Evening Star Newspaper, October 10, 1936, Page 27

REAL APPRASERS HEAD DESCRES DUTES Standards for “Real” Eval- uation Are Described to Convention. Bpecial Dispatch to The Star. SPRINGFIELD, Mass., October 10.— The social and economic revolution that whole peoples and whole nations have been going through has had in- fluence on the choice of investment on the part of a great many people. The period has been one of economic con- vulsions defying economic judgment. There has been no such thing as price stability. In this period, challenging all knowledge that was based on ex- perience, the task of the real estate eppraiser has become more difficult than at any time during the past 20 years, Maurice F. Reidy, Worcester, Mass., president of the American Insti- tute of Real Estate Appraisers, said in opening appraisal discussion at the New England regional convention of realtors of the National Association ©f Real Estate Boards here yesterday. “But in this period we have learned that fundamental economic principles do yet prevail,” Reidy said. “In the years just behind us, the true relation between price and real value has been much misunderstood,” Reidy gaid. The difference between the two, the real appraiser always knew. That price and value should be relatively the same, he insisted. True Value of Property. “These years have emphasized the principle that the true value of a piece of real estate is to be measured by the benefit it will render to its owner in earnings, in service. in its possession. “These are the fundamentals that have been confirmed in our minds. *There is nothing new about them. But to all of us there is something new to be learned that is of great importance. It is this: That there is a science in appraising that we have not hereto- fore realized, that we know now that we are only approaching a knowledge of this science, that we are just begin- | ning the practice of it, but that its truth is compelling.” “We have learned this also: There are related economic facts, having their influence on the value of real estate, that we must learn if we are to understand its value. “The appraiser’s task for the future | 4s first to find out what effects certain attending circumstances (general busi- ness, economic _conditions, social changes and the like) have on a real estate situation. “How shall it be done? Not by " standing alone as individuals, but by combining and distributing our knowl- edge, by going to school to each other, and by establishing research institu- | tions that will in time teach us what | real estate really is and how other things affect it. Better Appraisers Needed. “We in the American Institute of | Real Estate Appraisers are deter- mined: First, that we are going to be better appraisers,than we were before and that we are going to have the knowledge gained by all of us available for all of us. But this is only the start. ‘We are going to have schools for the distribution of this knowledge and some day we are going to have re- search institutions that will go into the science of appraising, into the knowl- edge that is necessary to determine values in a profound way. “Now we are just the pioneers. “We are assembling ‘a library; we are trying to departmentalize that sa at if one of our members anywhere ! At Only s © BEST HOME BUY 8.45 INWASHINGTON 5122 3rd SEE THIS HOME AND CHECK THESE FEATURES ESTATE. Delegates from the District Building and Loan League to the 44th convention of the United States Building and Loan League, which will be held next week in New York City. 2. Robert H. Buckley, president of the local or- Clinton James. ganization. 3. F. Willson Camp. NG STAR, WASHINGTON, .