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‘s REAL ESTATE. THE EVENING STAR, WASHINGTON; D. C., SATURDAY, DECEMBER 15, 1934, REAL ESTATE. B—3 REAL ESTATE MEN 10 HEAR ARDREY Housing Official Will Address National Convention in Texas. J. Howard Ardrey, deputy admin- istrator of the Federal Housing Ad- ministration in charge of the mutual mortgage insurance program, will be the principal speaker at the annual business meeting of the National Asso- ciation of Real Estate Boards held in Houston, Tex., January 21 to 25. In addition, leaders of a number of national groups, who with realtors are interested in the outlook for real estate financing and for home building also will address the general sessions. The meeting will be largely one to determine policies and plans of the association for the coming year. It is being planned as a business meeting, not as a program on general real estate topics. Hugh Potter of Houston, president of the association, will serve as chair- man at the general sessions. He will open’ for discussion the current work of the association. Officers for 1935, who were .clected at last Summer’s national convention, will be formally inducted into office at the banquet ses- sion. President-Elect to Sneak. An important part of the general sessions program will be performed by Walter F. Schmidt, president-elect, who will outline the work ahead of the essociation in the coming year. Divisions and institutes will hold some of the most important policy meetings in their history. A central report before the new In- stitute of Real Estate Management is cxpected to be a suggested group of rules of ethics for property manage- ment to be presented by Arthur S. Kirk, M. A. L, of Des Moines, Iowa., as chairman of a committee studying | this matter. This jnstitute will have before it, also, energetic plans for membership spread, so that it may have qualified management institu- tions and property managers who have met its carefully drawn membership | requirements in every principal city of the country. Howard E. Haynie, Chicago, president of the institute, has been in communication with heads of many leading lending institutions having ownership of real estate in widely scattered localities as to their problem at this time in selection of local management for these properties. Management Forms. Standard forms for use in property management will come before the gov- erning council of the institute at the Houston meeting. The institute’s Com- mittee on Forms, of which L. V. Du Bois, Cincinnati, is chairman, has re- cently reviewed the set of standard forms developed by the predecessor property management division of the association for action at this time by the new institute. The forms, now in wide use, were developed originally by a committee composed of some of the ablest prop- erty managers in the country, who spent approximately two years' time on the work, securing for it the advice of outstanding attorneys in various sections of the country. Detailed plans for research and edu- cation in the field of appraisal will be studied by the American Institute of Real Estate Appraisers at its Hous- | ton meeting. The subject will come up in a report to be presented by the chairman of the committee on this matter, Joseph B. Hall of Cincinnati, who is president-elect ofethe insti- tute. This institute is expected to have before it for adoption a rather com- prehensive set of definitions of terms used in appraisal. Hall, together with K. Lee Hyder of Milwaukee, 1935 com- mittee chairman, is at work now upon the proposed definitions, which have been before the institute for study for some time. Kniskern Chairman. Philip W. Kniskern, New York and ‘Washington, president of the institute, will be chairman of its meetings. Plans for the new outlook for real cstate brokerage, to come before the Houston meeting, will be worked out in conferences to be held this month by officers and officers-elect of the division. The work of the small brok- crage office will be given special atten- tion on the general program. Expected new activity in mortgage | finaacing and home building, which will ke central subjects for the gen- | cral sessions, will be planned by the men in these fields in meetings of the Executive Committees of the Mortgage and Finance Division and of the Land Developers and Home Builders’ Division. The Industrial Property Division, in its Executive Committee meeting, will take the pulse of any new demand of industry for changes in plant location or in- tensification of use, through switch track developments and the like, for present plants. The Realtor Secretaries’ Division will have before it the whole ques- tion of adaptation of the Real Estate Board's work and, if advisable, its in- ternal set-up, to meet recovery con- ditions. Harry G. Benton, Minneapo- lis, chairman of the division, is de- veloping a detailed program of mat- ters to be reviewed in this very im- portant meeting. in BEECHWOOD The above house at 3215 Forty-fifth street has been purchased from Phillips & Canby, Inc., by Mr. and Mr. Dow is general agent for the Pacific Mutual Life Insurance Co. Mrs. Carl Smith Dow. ARTICLES EXPLAIN REALTY APPRAISAL Human Values Important in Deciding on Figures for Residences. How the real estate appraiser goes about the business of residential ap- praisal, which now is occupying his attention more than ever