Evening Star Newspaper, October 12, 1935, Page 18

REAL ESTATE. MORTCAGE GANS ARECTEDBYEHA Business by Outside Firms Reported Growing in Sev- eral Cities. Acceptance by institutional invest- ors of the safety factors furnished by the appraisal, risk-rating methods, and insurance features adopted by the Federal Housing Administration for residence mortgages is to be seen, according to Administrator Stewart McDonald, in the growing volume of business being done by approved lending institutions located outside of the city wherein a property is situated. A recent example was that reported by J. M. Dockery, Federal Housing Administration district manager in the Chattanooga (Tenn.) office. Mortgages in the amount of $218,000 had been selected for appraisal, ‘but the local banking institutions declined to give them consideration. The Pidelity Bankers' Trust Co. of Knoxville, Tenn., acting as agent for an eastern investment house, stepped into the picture, as did a Chattanooga insurance company, and together they relieved the mortgage jam so that $200,000 worth of the paper was financed in a day. According to Mr. Dockery, with but two exceptions all of the mortgages that had been ac- cepted for appraisal met with ap- proval and were financed. Money Flows Freely. The timely entrance of outside capital has caused mortgage money to flow freely in Chattanooga, the | Housing Administration has been in- | formed, that office now having in- | sured more than $600,000 worth of | mortgages. | Further, the Fidelity Bankers’ Trust This attractive home, at 514 M. Rose through the offices of the Marlow-Beech Co. The transaction was made for George W. Young, the builder, The dwelling contains eight rooms and two baths. THE EVENING STAR, WASHINGTON, in Battery Park Sold Goddard road, Battery Park, Md., was recently sold to Mr. and Mrs. Leon —Star Staff Photo. Co. state that the institution which they represent wishes to purchase an additional $2,000,000 worth of insured mortgages. In Toledo, Ohio, arrangements have been completed for refinancing $200,- 000 in residence mortgages held by the closed Commerce Guardian Trust & Savings Bank through the new| Higher dividend payments by Fed- Commerce Guardian Bank. The State | eral savings and loan associations to Higher Dividends Are Shown On Savings and Loan Shares Banking Department is selecting from | the closed bank’s assets mortgages that | will meet with the Federal Housing | Administration’s requirements as to credit standing, ability to pay, and condition of the property. Not only | will this afford a safe investment out- let for the bank but ‘t will speed up| the liquidation of the closed institu- | tion, it was pointed out. Survey Made in Ohio. A survey of home loans in the port- folios of other closed Ohio institutions | is being made, with the view of re-‘ casting the sound mortgages that can be made to conform with Housing Ad- | ministration’s requirements for insur-| ance. Funds for this refinancing of | home mortgages have been offered by institutions in cities other than that | in which the actual property involved | is located, it is reported. | One of the purposes for instituting | ® uniform method of appraisal and | risk rating by the Federal Housing | thousands of shareholders in these |of individual share accounts against | NEW TYPE LOW-COST FURNACE AVAILABLE share investment has been noted par- ' Burner Unit Model Is Now Avail- | ticularly since mandatory insurance able for Moderately D. C, LIQUIDATION PLA 1S TOMC OF TAL Real Estate Boards to Hear New Jersey Man Ex- plain Idea. = A new plan of national significance, Carl K. Withers, Trenton, the State banking and insurance commissioner. The Withers plan, aimed at conser- of real estate values in the during tion back to a normal market, outlined in detail by the com- at the coming annual con- tion of the National Association of Estate Boards at Atlantic City 23, 24 and 25. Mr. Withers, a sast president of the New Jersey Bank- | ers” Association, will address the con- vention at its general sessions, outlin- ing the notable centralization now go- ing into effect as to management of real the commission to give maximum in- come in the liquidation period, and | orderly market absorption. Of Interest to Others. The New Jersey plan is expected