-D. C, SATURDAY, OCTOBER 10, 1936. F.H. A MORTGAGE HEREHITS10.34.090 High Figure Is Reached After 21-Month Period of Operation. Mortgages accepted for insurance by the Federal Housing Administra- BUILDING CONTRACTS IN SOUTH HIT PEAK 658 Million for Nine Months Is Highest in Decade, Manu- facturers’ Record Reports. Construction contracts in the South- ern States for the first nine months totaled $656,722,000, highest figure in & decade except for 1930, when large gas pipeline projects were launched, Manufacturers’ Record reports. ‘The yearly total of any of the past five years is less than the awards made thus far in 1936, and the Sep- what in recent weeks. He said his office is ‘“very busy” at the present time, and has had one of its most active years. The outlook for future months is exceedingly bright, he con- tinues. Beitzell Sales Soar. J. Garrett Beitzell, who operates one of the city’s largest brokerage offices, announced he closed more sales during the first eight months of this year than were made during all of 1935. He has Just recently taken over the sales end of two developments in rearby Vir- ginia, Hillwood Estates, near Falls Church, and Country Club Hills. Beitzell said it had been his experi- ence that the only type of real estate in the Capital affected by the elections REAL ESTATE. Some of the real estate men report that prospects have informed them they are awaiting the outcome of the election before buying homes. The office of William M. Throckmorton, well-known broker, encountered two persons in one day, both of whom were “sold” but preferred to await the out- come of the voting. AN INTELLIGENT AND PROFITABLE Cc3 All the real estate men and builders are confident that any hesitancy on the part of home buyers as exists is merely temporary, and that the mar- ket is s0 sound that this hesitancy will be overcome even before election day. British factories are producing varie colored asbestos fabrics. 1. C. 4. Edward C, Baltz. has & problem that is new to him, he can write to headquarters and ask | ‘what there is available that might give | him a little light on that subject. ““‘We started a school at the Univer- sity of Chicago last year and 125 men from all over this country assembled | there for four weeks and went into an | intensive study. (We had, as the faculty of this school, men of wide experience who had made a serious study of appraising methods.) This year the school was continued and we added to it a two weeks’ special course in advanced appraising. Many of the important lending institutions throughout the country are sending some of their staff to get this training at the school. “The aim of our institute can be expressed very simply. It is to make better appraisals. Better appraisals in the future will mean safer invest- ments; safer investments in property and safer investments in mortgages.” NICHOLAS BIJYS ESTATE | Detroit Man Acquires Place Near | Warrenton. Special Dispatch to The Star. WARRENTON, Va. October 10.—| Tt has been announced that the pure chaser of Sudley, estate of the late| THIS IS THE St. N.W. 8. Henley Carter, near The Plains, was Ridgeley Nicholas of Highland Park, | Detroit, Mich. Mr. and Mrs. Nicholas | are now in Warrenton for an indefinite | stay. The price pald is said to have been $45,000, Dr. J. Frank Folk was the purchaser of the Thyson property on Main street, Warrenton, which was sold at auction for $8,700. The property in- cludes an old brick house, store and mill with lot attached. King George’s Jubilee Trust has founded a working boys’ hotel in Lon- tion in the District of Columbia and environs reached $10,954,090 during the past week, District Director J. Reilly Stanton announced today. This figure was reached after a 21-month period of operation. “The average insured mortgage ac- cepted for insurance in this District,” Stanton said, “is $6,344. This is con- siderably higher than the average of $4,003 for the entire country. It is an indication of the higher types of prop- erties of greater value which are typi- cal in Washington. “The portfolios of local lending in- stitutions have been increased by this $10,000,000 worth of real estate loans. While it is undoubtedly true that this constitutes a volume of very sound safe investment for these banks, building and loan and life insurance companies, it is also a fact that the procedure necessary for the procuring of these mortgages was entirely new to the personnel of these lending agencies. The fact that they haje 80 quickly grasped the details of this new method of mortgage lending is a splendid commentary on the initia- tive and desire of the local banking fraternity to be of service to the peo- ple of the community. “It must not be forgotten that the first loan insured in this district was not completely closed until Decem- ber, 1934, so that the attainment of the present figure in insured morte gages has been reached in a total period of 21 months. “There is constantly a wider ac- ceptance of this form of financing | among the lending institutions, home owners and prospective buyers in this section.” NEWLY RENOVATED Brightwood 720 Somerset Pl. N.W. (Just Above Sheridan St.) Semi.