Evening Star Newspaper, June 1, 1935, Page 21

REAL ESTATE, ACITESHORTGE INHOUSIG SEEN Vacancy Decrease and Ob- salesence Combine in National Qutlook. Rapid disappearance of vacancies in residential structures, particularly in | single-family dwellings, is the most | significant present venture of the| rapidly changing real estate situation. | the National Association of Real| Estate Boards points out in summariz- ing local reports on factors affecting the real estate market. The residential occupancy figure for Detroit is an outstanding instance of | the change. This city. frequently cited | in the earlier depression years for its heavy “overbuilding,” now reports resi- dential vacancies of all types, includ- | ing apartment units, as reduced to 2.6 | per cent. This is the lowest vacancy | figure in the history of the city, and | with one exception probably the low- est vacancy figure recorded for a major American city since occupancy surveys have come into use. Related to the filling of available living space, and to continued retarda- tion of new construction. is the fact | that rents for single-family dwellings are showing an abrupt rise. For | metropolitan centers of the country, as reported to the association. they have gone up more than 6 points in the Jast three weeks and are now at ap- proximately 77 per cent of their 1926 levels. The gain from April of this vear to late May has been almost as great as the entire gain from April, 1934, to April, 1935. Underbuilding Cited. “Study of the housing situation at this moment reveals facts which hold great national implications.” Walter S. Schmidt, Cincinnati, president of the association, comments. Citing compilations indicating that units built in 1934 totaled only approxi- mately 29,500, those built in 1933 ap- proximately 35.000, those built in 1932 approximately 125.000, he adds: “Dur- ing this period. although no accurate | figures are available, destruction is known to have been unusually heavy. Obsolete buildings. left vacant. come into such unrentable condition that they were torn down in great numbers tn save taxes. Fire and acts of God took their toll. It is safe to say that destruction exceeded replacement, so that we now possess actually a lesser number of living units than existed three years ago. “From now on. even assuming that eonditions do not improve, to fill the needs of our Nation means that we must multiply by 12 the construction of these past two years. With bet- tered conditions, which would bring & rush of deferred marriages and an expansion of space-use, we may ex- perience such an acute shortage as this Nation has ever known.” Space absorption in the region re- Iated to New York is indicated in the annual residential survey of the Scars- dale community, including the cities of Yonkers and New Rochelle and the towns of Scarsdale. Eastchester and Greenburgh. This survey, made by the Scarsdale Realty Board, Inc., and published May 10, shows that the territory has a vacancy in houses totaling 2.8 per cent, with some of the vacant houses uninhabitable. Vacancy in houses in the Scarsdale- Yonkers-New Rochelle area has been dropping every year for five con- secutive years, the annual survey shows. Low Ebb of New Houses. “We are undoubtedly at the low ebb right now, as far as new houses for sale go.” the report adds. “New houses for sale are so few that they are included in this survey only to give continuity to the record.” They totaled eight houses. confined to two out of the five urban sections sur- veved. Houses now under construc- tion, however, totaled 47, of which 24 are being built for sale, 23 for occupancy by owner. Vacancy in single-family houses in Omaha now totals less than 1.4 per cent, according to the house-to-house count made in April by the Omaha Real Estate Board. The board has made a similar survey every April and November since 1923. The present vacancy figure is the lowest on record for the entire 13 years covered in these counts. Out of the 39,000 residences checked by the band of 26 realtors, who cov- ered every house, it was found that 524 homes were vacant. Of these 329 were listed as of value less than $2,000. Of these last 75 per cent were not available for occupancy, either because of their dilapidated condition or because of litigation. There are 1886 fewer houses in Omaha today than there were in 1925, the semi-annual survey shows. Houses under construction totaled 32, scat- | tered in a price range as follows: Less | than $2,000, two houses; from $2,500 | to $5.000, ten houses; from $5,000 to | #7.500, thirteen houses; from $7,500 to $10.000, four houses; over $10,000, one house. NORTHWEST PARK SALES NAME REPRESENTATIVES | Three Appointed by Cafritz Com- pany for New Community on 50-Acre ’l:l'act. The Cafritz Co. announced today the appointment of Frederick Wilkin, | H. J. Kleinpeter 2nd A. L. Adams as | sales representatives for Nor.nwest Park. & new community of detached homes west of Wisconsin aveale and north of Massachusetts avenue The 50-acre tract is being aevel- oped with attractive English and Co- lonial type homes. The Cafritz or. Ranization is