Evening Star Newspaper, December 8, 1934, Page 19

REAL ESTATE. EWF.H.A. RULES AWAITED BY TRADE dded Regulations to Cover Mortgages on Small Type Dwelling. Regulations released November 30 v the Federal Housing Administration | r private capital investment in low- | ost housing projects through limited | ividend corporations make a provision | line with that asked by the directors f the National Association of Real | state Boards in resolutions adopted petober 27. Of supreme importance in rplxrioni re-emplovment in the home building | hdustry, however, will be the supple- | entary regulations still to be issued. | ut, referred to in the present text. to | ver mortgage insurance for properties ccupied by one or four family dwell- gs where developed by operative uilders or located in new subdivisions £ i generally undeveloped eighborhood This coming set of surance rulings is awaited by the ssociation with great interest as being he rules which will operate upon by far the largest portion of single-family wellings and other ordinary he g rojects. Professional Building Greatest. Modern residential building in actual ractice is no longer carried on by lot- | wners themselves, building for their vn use. Instead the trend toward omes built commercially for sale to nknown buvers had become so strong h the last building period that ap- roximately 75 to 98 per cent of the Intire dwelling output, in representa- ve cities studied, was then being pro- Liced in this way, according to a report | hade under date of July. 1931, for se of President Hoover's Conference n Home Building and Home Owner- hip. | ‘With commercial building for un- mown buvers constituting so large a ector of the industry, no informed idgment can be made as to the eco- omic effect of the Government's resent housing plans, either under . W. A or under F. H. A, until these lemaining rules have been promul- ated. officers of the association point Home of THE EVENING STAR, WASHINGTON, D. C, SATURDAY, DECEMBER 8, 1934, REAL ESTATE. B3 Colonial Design The above house at 2740 Cortland place was purchased recently by Mrs. Ray Cohen from Brown Bro: builders. Colonial in architectural characteristics. action was made through the office of Frank S. Phillips, realtor. the home contains eight rooms and two baths The trans —Star Staff Photo. CAPTAL DECLARED LUNBER NAKERS READY FOR LOANS | with such frequency that the life of the average code was only about four | years, and that many proposed revi- | sions contained features apparently of no interest to lumbermen. In some cases. he said, proposed revisions af- fected only & single product of the industry—such, for instance. as shingle’ ordinances—and told of the success of the association. in co-op- | were taken for 1909 and SHARP GAINS DUE | INREALTY SALES Survey of Post-Depression| Years Indicates 1935 to Bring Increase. Investments in real estate will be from 10 to 20 per cent greater in vol- ume during the coming year than in 1933-4, Morton Bodfish, executive vice president of the United States Building & Loan League, predicted following completion of the league’s national survey of prospects for better real estate sentiment. Homes, being the smallest parcels of real estate which can classify as an in- vestment, would be the first type of property to tempt the fledgling real | estate investor of 1934-5, said Bod- fish. People seeking such a tangible place to put their surplus funds will not turn to the larger buildings until later, when confidence is stronger, and | the unimproved lot probably will have | | to wait until building starts again, 1909 and 1923 Figures Taken. “Figures from representative cities. | where the data is available as to real estate transfers and deeds recorded 1923, both years rated as ‘fair’ after definitely stormy years preceding.” said the league official. “Building and loan association figures on the number of homes financed, a significant indica- tor of the trend toward home pur- chase, were also taken for those years. ‘The result leads us to the conclusion that the year which represents the | last climb back to normal from a de- | pression is characterized by the mark- edly increasing popularity of real You Would Be Proud estate as an investment. From pres- ent indications these years are most nearly comparable to the one just ahead of us. “Taking one city where we have the most complete data on real estate's behavior, we see an increase of 20.2 per cent of instruments recorded in 1923 as compared with those in the stormy year 1922. “Going back to 1909, the year of the climb up from 1907-8 depression which had been so especially charac- terized by disastrous lows in stock ex- change values, we find a 10 per cent increase in the number of pieces of real® estate changing hands. The speculative disasters of that depres- sion are reminiscent of those of our own day so that it is not surprising to see investors turning to solid earth as a sound place to put money, and the procedure at that time bodes well for our expectations for real estate in the coming year. Comparisons Are Cited. “Comparisons of the other cities studied with that described in detail above shows that 1923 was in every case the year of sharp rise in real estate popularity as