-Det. Brk., 6 Rms., Bath, Built-in Garage Electric _refrigeration heat (blower on furnace) hard- wood |, floors. screens. weather strips: / situated convenient to street cars. schools. churches, stores. etc. Terms arranged. $750 cash and $60 & month Open Today and Sunday L. T. Gravatte automatic don. In Beautiful Silver Spring’s available on Flower Avenue. HIGHLAND VIEW Only two of these L. F. Robertson-built homes remain 729 15th REALTOR_ Nat. 0753 Be sure to see them. tember total of $79,258,000 is the best was business property. for the month since 1927, the publi-| Lo i cation states. Geperal and residential building held to a high level of activity and | apartment and hotel construction | | showed ]nnlnu of revival. Industrial ||/ awards in September were the highest | | in five years, and Government con- j 312’950 tracts showed an improvement over 4227 46th St. N.W. recent months, the Record adds. ‘This spacious Colonial home, A Stately Colonial Brick Home . Busines 5 living room with fireplace and adjoining porch, lovely dining (Continued From First Page.) room, den, completely equipped fireplace, 3 real bed rooms, 2 business, and will tin NI comtione (o Do 0 [l iplte belhs) largs atie and matter which way the election goes,” he says. “Washington is too firmly entrenched as a city to be affected by the balloting result. The current price of real estate is favorable to the buyer, and the shortage of rental | || naturally prevail. space is causing more and more people | || To Reach: Drive out Mass. Ave. to purchase homes and investment || Aome " S TIOht on 6th St to property. The market is still swing- | Built by ihe upward and the peak is not in ||| Korzendorfer & Brooks, Inc. Morton J, Luchs of the Shannon & Luchs Co, and vice president of Washington Board, is one of the| realtors who disagrees with the opin- | | unit makes living a year-around pleasure. Fine home details Open Sunday and Daily FRANK S. PHILLIPS 927 15th St. Dlst. 1411 just off Mass. Ave, has large i kitchen, recreation room with || || a 2-car brick garage. A com- || | plete Gar Wood air-condftioning | fon that business has slowed some- |} We say without hesitation that these new houses are the finest and give more for the money than any we have ever built In G-L-O-V-E-R P-A-R-K SAMPLE HOME—2438 39th Place N.W. TH!SE English Normandy homes contain many surprising features, includ- ing the lotest Bryant Gas Air Conditioning. Six and seven rooms, two baths, two real brick and stone fireplaces. De luxe kitchen, electric re- frigeration, recreation room and built-in garages. Near schools, parks, stores, bus and street cor lines. SOLUTION To Your New-Home Problems Will Be Found in the SHANNON AND LUCHS ROLLINGWOOD THE NEW ROCK GREEKOI;AIIK SECTION CHEVY CHASE Here the new homes finished and under construction combine the newest ideas in planning and equipment and a very high degree of DISTINCTIVENESS Three-bedroom homes—four-bedroom homes—homes with extra combination bedroom or library on the first floor, and a new white and colored stone STUDIO HOME that is @ MASTER among our best. A list of the INFORMED persons who have already bought our homes in ROLLINGWOOD is ample guarantee that the best values are right here.in WASHINGTON’S MOST BEAUTIFUL RESTRICTED HOME SECTION Don’t hesitate to see these new homes because you now own an old house—about one-third of our buyers owned old houses which we sold for them at accept- able prices. HOMES FROM $13,950 UP DON'T REGRET INVESTIGATE TO INSPECT There are three ways to come to Rollingwood: Drive straight out Connecticut Ave. to the Chevy Chase Circle, right into Western Ave., one-half square to Brookville Road, across from Catholic Church, left straight to Leland St. Or, straight out Connecticut Ave. past Chevy Chase Club to Woodbine St. (our sign), right two squares to Brookville Road, follow signs. Or, drive through Beach Drive in Rock Creek Park to Leland St., up the hill two squares to another