to the present period of | property that may come under | SATURDAY, OCTOBER 12, 1935. tions required of management agents (in general to be county agents). The standards set up parallel the require- ments of the Institute of Real Estate Management of the National Associa- tion of Real Estate Boards for its membership. Members of Commitiee. The commissioner’s Real Estate Ad- visory Committee: Harry A. Taylor, East Orange; W. W. Cialmers, Cam- den; A. N. Lockwood, Newton. Attendance at the coming annual convention of the association on the basis of early advanced registrations is expected to be greater than at any like meeting since 1920. It will be a “working convention,” officers say. Speakers, chosen for what they can give in building the immediate future | of real estate, are headliners for what this means to recovery, and to future investment and financing. PAPER WINS PRIZE Mrs. Florence Jodzies Takes Third Place in State Contest. Special Dispatch to The Star. FAIRFAX, Va., October 12.—Mrs. | Florence Jodzies of Vale has been an- |nounced third-prize winner in a State-wide story contest sponsored by the Pederal Housing Administration. Mrs. Jodzies’ paper, titled “Running Water in the Home,” was awarded first place in the county contest before it was submitted to Richmond for com- | petition with similar winners in every other county. Contrast for Ceiling. the walls are painted is often effective for the ceiling. When used, now- | ever, the same color note should be A color that contrasts with the fint‘ REAL ESTATE. PRESERVATION OF WOOD METHODS ARE OUTLINED Effectiveness of Good Agent Is| Measured by Depth—Various Ways of Application. There are a variety of methods for | the preservation of wood which is subjected to abnormal weather con-| ditions and, in 3ome localities, attacks | by insects. The effectiveness of any good wood | preservative is measured largely by the dept to which the preservative penetrates. There are various ways of applying preservatives, but i most satisfactory means is by im- pregnation under pressure, and by the use of pressure the penetration Js subject’ to control. The amount of preservation may be varied to suit the different requirements. This re- sults in an economical use of the preservative material. | Preservatively treated wood may be tested for penetration. Creosote ofl is ™ indleated by a dark discoloration and can be determined by taking a sample et @& point free from imperfections, Zinc chloride and other colorless pre= -etvmu ives can be tested with chemi- cals, A beautiful new colonial brick on a wooded Lot 50x17 in select AMERICAN UNIVERSITY PARK 4723 48th St. N.W. $8,950 ® Pinest eonstruction gutters _and _ downspouts. ® G. E. refrigeration. SEE OuUT- STANDING VALUE TODAY. OPEN TODAY Open Evenings, 7 to 9 Drive out Mass. Ave. to 49th St., turn Tight to Devemport St., right o 48th and right to property. SALE BY OWNER-BUILDER A Magnificent New Home in Shepherd Park nounced in connection with the new repeated eisewhere in the room. You| plan the appointment of an Advisory | may want to use it in the colors of | Committee on real estate conservation | your curtains, or use a deeper tone of for the State, and outlined qualifica- | the same color for the woodwork. HOMES NOW "SOLD local thrift institutions are shown by |loss up to $5,000 was put into effect | an analysis, completed today by the for all Federal associations through Federal Home Loan Bank Board, of |the Federal Savings & Loan Corp. 545 reporting Federal associations in |The fact that shares in Federal as- ) poner_hurner unit type is now avail- all parts of the country. Semi-annual dividends declared as of July 1 were at the average annual rate of 3.76 per cent, compared with 3.55 per cent as reported on January 1, 1935, by a smaller number of asso- ciations. Dividends declared by the 545 associations on July 1 aggregated $3.334,200, of which $2,977,048 went to individual shareholders, while the | balance, $357,152, was paid to the United States Treasury upon its in- vestment in a number of reporting associations. More than 940 Federal savings and loan associations, located in 400 cities in 43 States, had been chartered as of October 1, representing total assets of $418,000,000. They range in size from small, newly organized