Evening Star Newspaper, October 9, 1937, Page 33

REAL ESTATE. REALTY INVESTOR SAFETY PROMOTED F. H. A. Aide Says Old “Get- Rich-Quick” Specula- tiori Changed. Fostering & new concept of property ownership and management in which constructive investment motives sup- plant speculation and exploitation, the Federal Housing Administration is making possible theentrance of con- servative investors into the large- scale rental housing field on a sound, long-term basis, Miles L. Colean, deputy administrator, said today. Prior to the depression, Colean pointed out, the vast majority of large-scale rental projects were con- structed and financed on a speculative basis. Built to be “turned over” quickly, the properties frequently were over-priced, poorly constructed and undesirable in many other respects. Coupled with speculative financing tnd construction were the further evils of poor management and irresponsible landlordism. The physical and finan- cial condition of the projects was further jeopardized by unreasonable rental levels and the failure of owners to devise adequate maintenance pro- grams, The evils of the system were spot- Hghted during the last depression, and rerponsible investors concluded that the large-scale housing martgage field was too speculative for long-term investments. Federal Housing Administration large-scale housing mortgage insur- ance should bring to the field the ty which it has lacked for many THE _EVENING STAR, WASHINGTON, D. C, SATURDAY, OCTOBER 9, 1937. Downtown Home Sold CONSTRUCTION KE TO BUSINESS GAIN Statistician Says Forward. Move by Building Is Necessary to Avoid Unsettlement. Business recovery now arrested, in no small measure, awaits the resump- tion of the forward move in construc- tion. Without this, in the opinion of L. Seth Schnitman, chief statistician of F. W. Dodge Corp., business men must face an indefinite period of un- settlement. Announcing his resigna- tion from the Dodge organization to enter the professional field as a con- sulting economist, effective Novem- ber 1, 1937, Mr. Schnitman stated today: “The one big blind spot in the business picture now is to be found in the laggard construction industry. Excessive costs have been blamed for this condition. And partly that is the case. But more basic is the fact that the national income has not yet reached the level which could support & high volume of private construc- tion. Especially is this true if due weight is given to the increasing drafts upon the public purse, FPederal and local, and the concomitant mounting burdens of taxation. “Under these conditions it is idle to talk about housing shortages. Where they exist they will be filled pri- vately only when incomes permit and not sooner. And if increasing propor- tions of personal incomes are to go for the support of government, it is idle to talk about a building boom, even should one be desired, for much of the wreckage from the last one has still to be cleared away.” France is buying more from the United States than from any other country. A Modern Brick B ‘F irst Sht;wing ungalow in Nearby Ashton Heights, Va. How to Apply Size. In using plastic paint, unpainted plaster is usually given a coat of size if it is new and absorptive. Otherwise the plastic paint may be applied di- rect. Cracks and holes should be filled- with plaster of paris or crack filler before the aize is applied. Painted walls require no surface preparation for plastic paint unless the finish is glosay, in which case the gloss should be toned down by washing the surface with a weak solution of warm water ind sal soda. Calcimine or wall paper shouid be removed. Wall board re- quires iz HUDSON SUPPLY Announcement! Loans for Refinancing Also Construction Loans Long Term Monthly Payment Loans REAL ESTATE. AT Different WITH MANY INNOVATIONS IN " PLAN' AND FEATURES A 1342-1354-1362 Tuckerman $11,950 St. N.W. n fea 1342 Is Air-Conditioned TO REACH “Much of the poor housing foisted | upon the country in the last few | decades is directly chargeable to the | speculative builder and speculative | financier,” Colean said. “In