaper, December 1, 1934, Page 15

Real Estate BUILDING DOUBLES INNOVEMBER OVER SHOWING IN 1933 Showing Tops All 1934 Records Except Spurt During August. $1,221,000 IS VALUE OF NEW WORK IN CITY F. H. A Given Bulk of Credit for Exceptional Showing, With 90 New Homes. Unofficial figures on private build- ing construction in Washington dur- ing November reveal a more than 100 per cent increase in valuation of permits over the same month last vear, and the second largest monthly total of 1934. Despite the fact that experts in the construction and real estate businesses place several other months ahead of November as more favor- able for building, examination of rec- ords discloses that more permits for construction of homes were issued in the month just ended than in any other this year. ‘The approximate total valuation of permits for all types of private build- ings, including additions, repairs and alterations during November was $1.221.000. The total for the same month of 1933 was $588.235. August had the largest monthly total of the year—$1,372,310. However, the last figure included permits for installa- tion of an escalator in a large down- town department stores, and several large air-conditioning plants. Resi- dential building in August was far below November. F. H. A. Getes Main Credit. Chief credit for the increase in home construction is given the Fed- | eral Housing Administration. It is regarded as highly significant that F. H. A’s program to revive the con- struction industry through the mort- gage insurance provisions of title 2 | of the housing act. was launched November 1. the approximate date business started to improve tor home builders. ‘The November figures were re- garded as indication of the ultimate success in Washington of this more important phase of the housing pro- gram—the drive to stimulate the business of building through creation of a huge mortgage market. By in- suring mortgages the Government be- lieves that a tremendous amount of building cash will be made available for people who wish to own their own homes. Another reason for the increase in building, pointed out by construction men, is the almost perfect weather that prevailed in the past month. Then, too, the unusually acute short- age of residential space undoubtedly ied many people to invest funds in | real estate. 90 New Homes Listed. An unofficial count of new homes | for which permits were issued, made | from the daily record of transactions in the office of Building Inspector John W. Ochmann. showed that the | figure was 90. During April, which | had been regarded as the peak month | for home construction, 78 permits for homes were issued. The Novem- ber figure is triple that of several months this yeer During the past week permits for | building 25 homes were granted by | Col. Oehmann’s office, despite the | fact it was closed Thanksgiving day. Modernization work in the city | during November likewise showed an increase over 1933 figures, as well as a gain over the total for October of this year. More interest was shown by Capital home owners in repair and | improvement of their residences dur- ing the past four weeks than in any time since the Housing Administra- | tion's modernization campaign got | underway in August. COUNTRY CLUB VILLAGE | NEWEST SUBDIVISION Heavily Wooded Section on River Road Being Opened Up by the Smith Brothers. A new subdivision—Country Club Village—has been started by Smith Bros. on a tract of land located in a heavily wooded section on River road, a half mile beyond Kenwood Country Club. The first house in the new develop- ment was opened for the first time last week. Thirty-two small and medium sized houses eventually will be located on the 10 acre tract. The builders expect that improve- ment to roads in the vicinity will add | materially to the value of the property. Wyncoop boulevard, which runs through the tract, will connect with an extension of Massachusetts avenue now under construction. Yellow alls Cheerful. Neysa McNein, famous illustrator, believes that, while white coated walls reflect the most light, yellow is more cheerful, especially for hallways. ?Dunléln Built—Built R;;\l 4 621 Gallatin 4 St.N.W. St. Gabriel's Parish A Remarkable Value 6 Rooms and Bath Deep Lot Screened Throughout New House Condition Che X ben SUNDAY