Evening Star Newspaper, July 20, 1935, Page 17

REA JRBAN PROPERT CUDE COVPLETE Proposed Standards Made for Real Estate Man- agers. Following months of study involving discussions of leading property man- agers of the country and personal conferences with officials of leading life insurance companies, trust com- panies and other large owners of real estate, the Institute of Real Estate Management of the National Associa- tion of Real Estate Boards has drawn up proposea standards of practice for fts membership expected to become of very great importance in guiding urban real properties to their maxi- fnum earning power. The proposed standards of practice re expected to come before the mem- bership of the institute at its central meeting of the year, to be held in connection with the annual conven- tion of the association at Atiantic City during the week of October 21. Matters of Impeortance. They cover matters of very great importance in the safeguarding of clients’ funds, in the stabilizing of Jeasing practice, and in clarification of the whole relationship of owner end agent. They would become a further implemend in the institute’s work of identifying competent aad reliable managers and management agencies of real estate and in its work ‘of disseminating sound business meth- ods in the administration of real property as an investment. To secure thorough study and dis- cussion of the matter in advance of the meeting, a tentative statement of standards proposed was this week placed in the hands of all members of the institute. The statement has been formulated after preliminary discus- sion before the institute’s governing council at its recent meeting in De- troit, where the whole matter was presented by Howard E. Haynie, Chicago, its president. 35 Items Covered. The proposed standards of practice cover 35 items, including the follow- i ing: 1. Clients’ f\nds shall not be co- mingled with a member’s funds. 2. Clients’ funds shall not be han- dled or accounted for by any employe | who is not bonded. The proposed standards include clauses covering such matters as rent concessions, leasing practices, adver- tising standards, accounting standards, establishment of rent schedules. CREDIT MAJOR FACTOR IN BUYING OF HOMES Most Residences Have Been in Hands of Owners for Years, Survey Reveals. Most home owners in American cities make use of credit when pur~ chasing & home and most homes have been in the possession of their pres- ent owners for a considerable number of years, according to an announce- ment by C. T. Murchison, director of the Bureau of Foreign and Domestic Commerce, in a statement based on re- sults of the financial survey of urban housing. The survey was made as a C. W. A. project in 1934 and obtained informa- tion concerning indebtedness, financ- ing terms, values, rents and cther housing data in 61 cities throughout the country. The data in this release cover those cities for which most com- plete credit data were obtained. Most existing one-family dwellings in the cities studied were acquired by the present owners after 1900, with the largest number for any 10-year period purchased between 1920 and 1929. The number of such transfers after 1929 decreased much less than _ the number of homes built during that period. Changes in income and 4n genaral business conditions account in part for the different proportions acquired as homes rather than pri- marily for renting. STEVENS MODERNIZING Chicago Hotel Is Rearranging Some Rooms Into Suites. ‘The Stevens Hotel in Chicago is being modernized. Some of its single rooms are being rearranged in two and three room units to be rented on a lesse basis. Furniture is being refinished, carpets dyed, walls and woodwork repainted. Some of the new color schemes adopted are brown and watermelon; brown, pink and hydrangea green and brown and yel- L s A e A THE EVENING STAR, WASHINGTO Bungalow on Seventeenth Street Sold This five-room bungalow, at 2825 Seventeenth street, was recently built for and sold to Mr. and Mrs. S. A, Pike by the firm of Custom Built Homes, Inc. Lumber the American Industry, Architect’s Year Book Declares The recently issued Year Book of the New York Society of Architects, which includes miscellaneous data re- lating to the architectural