institu- sociations have already been made legal investments for trust funds in | 19 States, including New York, Con- necticut and Pennsylvania, has fur- ther stimulated the purchase of shares | for institutional investment. | JERSEY WORK GAINS Many New Home Communities to Be Opened. communities and an enlarged pro- |gram of residential construction are being made by builders and realty interests throughout New Jersey. The influence of model home day, cele- brated in all parts of the State on Plans for opening many new home | Priced Home. An entirely new oil furnace of the | able for the small, moderately priced | home, according to an announcement recently made by a large manufac- turer. { Combining all of the features of | the more expensive oil burning units, the manufacturers state that the new boiler will enable even the most mod- est home to enjoy the benefits of auto- | matic heat, together with a Summer and Winter supply of domestic hot | water. In addition to a large combustion | chamber and extremely long flue gas | passages. fins have been cast in the | upper flue gallery which will extract | the maximum number of heat units, | resulting in low stack temperatures | and high efficiencies. | | The new boiler, known as the No. BECAUSE THEY'RE THE BEST ‘||| BUYS IN MT. PLEASANT 3157 Adams Mill Road Overlooking Rock Creek Park Only 2 Left ~—and among the leading values in the entire city. Beautiful, quality built. DIFFERENT, 3-bed-room, 2- ath homes, with recreation room, finished and equipped like homes much higher in price. Ultra-modern equipped kitchen and gas heat. Deep lot with built-in garage. SEE THEM TODAY. HOMES BUILT BY BROWN BROS. JPEN TODAY Out 16th to Irving. west 2 blocks to homes ‘Administration was to enable sections | 11onS to long-established building and wherein there was & demand for mort- | 10an associations, with many millions gage money that exceeded the avail- | Of dollars of assets, which have re- able supply to obtain funds from other | Cently converted to Federal charter localities where there was an excess | and supervision. of funds. \Federal associations invest their Saturday, September 28, has already |11, will accommodate any of the| stimulated a stronger desire for home | standard oil burners now on the mare | ownership, and brokers report that ket, and in addition will completely inquiries are increasing for good | house the burner, water heater and home-building sites in many of the | controls. It will lend itself to and even | suburban localities adjacent to New | enhance the decorative scheme of a 7809 14th Street N.W One of the finest homes offered in city today Shepherd Park ig one of the most delightful residential sections of the city. On a high élevation, not over 20 minutes from downtown, it is alse close to stores, schools and both bus and trelley transpertation . .. Sur- rounded by ether beautiful homes, this perfect example of architecture is elevated above the street level on a beautifully terraced and landscaped lot, the home contains 3 bedrooms and two tiled baths, flcor, as well as a completely finished attic and second- open fireplace (can be used for master bedroom). The first floor contains a breakfast room in addition to dining reom, living room, electric kitchen, pantry and screened porch, as well as Venetian blinds. The basement contains laundry room, boiler room (with oil burner), basement lavatory and beautifully paneled recreation room. The two-car garage with overhead doors is built in. The entire house is screened, weather-stripped and insulated. TS 1S AN &h‘c n HEALTH HOME Built By & Sales Representative C. W.McKendrie -Frank S. Phillips 927 15th Street Phone DI. 1411 Drive straight out 16th Street to Kalmia Road, turn right ome block, left on 14th Street to home. OPEN DAILY AND SUNDAY UNTIL 9 PM. REALTOR That such a method has been ar- rived at by the Housing Administra- tion in its appraisals is becoming the conviction of financial institutions throughout the country, as is evi- denced by their growing willingness to | deal in mortgages on property in other funds, under private local manage- ment, in long-term first mortgage loans, mainly on homes in their own communities. Parallel with their growing volume of resources, Federal York City. savings and loan