develop- ine our rental housing program, we | devised qualitative standards which, while not being rigidly compulsory, would assure the acceptance of only soundly conceived, soundly constructed and well managed projects. “The fact that the Federal Housing Administration has issued commit- ments to insure mortgages on 35 projects amounting to $29,937,000 de- monstrates that private funds are again entering the rental housing finance field. and Straight Three-Year Loans which can be converted into monthly parment ioans at any time without expense. JACOBSON BROS. OWNERS — BUILDERS 1616 K St. NW. 601 NORTH MONROE ST. An outstanding HIS fine home features furred buy at walls, built-in garage, floored attic, full basement. There are 4'' $8 45 O of rock wool over entire second flnor. i ° The rooms are spacious, the house i air-conditioned and the 50x100 lot Daily and Sunday ~ Well landscaped. TO RFACH Cross Memorial Eridoe and procerd om Wilson Bird through ‘(“1!:;:::1";{’4 N. Lincoln St., left on N. Lincoln to &th St., right to N. EQUITABLE ~ LIFE INSURANCE COMPANY B16 141k St. DI. 2126 Attractive town house at 1728 New Hampshire avenue, which has been purchased by Florence Shaw DuRant from the Wash- ington Loan & Trust Co., trustee. Sale of the house was made through the office of Adlai Mann. —Star Staff Photo. MOTOR FIRM TO BUILD ON COLESVILLE ROAD Special Dispatch to The 8tar. ME, icing of cars, will be housed in the building. Plans for the second floor call for 10 offices. The property. recently purchased by the company, also has a frontage on Georgia avenue of 80 feet. This section A NEW DEVELOPMENT OF “While the insurance feature of the | sdministration’s program is respon- &ible in part for this changed attitude | toward this hitherto precarious field for investment, it appears that the general development of a better under- | standing of the problems involved of this phase of the housing problem is & contributing factor. “Rental housing projects accepted for insurance by the administration SILVER SPRING, Md., October 9.— Ground will be broken the early part of next week by Walsh Motor Co., Inc., for a building, estimated to cost $35, 000, to be constructed on the site on | the Colesville road directly opposite | the Liquor Control Board Building. The structure, which will be of con- | crete block, faced with brick. will be | 127 feet wide with a depth of 75 feet of the site, which has approximately 30.000 square feet in its entire area, will be for used cars. Table Legs Adjustable. Tables with new-type legs readily adjust, themselves to uneven floors to | eliminate teetering. vet joints are | firm. Models are available with or | without easters for home, office, res- F. E. Westenberger 3152 Wilson Blvd. Owner-Builder Clarendon 1793 LOW-PRICED DETACHED HOUSES AVONDALE GROVE, MD. 12 Minutes From the District Building ere well designed and offer many | advantages over speculatively con- | ceived projects. Our inspection pro- cedure assures the carrying out of the g S ee,m,w/dl/am tract, “AMONG THE TREF All activities of the company., including | taurants and other purposes. Legs are | the sale of new automobiles and serv- easily removable for transporting “Each mortage contract contains | not only full provisions for the amorti- eation of the loan, but a complete rental and maintenance program to be adhered to during the course of the | amortization period. It is interesting | to note that in the majority of the | €ases companies responsible for the conatruction of the project will handle | the management. | “Each of the projects already ap- ' proved serves to demonstrate to pri- vate investors the soundness of under- taking the construction and manage- | ment of large-scale housing projects as D investment rather than a ‘get-rich- | quick’ scheme.” — * A New Connecticut Avenue Development in One of the Finest Sections of Chevy Chase, D. C.