profession and the State multiple dwelling law and the New York City building code, plumbing rules and a variety of in- formation concerning building mate- rials and practice, devotes an entire page to the lumber industry under the heading—“The American Industry.” This article presents compactly and impressively the story of the lumber industry—an industry which is inti- mately blended into the life of the Nation. = “Lumber may be called the American industry,” says the Year Book article. “The United States produces and con- sumes, roundly, half of all the lumber of the world. About 80 per cent of all residences in the United States are wood-built, and on the farms, 98 per cent of all structures. On account of its abundance, prevalence and com- parative cheapness, lumber has heen crucially associated with the economic history of the country. “The vast forests of the East and South provided the early frontier with domestic and industrial fuel at low cost; and excellent housing material, easily worked and highly sanitary. ‘When the pioneers reached the plains and prairies they had just behind them a house-building base upon which to draw as rapidly as railroads were built, and before them the ma- jestic forests of the mountains and the Pacific Coast. It has been graphi- cally said that as the great white pine forests fell in the lake States they rose again in the form of millions of residences, commercial and industrial buildings on the treeless plains. It might be added that ties and timbers built the rallways, gave communication in the shape of telegraph poles and, later, telephone poles; and at first supplied power fuel. Billions of wooden posts, rails and boards fenced the fields and pastures, and provided much 6524 6th St. N.W. New Detached Brick Home Center-Hall Plan 6 Rooms, 2 Complete Baths, Double Rear Porches, Ga- rage, Slate Roof and Cop- per Guttering. Priced to Sell Quickly GOSS REALTY CO. J. 8. Eaton, Sales Jow tones. 1405 Eve St. NATL. 1353 of the material for farm implemen'.si and machinery. “The forests furnished the material | for the first blossoming of industrial life in the shape of countless sawmills —there were at one time 40,000 mills— and wagon factories, the making of furniture, containers, and the several thousand different articles made of wood. And, of course, for puip and paper works and the timbering of mines. “Even today, after the advent of many different competing materials, the lumber industry ranks near the top with some 20,000 mills, $7,000,000,- 000 of capital investment, employing directly and indirectly more than a million men and a larger producing capacity than it had when the mills were twice as numerous.” New York Building Rises. Cost of building construction in Queens Borough, N. Y., for first six months of this year shows an $8,000,- 000 increase. . The NEWEST in Community Group Homes Furnished by P. J. Nee Co. 4 Bed Rooms 2 Baths l 17 (Semi-detached) 2 2 Bath: ot e aths Madison | (semi-detached) st. N.W. o 1 Bath (1st-floor lava- tory) The houses are fi- nanced by the con- venient F. H. A. plan through the Security Savings and Com- mecial Bank of this city. $9,250 up Drive out 16th St. or Kan- sas Ave. to Madison St. and turn right to homes. Open Daily *Til 9 P.M. ~—Star Staff Photo. MAYCROFT IS SOLD. Special Dispatch to The Star. LEONARDTOWN, Md, July 20.— Maycroft on the St. Clements Bay, below here, has just been sold to Joseph Saunders, vice president of the Bank of Commerce & Savings of Washington, D. C. The price pald was $13,000. The home originally was owned by the late Gerald Barry. A large water front farm goes with the D. C, SATURDAY, F.H. A INSURANCE RULES ARE EASED Changes Expected to Open Up Benefits fo Wider Group of Users. New administrative rules and new regulations issued by the Federal Housing Administration covering in- surance of home mortgages under title 2 of the national housing act embody in important particulars changes which the National Associ- ation of Real Estate Boards has em- phatically urged. s They are important as opening mortgage insurance to a wider group of users. (1) By reducing capital re- quirement. from $250,000 to $100,000, they open such use to a greater num- ber of real estate companies. Real estate firms