associations report | a substantial rise in volume of loans | basement play room. “Improved”’ - First Showing—Another Model Home By the Barnby Woods Development Co. sections when such mortgages are|made to home owners. based on Housing Administration ap- praisals, and insured. e 315 HOTELS IN GOTHAM | Land Is Valued at $213,162,200, Says Report. Manhattan has 315 hotels covering land valued, according to latest as- sessment figures of the city, at $213,- 162,200, says R. M. Grimstead & Co., hotel analysts and accountants. The accountants figure that this total rep- resents 4.8 per cent of the land value of. the entire borough and the assess- ment averages $54.10 a square foot, which explains, in a measure, the tremendous expenditure facing hotel men. The average assessment on land | covered by hotels containing from | 1,000 to 1,499 rooms is $79.57, and for | hotels of 1,500 rooms and more the | average square foot assessment Lsi NEW, DIGNIFIED COLONIAL A real home of finest quality now nearing completion—con- tains 6 bedrooms, 3 baths, ex- ceptional , living room, library, with first-floor lavatory—living and sleeping porches—3-car ga- rage, maid’s room and bath— lot 60x155, with trees. General Electric oil heat and refrigera- tion. Open Daily and Sunday. Drive out Conn. Ave. to Harrisor. to St—turn left (west) 2% blocks to property. 3924 Harrison N.W, R. B. WARREN 1108 16th. Natl. 9453 Increased | 5-Room, Tile Bath, Brick Bungalows o Monthly Payments 490 t $650 CASH Exhibit Home 4915 Bayard Blvd. Furnished $47-50 to $49.50 Quick transportation, one fare to business district. Directions: Drive west on Mass. Ave. to Western Ave. circle, right to 4800 block of Western Ave., left to houses. 417 ~ southern Biae. Frank A. Simon [ A Semi-Urban Estate 5 Winston Drive A Just 32 beautiful individual HOMES OPEN DAILY AND SUNDAY, 9 AM.,TO 9 PM. Builders and Developers We Will Build to Suit Your Exact Requirements A HOME IS A LIFETIME INVESTMENT THERE IS NO SUBSFITUE FOR QUALITY SPECIAL introduction of quality homes at unheard-of prices. Situated in a $25.000 home setting among towering trees and running streams. half miles from the d'xe White House in Maryland’s fast-growing community. COUNTRY CLUB VILLAGE, Md. decks, stone fireplaces, all-electric kitchens, beautiful Vermont flagstone porches and walks. Many other outstanding features await your inspection, SMITH BROS. & CO. A Gorgeous Early American- 14 Winston Drive $12,950 Six and a homes to be in this tract. Three and four bed rooms, sun To reach property: Drive out Massachusetts Avenue extended to River Road, turn left to Country Club Village, one-quarter of a mile be- yond Kenwood Country Club (see road map). Phone Wis. 5145 John F. Wynkoop OWNER . , 6521 Barnby St. (Corner of Worthington St.) 12,500 Open for Inspection Welcoming you from its sylvan setting, where huge forest trees frame vistas of unusual beauty, this newest model home arrests your instant attention and awakens your appreciation of artistry in home con- struction. Early American architecture has been used to emphasize not only the charm of the idyllic surroundings, but also the careful craftsmanship used in the building operation itself. You will appreciate the generous 80-FT. CORNER LOT, the tasteful yet distinctly different interior decorations, the first-floor bed room and bath, and the three large bed rooms and two baths on the second floor. Needless to say, the latest equipment has been used through- out, the brick walls are furred, and 4 inches of rock wool insulation assures low fuel bills as well as protection from Summer heat, 4 Bed Rooms—3 Baths We do not believe you can find another house offering as much at the price. We invite your comparison. all the advantages of a District of Columbia location and the charm of a wooded setting. Large lots avoid crowding and combine with attractive Early American houses to create the environment you are seeking. Over a quarter of a million dollars’ worth of houses have been built and sold here since Spring—make your inspection today. In Barnaby Woods you have THOS. J. FISHER & COMPANY, INC., AGENT 738 FIFTEENTH STREET, WASHINGTON, D. C. BARNEY WOODS DEVELOPMENT CO., BUILDERS AND DEVELOPERS. Sun 10 AM. to 9 P.M. Week Days 2PM. 109 PM. BLACK LINE SHOWS THE MOSTOIRECT