MORNING EDITION [ 4 ny Skap WASHINGTON, D. C., SATURDAY, DECEMBER 1, 1934, Building Attractive New Homes in the Metropolitan Area Purchased Recently Upper left: New home of Fred- erick G. Kayhoe, at 200 Sycamore street, Chevy Chase, Md., purchased from G. F. Mikkelson & Son through the office of E. H. Jones & Co. Brick for construction of the authentic Colonial home were taken from an old home in Rich- mond, Va. Upper right: No. 3 Fairview road, Wynnewood Park, Md., bought by Mr. and Mrs. L. D. Burns from Edward A. Gaylor, builder, through the offices of the Thomas E. Jarrell Co. The house has six rooms and two baths. Be- low: Mr. and Mrs, Frederick A. Ray bought this home, at 1526 Locust road, from L. E. Breuninger & Son. Mr. Ray is superintendent of the Security Storage Co. —Star Staff Photos. HOUSING SUBSIDY BY 1. 3. OPPOGED Potter Says Funding for Sale.or Rent Property Would Be Injurious. The appropriation of Government funds for the building of houses for rent or saie would affect adversely the whole great present investment of the people in their homes, Hugh Potter, president of the National Association of Real Estate Boards, stated today. He declared that such allocation of P. W. A. funds or any other Govern- ment money for direct construction on a large scale would affect the prin- cipal investment of ali of the coun- try’s large life insurance companies to such a degree as to endanger the entire mechanism of insurance. In ad- dition, Potter stated, stantially affect savings deposits of financial institutions, especially sav. ings bank deposits, mortgage savings investment. “This is a big stake,” Potter contin- ued. “What is involved is something more than the question of shelter. It is our entire attempt to provide for the future.” “Proper” Aids Welcome. Potter reiterated emphatically the position of the association that, in the present hopeful but critical stage of revival of the home mortgage market, governmental participation may best be through the helps, safeguards and direction which it may sly and is applying to private enterprise. In a resolution adopted by its board of directors October 27 the assoeia- tion. while recognizing the necessity at this particular juncture of subsidy to housing projects for the low-wage group under certain conditions, has stated formally that it disapproves di- rect construction by Government. In view of the need for immediate action, it asks that the R. F. C. and P. W. A. employ, presently and in the future, substantial funds in commitment upon and purchase of insured mortgages " (Continue Column 3.) (Continued on Page ONE OF THE MOST AMAZING NEW HOUSE VALUES 4892 Chevy Chase Blvd., Chevy Cnne, Md. CHARLESTON COLONIAL HOME (Built by Frank J. Wagner Co.) Six beautiful room flagstone porch, it would sub- | and all similar' | Mortgage Associations Insure Home Paper Will Stay Liquid |Creation of Widespread Market Is Aim of Government in New Set-Up. To Stabilize Real Estate Prices. This is the last in a series of three articles written for The Star, explaining the features of the National Housing Act. Today's article deals with home mortgage financing as it is aflfected by the creation of National Mortgage Associations, BY VINCENT TUTCHING. Indissolubly & part of the Govern- | ment's long-range program for broad- | ening the field of home ownership is the machinery to be set up under | terms of the national housing act for | creating a widespread active mortgage market. This feature of the plan contem- plates the establishment of national mortgage associations, which will be‘ in a position at all times to purchase | the insured mortgages held by private | financial institutions, thus making | such paper always potentially liquid. Stabilization of the national real estate market and the making of real | estate more attractive as an invest- ment are seen as results. Operating on a principle that has emerged successful in European test- ing grounds, these mortgage associa- tions will be large and responsible in- stitutions. Each will require a paid- in capital of at least $5.000,000 and will be chartered and closely super- vised by the Federal Housing Admin- istration. Private capital is expected to be OF THE YEAR tiled bath . . . more readily induced into the field of home finance by the assurance given by these