place a large proportion of the country's home mortgages. (2) Though the individual investor is not specifically mentioned, the new rules provide a way through which he may invest in insured home mort- gages, if his investment is handled as a trust, set yp by an approved mortgagee. Individuals Hpld Big Block. Individual investors, the associ- ation has pointed out, actually fur- nish funds for between one-fourth and one-third of the home mortgages of the country, & fact which has had little previous attention, masked, as it is, by the difficulty of obtalning totals of such holdings. Important to real estate also: (3) The reduction of the insurance premium to a flat one-half of 1 per cent, this action retroactive. (4) Reduction of the maximum per- mitted interest rate to 5 per cent for all types of mortgages. ‘There is still no provision for sale of insured mortgages outside of the circle of approved mortgagees, except the above provision permitting these mortgages to be disposed of to a trust held or administered by the approved mortgagee in a fiduciary capacity. The regulations here provide: fiduciary relationship the insurance shall remain in effect only so long as such mortgagee or another approved the ingtonians. From Chevy Chase Circle turn right _on Western Ave. to Rit= tenhouse St. to prop erty. Open Daily ‘Tower Bldg. Natienal 9240 WINDOWS. PLACE. LOT 60x122 (INCLUDING PARKING). As an example of the modernity of these homes, we are featuring for the FIRST TIME IN A WASHING- TON HOME THE GENERAL ELECTRIC DESIGNED AND EQUIPPED KITCHEN WITH THE NEW ALL- METAL CABINETS. Highwood is an established com- munity surrounded by homes of prominent Wash- 8 SOLD—10 OTHER HOMES UNDER CONSTRUCTION _ Announcing a New Exhibit Home in HIGHWOOD CHEVY CHASE, D.L. A New Community by the Developers of Beechwood 3341 RITTENHOUSE ST. N.W. HE modern family in search of the ultimate in housing will find solution to their quest in HIGHWOOD, where location, surroundings and environ- ment have been combined with the superiority of Mik- kelson construction to present the acme in modern . Detached center-hall Colonial brick. SECOND Both grade end are convenient to property. and Sunday G. F. MIKKELSON & SON MILTON F, SCHWAB, Sales Cleveland 1158 3353 Rittenhouse St. N.W, SOMETHING NEW and DIFFERENT Only 5 minutes’ drive from U. S. Capitol THE TWO-IN-ONE HOME 311 to 323 18th St. N.E. Drive Out C St. N.E. to 18th St.—Left to houses s A Single Home “Upon the termination of such || JULY 20, 1935. mortgagee of the same type, by and with the consent and agreement of the assignee.or distributee of such trust, assumes and remains subject to all the obligations of an approved mortgagee under the contract of in- surance.” ‘Two instances cited by the National Association of Real Estate Boards of new methods already in effect to give individual investors access to insured mortgage investment through trust arrangements: The Hudson County National Bank, Hudson County, N. J., almost two months ago announced that it would make investments in insured mortgages for clients under & trust plan. In St. Louis one rezl estate company has worked out an arrangement with a ‘bank, under P. H. A. regulations, whereby it rep- resents the bank as agent making in- sured l:.:::.’ The bank creates & trust es lor each mortgage, the bank pays the agent a commission and an annual service fee for servicing the mortgages. Decalcomania Transfers Colorful. Decalcomania transfers lend an ad- ditional note of color and decoration to painted pieces. REAL ESTATE, A Real Value $7,500 A roomy, well-constructed de- tached residence on a beautiful lot 60x104 feet with many large shade trees. Close to stores and transportation, Exceptionally large living room with fireplace, dining room, sun room, kitchen and den or breakfast room on first floor; two very large bed rooms and tile bath (with shower) on second floor. Modern through- out. Garage. In perfect con- dition. Owner will finance to suit purchaser, 5 Hickory Ave. Takoma Park, Md. . to Columbia Ave., then t one square to Hick- Ory “Ave., and right o proverty. Estate Sale $9,950 Four-Bedroom Brick A splendidly constructed home, 24 feet wide, ideally located near every convenience. Eight rooms, bath, extra lavatory off master bed room, front porch, large screened rear porches, all im- provements. 