—Just 15 Minutes the 3742 CUMBERLAND Heart of STREET From Washington, N.W. w $7,450-%7,750-%7,950 Each Architecturally Different—6 Rooms, Garage, Full Basement, Insulation, Furred Walls, Weather-stripped and Refrigeration. “Carefrec Comfort With Modern Gas Appliances” LARGE LOTS—EACH WITH 5,000 SQ. FT. OR MORE Our Display Houses on La Salle Rd. Are Open Daily Drive out Michigan Ave. past Catholic University, over mew bridge to 18th St., left 3 blocks to Houses. Harry Wardman, Inc. ¢ District 3830 $13,500 HORAS J.FiSHER & OMPANY INCORPORATED 738 15th St. N.W. rooms and efficient, gas-equipped kilchen. oak floors. luxu garaze. screened porch. slate roof. rock wool insui . weather-stripping. furred walls . . . and an sxtra laree These homes are extraordinary values. O $9.650 Exhibit Home—525 Ashford Road Silver Spring, Md. TO REACH: Drive out Colesville Pike to Mrs. K's Toll House Tavern, turm right on Dale Drive to Ashiord Road and Greemwond Homes. pictu od: Carefres Comfort with 3807 South 16th St. Arlington, Va. Come and see this new, modern hame. and bath, Dla, District 6830 completely 6 rooms (i unfinished) Full basement and fire- " Price $5,800 Open Daily and Sunday Orer Highwny Rridge—turn right at first stop light on Columbin Pike to Glebs Road. ieft on Glebe Rond to 16th St.. right 3 biocks to howse. A. F. BENSON Owner & Builder Make Your Home In — —— Branwill Park Shaded by Builders. Schuyler, Inc. Waple & James, Inc. Georgia Ave Silver. Spring - Office Shep 5200 We feel that once you have seen this charming residence you will want to move right in— 250 Radnor Road Open for inspection, 10 A.M. to 9:30 P.M. Its exterior of attractive English Normandy archi- tecture houses three splendidly arranged bedrooms; large, light living room and dining room—and what is of especial appeal to the ladies—the most modern and up-to-date bath and kitchen equipment, so arranged as to reduce extra steps to a minimum and including the— Carefree Comfort of Modern Gas Appliances Here you will find the most complete home you have ever imagined and priced at— $ And We Will Make On y ] 1 Any Reasonable Terms Directions—From Silver S Spring drive out Colesville REALTY Road to Franklin Ave., turn- COMPANY Realtor 316 Tower Bldg. MEt. 1776 ing right into Branwill Park. Or motor on Colesville Road Evenings or Sunday, Phone SHepherd 4517 T i'llst Beautiful New Homes in the Chevy Chase Area 6519 and 6521 SUMMIT AVE, In the Rollingwood Section of Chevy Chase, Md. $10,750—%10,950 In a setting truly magnificent, this beautiful home of stone and brick is one of two houses just completed. Three bedrooms, two baths—and a “house full” of surprises. You'll love the spacious screened living porch overlooking fragrant woodlands. The other home is of ornamental brick and of center-hall plan. Attached garages. You'll agree these homes and settings are indeed PERFECT. OPEN TODAY, SUNDAY AND DAILY TO REACH Out Conn. Ave. beyond Chery Chase Circle to Thornapple §t. Turn right and continue across Brookeville Rd. to Summit Ave. at end of Thorn- apnle St. 4944 Lowell St. N.\W.—in Kent The discriminating buyers have accepted Kent as an ideal place to live and our sales have spelled success. This beautiful Colonial is the only home left in this delightful subdivision. Its spacious floor plan instantly appeals to those who look for something unusual. Living room 15x24 with large cov- ered porch; arch doors into large, bright dining room; library with fireplace and lavatory; pantry and ultra-modern kitchen with Napanee cabinets and sink. Second floor: Four large bed rooms and two baths. Third floor: Large bed room, bath and storage room. Basement: Recreation room with fireplace, maid'’s room and bath, laundry room, 2-car built-in garage. G. E. gas air-con- ditioning heating plant. On a large lot overlooking the Hills of Virginia. Open Daily and Sunday Until 9 P.M.. Drive through Wesley Heights or pass American University to the entrance to Spring Valley, then follow Little Falls Road to property. Phillips & Canby, Ine. owvios Kent—A Community of Character NA. 4600 1012 15th St. N.W, to our perfectly planned community at Woodmoor and one of our representatives will go with you to inspect this home, Carefree Comfort With Modern® Gas Appliances Exclusive Arent 8320 Conn. Ave.