before, is set forth in two articles in the Jour- nal of the American Institute of Real Estate Appraisers, now going to press. The articles are contributed by Charles B. Shattuck, Los Angeles, and Fred E. Smith, Cuyahoga Falls, Ohio. They show how the appraiser gives dollars and cents value to the intangi- bles of human values which make up a home as well as such hard and cold matters as reproduction cost. General Observations. Some new general observations as to value ratios advanced by Mr. Shattuck are: 1, In any residential reighborhood tifere will usually be found a very definite ratio between the rental | which the homes command and the prices at which such homes may be | actually sold. In most cities this ratio will probably be: Sales price approxi- mately a hundred times the monthly rentai, provided a normal situation exists as regards the supply of homes and the demand for them. (It is rental rate offered rather than rates in force for houses rented, which is the determining factor.) 2. There is a fairly well defined ratio which exists between the repro- duction cost, new, of a home suited to its district and the value which may be assigned to the home site. The ratio often varies between differ- ent grades of residential districts and communities, but once established in any particular neighborhood it will be found to be almost constant. Values Linked to Income. 3. The reasonable value of & resi- dential site will be found, in general, not to exceed the annual income or family earning capacity of the av- crage typical family of the neighbor- hood. Thus if the earning capicity of the typical family in a given neigh- borhood is $2,400 per annum, lots in the neighborhood will have a reason- able value not in excess of $2,500. More often it will be less. 4. It is a fairly safe rule to say that a single family residence which is an over-improvement for its neigh- borhood will be depreciated in its economic value to that point where its value will not exceed the repro- duction cost new of the typical im- provement suited to the district. Mr. Shattuck cites matters that should be reviewed to give a mental picture of the home’s relation to its neighborhood; factors which must be analyzed to give the general social environment of the home; matters which the appraiser should check from the public records as affecting the value of a residence; factors af- fecting the value of the land itself, and items to be checked in examining the structure itself. Some of Observations. Some of Mr. Smith’s observations | fii are: “Good sound construction will cover CHEVY CHASE ONE OF A GROUP OF 4 NEW HOMES 6306 Beechwood Drive We ask that you compare the construction, equipment and en- vironment of this home with any other in the city at a similar price. ALL DETACHED CENTER HALL 4 BED ROOMS AND 2 BATHS ATTRACTIVE WOODED LOTS Drive out Conn. Ave. past Chevy turn left 1% squares to OPEN DAILY AND SUNDAY Chase Circle to Thornapple St., Beechwood Drive, turn left to property. G. F. MIKKELSON & SON OWNERS AND BUILDERS. MILTON F. SCHWAB, Sales a multitude of faults. * * * Freakish- ness of design will place a good house at a disadvantage. * * * The heat-| ing plant must be rated both as to| ¢ * * Although it is usually possible are in part fixed by the soeial char- | acter of the residenty of the neigh- | borhood. People like to live where a social plane which they themselves seek to attain. * * * A house facing | a dirt or cinder-surfaced street and | the direction of prevailing winds suf- fers a peculiar disadvanfage, * * * A || community separated from downtown | by a grade-crossing is never so popular | as it would be were the hazard not || present. * * * Deferred paving assess- | ments, especially in the case of low- | priced residence properties are some- || thing which mortgage-loaning agen- | cles are now giving closer attention to. * * * In the lower price range, | the level lot has the advantage, but |(}| hills and dales offer the greatest at- traction for the well-to-do.” CONSTRUCTI\;E ERA SEEN ‘ Houses Increase Income by Mak- I ing Repairs. Because of the widespread altering and painting up of old houses, the country is entering the most construc- tive era in its history, says Louis K. || Comstock, president of the Rehabili- | ! tation and Modernization Association, New York City. In many properties deficits have been changed into profits | | —one house having increased its in- come from $50 a month to over $200, | by transforming the structure into a small apartment house. Apply Putty After Painting. Putty should not be applied to | cracks and nail holes until after the | first, or priming, coat of paint, as the wood will absorb the oil and dry the | pu:ty, causing it to crumble and fall out. ew Detach 507 Maple Ridge Road, Battery Park, Maryland A Williamsburg Type Colonial Home Situated on a Large Lot ’ Open Today & Sunday, 10-6 fl"e'u:'i'?'fi_l:fl"" Ave. to Bank E. DAVIS C0. REALTORS N.W. National 0352 of cks square is a good size for children’s comfort and economy of operation. building blocks, according to educa- | tional experts. These can be made at to cure a wet basement, evidence of | pore by cutting them from & 2 by 2 its existence is one of the worst things | planed joist, sandpapering the edges to be encountered, in the mind of the | and corners to a slight roundness, and prospective buyer. * * * Land prices | painting