an investment, the condition undoutedly being due largely to the housing shortage and high rents which had appeared in the early 20s. All cities studied also show an increase in 1909 in the real estate investments made. “The figures for building and loan association financing of homes during 'FALL REAL ESTATE IMPROVEMENT SEEN Shannon & Luchs Report 26 Sales, Representing Total of $316,350. Evidence of a greatly improved Fall market for real estate in Washington | was furnished today by the Shannon & Luchs Co. with the announcement ation of $316.350, during November. | The individual sales averaged $12 | 000, while all types of property were | represented, including residence apartments, multi-family dwelling: chain store properties. home sites and downtown business property. Sales reported are as follows: No | 1350 Kennedy street. 7011 Hamp- den lane, Edgemoor, Md.; 3202 Cleve- land avenue, 1240 Girard street north- | east, 2210 R street, 1628-30 D street A New Exhibition Home | of 26 sales, representing a total valu- | southeast, 1808 Kalorama road, The | Hermitage, Wheaton, Md.; 1417 Har- | vard street, 304 Ninth street south- east. a group of garages between La- mont and Warder streets, 4612 Chevy Chase boulevard. Chevy Chase, Md.; 5406 Connecticut avenue, 4418 Harri- son street, 5344 Broad Branch road, 1500-02-04-10-12-14 Massachusetts avenue southeast, Logan Cottage, Ep- ping Forest, Md.; 2931 Twelfth street | northeast, 4414-16-20-28-30 Harrison street. lot on Thirtieth street near Woodland drive, two homes in Glen Echo Heights Md.; commercial ground at Fourteenth street and Po- tomac avenue southeast, 711 Seventh street, 3723 Reservoir road, 3306 Nine- teenth street and 913 Farragut street. Milk Consumption Low. More than 14 per cent of the fam- ilies recently interviewed in a na- tional survey bought no fresh milk. Average consumption of the 29.485 families questioned in 59 cities was less than six-tenths of a pint per person daily. These facts were uncov- |ered in a survey conducted by the ' Consumers’ Council of the A. A. A COMPLETELY FURNISHED the period show an increase of 110,000 | in 1923 over 1922, a 44 per cent rise The increase was 7.000 in 1909 over the preceding year, a 10 per cent rise. “Many of the conditions today would seem to contribute definitely to a new investment popularity for real property. The rising rents of the Summer and Fall of 1934 point to an influence toward a very rapid increase in investment popularity such as characterized the 1923 period. Some other factors may counteract the ten- dency to some extent so that a mod- erate prediction would place the in- crease in real estate investments some- where between 10 and 20 per cent dur- ing the coming year.” to Call One of These Your Home 311 Milton Ave. Langhorne, Clarendon, Va. 121 Leland St. Chevy Chase, Md. 3100 Northampton Chevy Chase, D. C. 513,500 M 5726 1st Street N.W. Priced to appreciate its true value. ou this Colonial Center Hall Home to The six nust see Georgian BARDIASESSON Bright Outlook Is Seen for Directors of Manufacturers’ Home Financing by | Association Discuss Prob- 1. Friedlander. lems at Chicago. 510,500 A home charm in a2 Chery Chase between the large bright rooms will charm you with their arrangement. Two beautiful tiled baths with the new tub. Lovely room and built-in garage. ut. Specifically no estimate can be ade of the effect of the housing push n employment until these regulations re made known, and commercial ome ding under the national ousing act can be planned. Further v hold, no committment should be ade by the Federal Government in- olving large-scale direct Federal con- truction of housing until private com- ercial tive—inclu banks and ther potential mortgagees —has been eration with the Red Cedar Shingle Bureau, in defeating the efforts of organizations intent upon promoting anti-shingle regulations The building code field, he added included such activities as prevent- ing unwarranted restrictions on lum- ber use in semi-public and profes- sional recommendations. and in pro- tecting and improving the reputation of lumber construction. Success in these activities. he declareq. obviously Sell OPEN Daily and Sunday 10 AM. to 9 PM. ™ 1S AN &iu KITCHEN In NEW-house eondi- tion. this spacious dwelling contains four bed rooms. two tile bathe with shower commodious closets. big reception hall. fireplace, ed living porch. modern kitchen electrie refrig- two-car ga- of unusual select seetion forest $6,950 An all-brick home with evers’ modern convenience. located in a beautiful wooded LS S LG setting. It Chase and Meadow- l_"‘,r'rr':.