2-car brick garage. Repossessed, thoroughly recon- ditioned and offered at this low figure to settle estate. Terms. 1512 Webster Street N.W. Open Today and Sunday SHANNON: ‘& LUCHS Nat. 2345 windows. bath on second floor. House insulated with Celotex. compensate you for the effort. 721 10th Street N.W. E 8T A B L and bath. Garage attached to house. Brass pipes throughout. right on Woodside Parkway & Realtors i H.E D $ 8 N C E A Miniature Estate Located on a corner knoll with one and one- half acres of ground, beautifully landscaped. Corner Alton and Woodside Parkway BEAUTIFUL ENGLISH COTTAGE TYPE HOUSE built of stone. Osak paneled living room and hall fireplace with two great oak fire seats. A tiled floor in dining room with 20 soft pastel shades. 2 bed rooms and bath on first floor and 2 bed rooms and A recreation room with hand-hewn beamed ceiling, stone fireplace and paneled walls. In the rear is a lovely guest house of stone-and-log construction, containing 2 rooms, kitchen A garden with running stream and 5 beautiful rose terraces. JUST COME OUT AND SEE IT. The sight of the ultra-beautifully colored roof, with slate, some of which is over an inch thick, will more than Steel casement plate-glass To Be Sold at a Sacrifice Price To Inspect: Out Sirteenth or Georgia Avenue to trafic light, Silver Spring to Woodside Parkwoy (Woodside Park), ° o W thence out Georgia Avemue short distance to propertv. National 0765 After 5 P.M., Ad. 2763 9 2B — Furnished 5422 SECOND STREET N.wW. Exhibit Home . Open Dily *til 9 P.M. BUILT BY DUNIGAN . . . BUILT RIGHT A_NEW_GROUP . . . FIVE ALL-BRICK HOMES Highly Elevated .. Newest HOMES b2 B 5418-5426 Second St. N.W. Between Jefferson St. and Concord Ave. SEE THESE BEAUTIFUL HOMES They are built by build- ers of over 2,000 homes in Washington . . « to main- tain a reputation of which they are justly proud. Dunigan values have al- ways topped the market. Here is a practical solution to the home-owning prob- lem of those who wish to anticipate the future at low present cost . . . A house which may now be shared with others without loss of privacy while rental income pays a large measure of the cost until you desire to oc- cupy the entire house. There are six rooms; two com- plete baths, large finished recreation room, electric re- frigeration and built-in garage. Rockwool insulated. Furred walls, copper gutters and down-spouts, calked, weatherstripped and screened. Convenient to downtown ion. Within 3 blocks 430 Chepeake St. N.W. American University Park A Scotch builder, ultra-modern American ideas, a com- bination hard to beat, is what you get in this house. BED ROOM eor den and lavatory on first floor, 3 bed rooms and 2 baths on second, remarkable closets, concrete porch, living room with fireplace, floored attic, hardwood trim, garage, lot 192 ft. deep. These tell only part of the story. price $10,950-°° Open This Afternoon and All Day Tomorrow Go west by Massachusetts Ave. to Brandywine St., right o Chesapeake Louis P. Shoemaker 1719 K St. N.W. Complete in Itself BUT Arranged for -TWO Over 26 Years of Building Experience and Responsibility Behind Every Dunigan Home SEVEN large rooms, and recreation room (heated and paneled), detached garage, cedar-lined closets, oak floors, hardwood trim, Colonial brass fixtures, large airy cellar, fully screened. Double laundry tray and servant’s toilet, and coat closet with full-length mirror. Wrought-iron rails on stairs, new type radiators (nar- rower to save space). 2 colored tile bath rooms with * shower. Many electric outlets; choice of several floor plans including lavatory on first floor. Electric Hedlth * Extra Large KITCHEN uivped with G. E. mcciric Botrigerator, Jatesi t7pe electric range, one-i ‘built-i FAM with complete paredif hek BRI eabl PRIVAEY FOR BOTH i Biitas Vall covering. ; D. J. Dunigan, Inc. For a Cash Payment of National 1265 Supervision of J. 8. Gruver Wnfl. n ! Until 9 P.M. Waple & James, Inc. transportation. fithm.:‘lm Members Washington Real Estate Board 4 Built Under Open my @ century 1226 14th St. N.W. Dls. 3347 B —— $500 You Can Pay for Your Home and Live in it for Less Than ,$25 PER MONTH Na. 1166 Tower Building