them ir. bright colors. Old, worn blocks can be given a new lease on life by enameling them in gay hues. they feel that their neighbors are on | i INCREASES IN RENT FOR 2 YEARS SEEN Building and Loan League Committee Points Out Ownership Advantages. (Continued From Pirst Page.) the rent cycles which have charac- terized American living costs since | 1914, as charted by the National In- dustrial Conference Board,” said Pellett. “We find that rents began to go up last February from a point lower than had been reached since the middle of 1918. : Rose 38 Per Cent. “Their rise during the past nine months has been at about the same rate as the increase from a similar point 16 years ago. At that time they rose 36 per cent for a period of three years before there was any tendency to level off, and then after about three months of fluctuation, they rose still higher to the all-time peak in July, 1924. There has been no instance of a steady rent rise nkel the present one which did not con- tinue on for several years. “The next few months are among the rare periods in any nation’s eco- nomic history when so great an oppor- tunity presents itself to make the next three or four years' inctfhe stretch farther. Rents are now § per cent higher than they were last year. We have seen that all of our past experience points to -a con- tinued rise. But already built houses can still be bought for bargain prices. The rise in rents has not yet exercised more than a nominal influence upon the sale price of the houses, although eventually it is certain to bring up that cost. Payments Steady. “Buying & home today is neither —Star Staff Photo. Proper Size for Toy Blocks. Four inches long by two inches and loan association monthly repay- ment mortgage can be procured in almost any community today by a family which has 25 per cent of the cost price to pay in cash. The family difficult nor dangerous. A building || Exclusive Washington Heights Section 1928 Belmont Road N.W. Eight Rooms—2 Baths New House Condition Individually built, with appointments ideally suited to needs of a physician or dentist, located between Connecticut Avenue and Columbia Road, convenient to street cars; a refined section and overlooking the beautiful grounds of St. Teresa's and School of Sisters of Notre Dame. There are four bedrooms and two baths on the second floor; hot-water heat (OIL BURNER), elec- tricity, hardwoed floors, screens, weatherstrips, maid's room and bath, and built-in garage from 20th Street. In purchasing this home that has been REPOS- SESSED and thoroughly RENOVATED for $13,500 are assured that it is EXCEPTIQNAL. Open Today and Sunday L. T. GRAVATTE \ 729 15th St. Realtor National 0753 you Basement Residence of Individual English Surrounded by Washington’s Most Exclusive and Palatial Homes on Massachusetts Avenue Near Fashionable Sheridan Circle Overlooking Beautiful Rock Creek Park in the Rear. Adjacent to 10 Foreign Embassies. 2340 Massachusetts Avenue \ An $85,000 House, Redecorated, With Model Kitchen, for $45,000! THIS SPLENDID HOME OF PRE-WAR CON- STRUCTION IS COM- PLETE IN EVERY AP- POINTMENT AND IS IDEALLY ADAPTED FOR ENTERTAINING; ISSUITABLY AR- RANGED FOR THE OC- CUPANCY OF A PHYSI- CIAN OR THE_ PUR- POSES OF AN EM- BASSY. THIS PROP- ERTY IS UNDOUBTED- LY ONE OF THE MOST ATTRACTIVE AND CHARMING HOMES IN THE CITY EVER OF- FERED FOR SALE. FIRST FLOOR: Entrance hall, 2 reception rooms, cloak room, kitchen and preparation pantry with main and rear stairway. SECOND FLOOR: Drawing room, library, dim:g room, butler’s pantry. THI FLOOR: 3 master ms, 2 tile baths and nurse’s room. FOURTH FLOOR: 3 bed- rooms, one tile bath, three servants’ rooms and bath. The rear stairway serves all floors. BASEMENT: Man’s room and bath, laundry and boiler room, oil burner inclu 5 Open for Inspection Saturday Afternoon, 2to5P.M., and Sunday from 11to 6 P.M. CO-OPERATION OF OTHER BROKERS INVITED JOHN F. MAURY and J. RUPERT MOHLER, Jr. Exclusive Agents 1624 Eye St. NN\W. SE. Corner Conn. Ave. and Eye ] | ' i i b i SE "‘E E SE EEE HARRY WARDMAN, INC. REAL ESTATE AND CONSTRUCTION 1512 K Street N. W. WASHINGTON, D. C. THIS MODERATELY PRICED HOUSE WITH FEATURES ONLY TO BE FOUND Il' TELEPHONE DISTRICT 3830 'HOUSBS RANGING FROM $26,000 AND MORE, IS ANOTHER GREAT VALUE AND I | o $10,500—Corner Home, $12,500 See Our Sample House 5624 13th St. N.W. Comfortably Heated, and Open Every Day from 9 to 9 Harry Wardman, Inc. eeeny 1512K St. Di. 3830 _' | INVITE YOUR INSPECTION. A liA'ERRACE 712|-8th. Street NW. designed to harmonize with the quiet dignity of this at- tractive home development, this lovely Colonial home was planned with the utmost care. an enjoyable task for the ad- vertising copy man—Breun- inger displaying another of its latest homes, “The Raleigh Tavern” of Williamsburg, Va. ——— informed of the fact that this is one of the two remaining homes to be offered in beau- tiful “Dahlia Terrace,” the writer earnestly requests your detailed inspection. this unusual and delightful Colonial home illustrates perfectly the skill and in- genuity a good architect and builder can bring to a diffi- cult house problem (a replica of those used by the Co- lonials). —_— g 6 AN L&m HEALTH HOME NA. Investment e, L&Prouninger Soms e Architects—Builders OPEN DAILY AND SUNDAY UNTIL 9 P.M. To Inspett: Drive out Georgia Avenue to Dahlia St.; turn right two blocks to Eighth St. and our home.