associations of imme- diate availability of cash to liqui- date mortgages held by financial in- | stitutions. This feature appears all | the more attractive when considera- | tion is given the 20-year amortization feature of the pian. System Co-ordinated. The setting up of national organiza- tions to buy and sell mortgages repre- | sents the introduction for the first | time in America of a system whereby | home financing is co-ordinated on a | country-wide basis, with communities | no longer dependent on the will of | local financial institutions for build- | ing loans. In effect, it means that the funds of | an investor in Seattle, Wash., might conceivably be used to build a house in Miami, Fla. Funds invested any- where will become immediately avail- able anywhere else for home financing, | and the investor is given the same sense of security he would have if the loen were on property immediately adjacent to his own. With a sufficient number of na- tional mortgage associations in oper- ation, approved mortgage lending in- stitutions in any pa the country Will Consider a Trade Cape Co Stc Center Hall Plan Shepherd Park Home $13,750 Six large rooms, including three cross-ventilated bed rooms with large closets; 2 very attractive baths; modern kitchen with “fold-in” breakfast table and bench which disappears be- hind French doors; attractive recreation room; finished attic; 2-car brick garage; automatic gas heat; completely screened, weather-stripped, caulked and insulated; lovely landscaped lot with huge pine trees. These are the salient features of this b‘a:.yutuul home overlooking the city. News PAGE B—1 GAINS REPORTED INMODERNIZATION DRIVE FORHOMES Housing Agency Says Cap- ital Leads Country in Improvements. 100 MILLION IN REPAIRS ALREADY STARTED Campaign Will Be Kept Alive During Winter and Intensified Next Spring. Although the program for en- couragement of new home construc- tion has attracted the spotlight of attention recently, the Federal Hous- ing Administration announced today | that its modernization drive, first | phase of its program to get started, | is gathering momentum weekly, and has attained greatest success in Washington. ‘Throughout the country the prop- erty improvement drive has been pro- | nounced by business men of the high- est rank as being eminently success- | ful, though only slightly more than | three months have passed since its inauguration. Reports from various FIRM LEARNS 100 CAN BUILD HOMES {Survey Reveals Big Market for Construction—May building a new home if the financing and reasonable terms could be had under the na- | To our surprise, at favorable rates tional housing act. | sections have poured into F. H. A. headquarters here, telling of the number of loans made, large in- creases in sales of building materials (Continued on Page 5, Column 1.) _ e (utage i) 268 employes out of 1,000 expressed a desire to build a new home. careful analysis of the 268, I was per- fectly sure we would find not less than | 100 men with the permanency of em- | ployment and wages to justify the undertaking. “Our plant might fairly be regarded | manufacturing plants throughout the United States. as an average of By A Real Value 20-ft. Brick Home |1 1877 Ingleside Terrace N.W. | | Overlooking Rock Creek Park Comparatively new all-brick home in_ perfect condition. containing 6 big rooms. bath with shower, Be Sample Cendition. A tremendous potential market for | new homes—one that “would far out- | distance the housing boom now pre- If such result could be obtained among the employes in our plant, multiply such a possibility by all of the indus- tries in this country and you would have a residential building program over the next five years the like of which this country has never seen and which would far outdistance the tomatic _gas heat. front ' and screened double rear porches. hard- wood floors. cedar closets. built-in garage. modern kitchen and other features Priced to Sell Now Terms You Can Easily Afford OPEN FOR INSPECTION |vailing in England"—is seen by the | president of one of the country's major | manufacturing concerns on the basis |of a survey conducted among its own employes. | In a communication addressed to | the Federal Housing Administration, the official had this to say: | “First, we were anxious to find out | | the number of men that owned their | own homes. Then looking to the an- nouncement of the favorable terms and conditions of title 2 and 3 (of | tite national housing act) we asked | 545,032 IN WEEK [ ew petachea Brick Ochmann Says Record Is 38935“ Considerably Larger Than Battery Park, Md. 1934 Average. 