ranidly completing its | Spring building program in the sec- tion. A furnished exnibit house is lo- cated at 4709 Forty-sixth stre: 8,950 New 4-Bedroom Brick Home in Forty-Seventh Street Sold New residence of Louise 8. Moffett by L. T. Gravatte, Mr. and Mrs. Everett W. Conway at 4912 Forty-seventh street, THE EVENING STAR., WASHINGTON, It was sold for Miss 1ealtor. —Star Staff Photo. ‘Heating Plant Modernization ' In Summer Months Is Advised “Wells” Throw Light. Owners of l%u buildings with in- | ner courts or “wells” are becoming much interested in increasing the amount of light that can be reflected | into the adjacent rooms by the use of | | light-tinted paints. White, of course, | SATURDAY, JUNE 1, 1935. F.H. A APPRAISAL | SYSTEM LAUDED Sound Mortgage Market With Risk Reduction Is Seen. Substantial reduction-in risks and the creation of a sound mortgage market are seen as eventual results of the standard appraisal system adopted by the Federal Housing Ad- ministration to carry out the mutual mortgage insurance provisions of the national housing act, according to! Acting Administrator Stewart Mc- Donald. | “The new and little-appreciated feature of the better-housing pro- gram,” he said, “is the standard sys- tem of appraisals. Bhis new system means a great deal more than what is generally expected of appraisal practice. The use of this system re- | sults in a real determination of risk and goes far beyond merely placing a valuation on & property. | Seen as Basic Element. “As a consequence of the standard | |} system it is my opinion that a stantial risk reduction will result. In fact, this highly developed system of appraisal is a basic element in the soundness of the mortgage insurance plan.” By Federal Housing Administration practice appraisals are determined not only from the ordinary valuation of a house and lot but also by taking into consideration conditions pertain- | fi ing to the entire duration of the | mortgage. such as land layout. neigh- borhood plan. community trend, qual- ity of material, design and like mat- | ters. The use of the system, according to | Mr. McDonald, will create funda- mental conditions necessary to a broad mortgage market. Previous to the inauguration of the standard ap- praisal system no general standard The Spring and Summer months | cessed types may also be undertaken | reflects the greatest amount of light, | existed, each lending institution mak- are the ideal time to put in a new | under the “improve now, pay in the | but pale tins are pleasing to the eve | ing its own standard. heating plant or to modernize the existing equipment, the Plumbing | and Heating Industries Bureau points out. The average home owner, however, is inclined to wait until the heating season begins before making im- provements. In order to induce home owners to undertake necessary re- pairs and improvements during the Spring and Summer a special Sum- mer finance plan has been announced by leading heating contractors. Under the terms of the plan a home owner can have a new heating plant installed or an existing plant put in order immediately, but will not be called upon for any payments or finance chagges until the heating sea- | son starts in the Fall. | The equipment will be installed ln‘ accordance with the rates and terms of the Federal Housing Administra- tion, which are the lowest in the his- tory of the building industry. All steam, vapor and vacuum—are cluded in the plan, as well as various types of boilers especially adapted to coal, oil or gas. Replacement of old-fashioned radi- ators with modern concealed or re- The equity in your ! | home can be used as a | cash payment in pur- | ChevyChase We will exchange on 6209-6207 Melville Pl ‘ ‘ New Detached | consider an || 9 Rooms 3 Baths | Harry Wardman, Inc. Agents 1512 K St. NNW. Distriet 3830 | Fall” plan, as well. Soft yellow imparts a sun- | | shiny effect, shell pink lends a rosy | | B G glow. while a light tint of green gives | Crops Worth 47 Million, | &lov. while a light tint of | ‘Total value of principal crops g &y | grown in Maryland in 1929, the vear | that is generally credited with being | Black Doors in Vogue. the beginning of the depression. was % $80.403.000. Total value of principal In England highly polished black | crops grown in the State during 1934 ' painted doors, framed by a gleaming |amounted to $47.691.000. | white trim, are particularly favored. Wesleq heights WASHINGTON I'HE GARDEN SPOT Of types of heating—hot water, | in- | # CathedralAvenue Handsome all-stone home at entrance to ‘Wesley Heights—beau- tiful trees and shrubs. 