-;-:m brook. adiacent to the ke Columbia Country Club. eliminates A home and a setting which will appeal the most discriminat- ine buver. recreation Buck- Landscaped square ingham slate roof. lot. Home insulated throughout. Adjacent to 22-acre Government ser witra, with eration, rage. to The board of directors of the Na- tional Lumber Manufacturers’ Asso- ciation, together with other leaders Citing statistics on the loans made by savings. building and loan associa- usual term mortzace. e : s park, near stores, transportation, Only_15 minutes from schools and churches. See it today iven reasonable opportunity to study Jhe openings which the expected regu- htions present for capital investment nd needed new enterprise Fears Capital Diversion, Meantime, association officials point ut, the regulations made public in ircular No. 3 of F. H. A. concerning surance of mortgages on low-cost ousing projects under section 207 of he national hou g act, while they over only projects built for rental o help toward opening the possibility t drawing private capital into limited ividend corporations for strictly low- ost projects. The association, which pposes direct Government building. ut which recognizes the need at this ime of subsidy to housing projects for he low-wage group under certain con- itions, has asked Federal study of re- trictions placed on limited dividend orporations, looking toward encour- gement of the placing of private quity money in this field. The new regulations as to these rojects appear to be liberal and fair nd to apply to every type of corpora- fon which could be engaged in hous- . They include private limited ividend corporations of anyv kind paving a set-up satisfactory to the dministrator, the 6 per cent return vhich they permit may be cumulative, EW EXHIBIT HOUSE WILL OPEN TOMORRO voncrest, a Rendition of Geor- gian Style, to Be Shown on Quebec Street. A new exhibit house, Avoncrest. a endition of Georgian style of archi- ecture, will be opened tomorrow at 962 Quebec street by W. C. and A. N. Miller, realtors. The house is constructed of brick. t has solid masonry walls, concrete floors, and “stran-steel” joists and tuddings. The whole arrangement of he home, as well as its architectural eatures and furnishings, gives an au- hentic impression of Colonial beauty nd charm. The house will be open to the pub- ice from 10 a.m. until 10 p.m, Pipe Cuts Off Draft. The draft of a furnace is often re- arded by cutting the smoke pipe too ong, 80 that when it is inserted in the himney, it extends across the flue. rhe pipe should be of only sufficient ength to extend just inside the chim- ey flue. It should be sealed in tight Just Co English-Type Bungalow $6,250 ~ Priced at Only tions to give employment to building labor during September and October, 1. Friedlander of Houston, Tex. ar- rived in Washington this week con- vinced that private capital is willing to take over the job of providing suf- ficient credit for people who want to pav for their homes out of income Mr. Friedlander is chairman of the advisory council to the Federal Home Loan Bank Board and president of the United States Building and Loan League. He pointed to the approxi- mately $18.000.000 in modernization credit extended by building and loan associations in September and Octo- ber and $17.000.000 in advances for construction of new homes during the same months. “The Housing Administration has been responsible for an immeasurable interest in home renovizing, and much of the demand for such modernization loans which our associations have been called upon to meet has been a di- rect result of its activities.,” he said. “In 99 per cent of the cases the build- ing and loan modernization credit has been extended without the insurance offered by the F. H. A. because the | borrower preferred longer-term loans with smaller repayments, such as our associations have been making con- tinuously for the past 104 vears. | “We feel that our greatest act of co-operation with the F. H. A. has been our extension of this $18,000.000 of credit, entirely on our risk, in ad- dition to the $6.200.000 which we used | in October alone to put our own prop- | erties in condition. Manv of the as- sociations have signed the moderniza- tion insurance agreements, but their inability to insure many of the loans has been due to the five-year limita- | tion on insurable loan: | | The growing ability of the building | and loan associations to meet the sound home financing needs was em- | | phasized by the league leader, who | ! was in the Middle West getting first- | hand knowledge of conditions. He | predicted that a larger percentage of the building and loan associations credit extended in 1935 would be for modernization loans, the purchase of newly built homes and the construc- | tion of new homes than at any time | since 1928, when the home-building | | boom first began to subside. Fire Hazard Reduced. The menace of fire in the home has been greatly cut down during the past decade. The use of asbestos in vari- ous building materials—in shingles, | | wall partitions, garage linings. calking {putty and many others—has been | I'one of the chief preventives. mpleted Convenient Terms Heated and Open for Inspection Day dand Evening 608 SOUTH LYON SPRUCE ST. PARK One of Nearby Virginia's Most Attractive Home Communities Drive out now and see this ev ver-popular English-type house with flve cheerful, spacious rooms and bath, having all the usual appoint- ments included in Brumback-Built 502120—high elevation—convenient h"“ out today over Kev Bridse. Builder Developer T. J. BRUMBAC houses—beautifully landscaped lot, to bus and stores. take Military Road through Rosslyn and . Myer to Pershing Drive and Spruce St., turn left 3 squares t perty. Walnut 8921 of the industry, met at Chicago this week to tackle the many problems confronting the industry and to