507 Maple Ridge Road Just completed. Spacious Colonial type rick home on lot 50x150 feet, with Just the place for the small family. 'Every modern appointment and most perfectly constructed by a master builder. The location. among fine_homes and estates. is ideal ‘This home is a remarkable value and will not la: st long. Open_Sunday. 10 AM.-T P.M. Week Days. 2-6 P.M. Floyd E. i)avis Co. Realtors, 733 12th N.W. NAt. 0352 ‘Total valuation of building construc- tion in Washington during the past week is $245.532, according to records of Building Inspector John W. Oeh- mann, considerably larger than the weekly average for 1934. While the figure was far below last week's total of a half million dollars, | " (Continued on Page 4, Column 1.) _ | Another New Bungalow 4815 Leland St. Inspect this modern five- room home today. Select, if you wish, your wall paper, fixtures, or any changes you might desire. If interested in the purchase of a real home don’t to s this one. 114 Leland St. New Colonial $12,250 6 splendid rooms 2 modern baths Electric kitchen Center hall, all brick Slate roof, copper gutters Roomy rear porch Finest construction Large lot, 50x129 1Y, squares to Conn. Out Wisconsin Ave. to Leland Excellent location St.. Left to property. Built by Alfred T. Newbold For Sale by Cyrus Keiser, Jr. 5211 Wisconsin Ave. Cl. 5371 ive out Conn. Ave. to Leland St. ?zn.x;“m south of East-West High- way), turn left 1'z squares. Realty Associates, Inc. Realtors 1506 K Nat'l 1438 3620 Cumberland St. N.W. visit our latest mm l!l-:lrl‘:k ter-hall Col contain- Health Kitchen i Electric Range, Electric ing 6 large rooms, and 2 baths. Lava- tory on first floor. Built-in garage. Near graded, junior and senior High housing boom now prevailing England.” res Built by B. H. Gruver Splendid New Cape Cod Colonial on 70-ft. lot 1407 Juniper St. N.W. The finest built home on the new Six splendid rooms. Two modern baths, dinette, extra furnished house market. lavatory. throughout. PRICE, $15,750 Beautifully Antique plaster and Colonial panelling. ished attic. Near schools. appreciates the best. Built-in garage. fin- The unusual home for the person who IN SHEPHERD PARK 9 Drive out 16th St beyond Walter Reed to Juniper St Open Today and Sunday. 10 to week days. 2 to 6. Turn right one block. Between 14th and 16th Sts. REALTY ASSOCIATES INC. 1506 K Realtors NAt. 1438 Four Bedrooms—Two Baths—OQOpen Fireplace—DBasement Club Room This studio home is a masterpiece of design and con- struction. Its four bed rooms and two baths will be ideal for some large family just moved to Wash- ington, or a local family tired of old-fashioned cramped city quarters. There’s a large living room, a modern kitchen with electric refrigeration and built-in cabinets, a base- ment recreation room, lavatory, laundry and garage. 16th Street bus passes door; within a stone’s throw of schools, churches and stores, three golf courses within five minutes’ drive. This is another value made possible by big-scale building operations. NORTH\A’ASHINGTOFi Reaity N ¥ Gompany Inc. 7906 Georgia Ave. E. BROOKE LEE, President SHepherd 2400 DIRECTIONS: From Georgia Avenue, turn right at trafic light in Silver Spring, continuing through to No. 9127 Thornhill Road, North Hills of Sligo Park. walls, wi ation, electric refrigeration, garage, on a beautiful landscaped lot 50x115 ad- ng a proposed 60-acre Gwm:-- apposite " Chevy Chase Goy ment park. You'll never find its Course, turn left to home. equall NAt. s " GOSS' REALTY CO. M Eye St. J. S. EATON, Sales Dept. Refrigerator, Ventilating Schools, stores, churches and trans- Fan, Clock and Oil Burner portation. Price, $14,750 OPEN DAILY, 10 AM. to 9 PM. Out Conn. Ave. to Cumberland St. (one block beyond Chesapeake St.); turn left 2 blocks. Meadowbrook, Inc., Owners and Builders 7417 14th St. N.W. Open Daily, 9 AM. to 9 P.M. Easy Terms Open Daily and Sunday D. J. Dman Lighted Evenings OPEN. TODAY Drive out Wisconsin Avenue to Chevy Chase Boulevard, (Ine.) Tower Bldg. RO Na. 1268 oY 7