sample home. ELECTRIC KITCHENS ARE STANDARD EQUIPMENT WITH US Open all day Satarday and Sunday, other days 5:30 to 9 P.M. 1711 1721 Flower Flower Ave. Ave. This is one of the attractive studio types whose plan makes for ease and comfort in housekeeping. many “livable features. $8,750 If you wish F. H. A. financing on either of these Homes, it may be arranged. ‘Il find in both : furred walls that are is of copper, metal weather stripping ot all openings, bronze screens, overhead doors to the garage, Magic Chef gas stove, Electrolux re- frigeration and Delco oil heat (with auto hot water attachment that supplies hot water the year ‘round automatically) . Tune in WRC 10:30 Sunday Mornings and Listen Builder a{ Popular-Priced Homes 816 Investment Bldg. Natl. 1737 Model Home Furnished by HILDA N. MILLER Open Daily and Sunday 9 AM. to 9 P.M, HANNON-&LUCHS DEVELOPMENT Co. Phone WI. 5252 Visit the Electric Garden Home in BARNABY WOODS This new and enchanting use of electricity is just one of the many features which make this model home AN INVEST- MENT DELIGHTFUL LIVING. 6608 THIRTY-SECOND PLACE N.W. to “American Homes” Program Sponsored by Us. This week “The Hermitage,” Andrew Jackson’s Home. MOS S Tower lh.ig;“ MEt. 1776 Sundays Only: SHepherd 3%42 JUST COMPLETED 1608 MANCHESTER LANE In your fondest dreams you have probably never pictured a lovelier setting than this beautifully wooded section, with a cool, spring-fed brook winding easily through the entire width of the generous 80-foot lot. Neighboring lawns and gardens, unfenced, border its banks on all sides. Rock pools, rustic bridges, flowing fountains, shade, ferns and flowering shrubs enhance the natural beauty of the stream, bringing a touch of genuine woodland freshness to your very door. @ Large Living Room @ Big Dining Room @ Breakfast Nook @ De Luxe Kitchen @ Built-in Garage ® 3 Bed Rooms @ 2 Tile Baths on @ Automatic Heat @ Large Front Porch Second Floor @ Furred Walls ©® Ample Closet Space @ Weather-stripped | @ Recreation Room @ Screened From in Silver Spring. drive up the Coles- You Can’t Match This Value Anywhere. ville Road past Mrs. K's Toll House Tavern to Pranklin _Avenue. right Open Sunday and Daily to 9 P.M. rive nsay Avenue or Georgia Avenue to on Pranklin to Plower Avenue. then D) out_Ka Gallatin Street, them turn east to Third. right 2 blocks to Homes. Ev Owners & Builders 907 15th St. N.W. DIRECTIONS: traffic light on Georgis Ave. Ge. 9544 Dls. 2724 Very Easy Terms NEW HOMES In Huntington Terrace BETHESDA, MD. The house—with three bed- rooms, three baths, study, maid’s room and attic—is spacious, beautifully finished, with every modern appoint- ment and convenience. The note of hospitality and social living is carried out in a fin- ished recreation room, with open fireplace and portable r. JIn location and setting this unique home is not to be matched regardless of price. You will agree that it is an outstanding value at 316,_500. See it by day for the unique charm of its skillful setting and design. See it by night for the indescribably lovely effects of its lighted garden and pool. OVERLOOKING ROCK CREEK PARK AIR CONDITIONED! A new home in a beautiful loca- tion! Six large rooms, two com- plete tile baths, fully screened and weatherstrip, Only one-half block off 16th Street on a lot 50x140 feet. The construction of New 5-room detached brick bungalows, basement, large this home is of the best. Copper :m:: !I:'c:ralu':w hn‘::»‘.o‘l’ &u::-': hr:ng‘;:. l;:i-:um : tters, downspouts and h- 6:). feet wi:c; detached garage with 'fl"h"v:'.“y, ‘ Iuged%%:gu:::i‘:lumagg ous trees around this house pro- OPEN DAILY gy Viding 8 perfect sefting. | Loy 5AS o TE— LiAN METZLER—Realtor : . Dlstrict 8600 1106 Vermont Ave. e N T SUNDAYS—Nites Ad. 0620 ] O REACH Exhibit Home—1104 Grant St. 16 Sold—3 Left First Showing Today Directions: Drive out Conn. Ave. to Nebraska Ave., turn right on Nebraska Ave. to Utah Ave. and continue on Utch Ave. to Barnaby St., down Barnaby to Worthington St., turn right and follow sign to House and Garden. Open daily and Sunday, 10 A. M. until 9 P.M. Furnished by Hilda Miller _ ThomisJFSHER:QMPANY 738 lSth st. N.W. REAL ESTATE,LOANS AND INSURANCE Dlltl’ict 6830 Barnaby Woods Development Co.—Builders and Developers O“““'"S“"'