de- termine the policy particularly of the national associa tion. in dealing with them The premier subject up for consid- | eration was the complete and effective integration of the regional associa- tions of lumber manufacturers into the national association. Of recent vears the association has depended largely on individual memberships and support, but last June the direc- tors voted to return to the federated form of organization wherever pos- sible. This meeting is planned to bring about a complete financial and of the industry paves the way for successful field pro- motion to increase the use of lumber. — . Single-tube pneumatic tires are now offered for wheelbarrows which are to be used on roofing jobs or on soft ground. service interlocking of the regionals | and the national, in which the fact is emphasized that the latter is simply a common functional projection of the regional associations in the fields that can better be served by common than by separate action. At the opening session, Arthur T. Upson, in charge of promotional work. reported on that phase of the asso- ciation’s activities, directing partic- ular attention to the opportunities for the expansion of lumber as afforded by the Government's housing activi- ties and public works program. With reference to building code work. Mr. Upson stated that the efforts of the association to prevent unwarranted discrimination against forest prod- ucts in the codes enacted during the last six months (the period covered by the report) had retained for the industry a market ‘estimated at a quarter of a billion feet annually, based on 1930 consumption, and that revisions are now pending involving markets which in normal times would use about a half billion feet each year. As proving the need of expert build- ing law services, Mr. Upson cited the fact that building codes were revised Trade in Your Old 7417 14th St. N.W. Six large rooms. including with I 3 eross- 2-car heat: but wait see this up-to- home to really appreciate it! And at a greatly re- duced price, it is a BARGAIN! Drive out today or tomorrow! Open Daily, 9 a.m. to 9 p.m. 3307 MILITARY ROAD CHEVY CHASE, D. C. $12,950 Three bedreoms (all twin- bed size), two completely tiled baths, excellent recrea- tion room in basement, celo- texed third floor. Kitchen with electric refrigeration, built-in cabinets, and break- fast alcove. Open and Lighted Daily and Sunday Edw. H. Jones & Co., Inc. Chevy Chase Properties 5520 Conn. Ave, CLeve. 2300 House on This New Cape Cod Style | Shepherd Park Home A magnificent home. modern in every respect. from the kitchen with ““fold-in" breakfast table and bench (which disappears behind French doors). to the modern. attractive Fecreation T o o m. Completely screened. caulked. weather-stripped and Insulated. Situated on a lovely landscaped lot with huge pine trees, Now REDUCED To $13,750 A large, lovely six-room home at a figure, the like of which has never been offered, at 4617 Chestnut Ave. ROSEDALE PARK, BETHESDA, MD. This home | Large livin Inrge bedre on a 60-ft. I room with s and bath. fi with a_concrete street. kitchen, three £ room ‘modern in every respeet. It has just been put in new-house condition—astoundingly low price—Open All Day Sunday Drive out Wisconsin Ave. bevond turn right to Bethesda Bank to Chestnut Ave., home PHILLIPS &8 CANBY, Inc. NA. 4600 Investment Bldg. To Reach Connecticut the Treasury_over Key Bridoe to Clarendon past _Peace Monument on Wilson Boulevard to Milton Avenue. OPEN home, Washington Building STRUCTURAL FEATURES... 1. Solid Brick Construction 2. Concrete Floors 2. “Stran Steel” Framing 4. Complete Insulation 8.9 Rooms and 3 Baths 6. Furred Walls 7. Heated Two Car Garage 8. Cedar Closets 9. Modern Gas Equipment 10. Automatic Hot Water Heat 11. Recessed Radiation 12. Copper Water Pipes Modern All Gas Conveniences by the Washington Gas Light Company r Leland Street, ont left to Drive Av Drive out Comnecticut Avenue Nehrrcka Avenue ton Street, to Northamp- FOR YOUR INSPECTION REALTORS District 9486 HEALTH HOME To Inspect—Drive out 1 Kansas Arve. WAPLE & to Nicholson without fail. 3th St. to Kansas Ave east to houses out JAMES. Inc. Realtors, Ouners & Builders 1226 14th St. N.W. Dlstrict 3346 VOHuC’ze)d EXPRESSING THE STURDY COLONIAL IDEAL IN MODERN HOME CONSTRUCTION NEW GEORGIAN-COLONIAL FURNISHED EXHIBIT HOME at 4962 Quebec Street SPRING VALLEY Drive out Massachusetts Avenue, turn left on Fordham Road to Quebec Street You feel itsshospitality .. . the promise of pleasurable living as you enter its recessed ‘deorways and observe the six friendly front windows. This house is built with every ultra-modern convenience, yet generously proportioned throughout, and designed in the rich colorful manner of Colonial days. Iis superb structural dimensions crown'a wooded knoll that slopes gently at the back to meet a spacious government park. Here is a natural setting for perfect home life yet quickly accessible to downtown Washington. See it today! Furnished by Potthast Bros., Baltimore, Md. . by Wesley Heights Shops . . . . Accessories by Brown Tea Pot . . . . Rugs by Keshishian . . . . Linen by Jean Matou W.C. & A. N. MILLER 1119.17th Street Nosthwest & .. secluded, su DIstrict Decorated burban, 4464