9 rooms, 3 baths. Owner offers low price for im- mediate sale. Open today and Sunday. W. C. & A. N. Miller 1119 17th St. District 4464 Broad Market Impossible. Under conditions existing hereto- | f fore, however, there was no method by which to determine which standards ' were good and which were bad. As a result a broad mortgage market was impossible. “With the basic conditions estab- lished by the standard appraisal system, a Nation-wide mortgage mar- ket is made feasible,” Mr. McDonald sald. “A consequence of which will be a flow of money from centers where money is plentiful and cheap to localities where it is scarce and BETTER HOUSING DAY CHAIRMAN IS NAMED Mrs. John S. Bennett to Officiate at Ceremonies on Breaking Ground for New Homes. Mrs. John 8. Bennett has oeen ap- pointed general chairman for Wash- ingtor better housing day—June 15— when ground will be broken for 10 new homes in various sections of the metropolitan area. The day will be celebrated with a parade and cere- monies, Chairmen of individual commit- tees working under Mrs. Bennett are as follows: Mrs. Arthur F. Mullen, Mrs. Cabot Stevens, Mrs. P. H Berg- feld, Mrs. Wright Matthews Mrs. Edna Knight Gasch and Miss Etta Taggart. 5454 30th PL N.W. Just above Military Road Fully detached, all brick, slate roof—6 large rooms, 2 haths—attic finished in Celotex—recreation room, oil burner. TS 18 A “M HEALTH HOM An outstanding value at 10,950 Open Daily and Sunday I Realtors 916 15th St. 505 Oglethorpe Street N.W. A HOME OPPORTUNITY Located in a choice new home section; splendid street near new school and close to cars; high, cool elevation; paved street, alley and curb. PRICED TO SELL Semi-detached, six rooms, beautiful bath, extra wide screened double back porch, all brick and cement front porch, 2-car built-in garage. OIL BURNER, ELECTRIC REFRIGERATION, awnings, full-grown Shrubbery. ALL IN IMMACULATE CONDITION. Open Sat. and Sun. HARRY B. 1015 15th St. N.W. Two Outstanding “Stone-Built” Homes in Chevy Chase, D. C. Open Daily Until 9P.M. $9,950 One of the sweetest homes yon have ever seen—cheerful. cozy and unusu- ally comfortable. The plan, conven- iences and equipment will have to be seen to be appreciated—2 tile baths— a kitchen you will fall in love with— fireplace—attic—rock wool insulation — electric refrigerator — garage — ex- ceptionally large lot—trees. 6220 3lst Street Reached Via Rittenhouse St. to Utah Ave. to 31st St. “— Stone-Built Homes Are Better Built Open Daily Until 9 P.M. 2 P.M. Until Dark PITTS CO. Met. 0100 4814 North Lane—$8,150 What!—No Headline? REAL ESTATE. 4 B-5 ° —— and are generally used in conjunction BORDER STRIP ADDS | with that material. There are literal) To sTYLE OF ROOM‘hundreds of stylei and designs (rm: which to select, so that any effect, any period treatment may be produced. Flat, Painted Walls and Ceiling Can Be Revivified With Rooms which appear too high for prevailing tastes may be appreciably | lowered in appearance by proper use | Moderate Cost. | of wall paper or border designs. Home owners are advised to discuss their A room of flat, painted walls and | problems with their wall paper dealers, celling frequently can be snapped up, who carry large stocks of these bor- brought into style and “tied together” | ders. Advice from the Federal Hous- or unified, with a wisely selected bor- | "% "‘)'::"‘;"‘:":“;f e der strip. These strips are produced | with money obtained under the moa- ‘hy the manufacturers of wall paper | ernization credit plan. A New and Wonderfully Modern All-Brick Home, $8,950 'ONTAINING six large rooms with modern bath and new kitchen including electrical refrigeration. Garage, slate roof, open fireplace, insulated attic and every modern bit of equipment. Fourteenth St. transportation and only a few steps from a new Government Park. Open Saturday P.M.—all day Sunday and each afterncon and evening thereafter. PHILLIPS & CANBY, Inc. Na. 4600 Investment Bldg. Charming New Stone-Front Home 21 Fairview Road OPEN DAILY AND SUNDAY To inspect —Out Sixteenth or Georgia Avemue to trafic iight, Stlver Spring.~ Out Colestille Pike to signs on lejt. 721 10th - é"fiAwah‘fl v St. cCOM REALTORS Established Since 1915 Suburban Office, 8955 Georgia Avenue Phone Shepherd 3530 Phone Nat’l 0765 To the man who is seriously contemplating the acquisition of a new home. the photos here will mean more than any headline. these lovely EDGEMOOR homes has tried to make them an outstanding example of American ideals and culture. The builder of Why merely tell you of the many features incorporated in our construc- tion. from a guarantee of cool Summers to charm of interiors and beauty of exteriors. Come out and see for yourself. Open daily and Sunday. To Inspect—Drive out Wisconsin Ave. io Montgomery Lane (opposite Bethesda County House), west one-half block, turn right to houses. Open daily and Sunday. BUILT BY J. CHARLES SHAPIRO Goss Realty Co. Sales Representative 1405 Eye St. Na. 1353 J. §. EATON—Sales Dept. A lovely new allbrick home in one of the most convenient sections of Chevy Chase, D. C.—within one block of the new LaFayette School. easy walking distance of Connecticut Ave,, stores, Parochial School, ete. This a specious six-room home—3 spl bedrooms—2 tile baths—huge living room with fireplace—celotexed attic with cedar closet. Large Mt—brick rarage. 3412 Oliver Street Just off Broad Branch Road A startling new to orovide an room off the stair 1. enters direetly from rear hi location. less than twe Splend] a1 m Georgis Ave. Beau- tiful fot. 50x180 feet. 811 Bonifant St. Silver Spring, Md. Open to 9 P.M. Saturday & Sunday SHANNON & LUCHS NA. 2345 3412 Rittenhouse St. Paul T. Stone, Inc. 1505 H