Evening star. [volume], June 11, 1932, Page B-2, Image 14

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
REAL ESTATE HELD
Reorganization of Mortgage
Debts Is Pictured by
Herbert Nelson.
Belief that the real estate business
will prove rfn important element in the
economy recovery of this country is held
by Herbert U. Nelson, executive secre
tary of the National Association of Real
Estate Boards.
He bases the opinion cm a study in
which he finds that in the field of real
estate the process of reorganization on a
new basis hag gone further than in
other fields, that the debt on real
estate has been decreased, that the
mortgage debt of real estate is less than
that of other commodities and that dur
ing the depression period real estate
demands have been accumulating.
Owned by Million*.
Mr. Nelson gives the following argu
ments for his prediction:
"Real estate is owned by millions of
persons. Each property stands on Its
own feet. The millions of owners can
not act conceitedly. It is not possible to
support the real estate market artificial
ly through large credits extended by
banks or by Government, as has been
done with wheat, railroads, public util
ities and other commodities and busi
nesses. Since 1927, when the real estate
market started to recede, each real
estate holding has had to meet Its ob
ligations and adjust itself to conditions.
On larger propects on which bonds were
Issued the process of reorganization in
many cities is almost completed. In
such cases equity holders and mort
gagees have taken their losses. More
over, where bondholders have taken over
the property they are In the position of
common stockholders and from now on
actual earnings will determine the value
of their bonds.
"Since 1927 institutional and private
loans on real property have been cur
tailed rapidly. During the current year
almost no money has been available in
most communities for real estate loans.
During this four-year period, neces
sarily. indebtedness on real estate has
consistently been decreased.
Bonded Debt Is Small.
“The value of privately owned real
estate In the country Is In excess of
$150,000,000,000. The total amount of
the mortgage tfpbt has been estimated
at $35.000.000.P90. which equals 23 per
cent. The bonded debt of many of the
mast conservative and well established
transportation and Industrial enterprises
today exceeds 80 per cent of their pres
ent value. Many forms of business and
investment, undoubtedly, must go
through some process of reorganization
by which their fixed debts can be scaled
down before they are in a position to
resume healthful and increasing activ
ity. Real estate, having a relatively
small indebtedness, is in a position to
lead the way.
• Since 1926 a steady recession in con
«truction of now housing facilities has
continued, until at present the con
struction industry is operating at less
than 25 per cent of its capacity. In the
meantime many families are living
'doubled up.' Also cities have continued
to grow. Depreciation continues to wipe
out each year approximately 2 per cent
of our existing buildings. As the read
justment continues and as families put
themselves into the situation where they
can maintain themselves, it may be as
sumed that one of their first demands
will be for decent housing. Figures in
the possession of the National Associa
tion of Real Estate Boards indicate that
the doubling-up factor has reached ap
proximately 10 per cent. This alone
would absorb practically all the vacan
cies now existing in our cities.-'
Permit Asked for Dwelling.
Margaret D. Reading, owner, and F.
Davis Little, builder, have filed applica
tion for permit for the construction of a
two-story brick dwelling at 3364 Stuy
vesant street. The house has an esti
mated building cast of S9.800.
6616 7th Place N.W.
Bet. Van Buren and Whittier Stt.
This lovely all-brick home with
slate roof has 7 large rooms, two
fireplaces and bath.
It is situated on a 43-ft. lot in
one of the best residential sec
tions in the District of Columbia
—and has a large garage on rear.
Among the features of this
home are copper down spouts and
gutters, most modem kitchen
with electrical refrigeration, bath
with finest improvements, full
attic, cement front porch and
large recreation room with fire
place.
An Unusual Value
at $9,375.00
Open Sat. and Sunday
Phillips & Canby, Inc.
Exclusively t
Nat. 4600 Investment Bldf.
UNEXCELLED
LOCATION!
Upshur St., near 16th
EXHIBIT HOME
1425 UPSHUR STREET
Open and Lighted
Until 9 P.M.
All-Brick Construction
2 Covered Porches
8 Spacious Rooms
Step-Down Living Room
Recreation Room with
Ornamental Fireplace
Concealed Radiators
Gorgeous New Kitchen
New Model Frigidaire
Folding Dinette Set
2 Colored Tile Baths
Copper Screens
2-Car Brick Garage
Lots 140 Ft. Deep
*11,950
r CONVENIENT TERMS
CAFRITZ
£
Priests Buy Property
OBLATES OF ST. FBANCIS ACQUIRE HOUSE.
TE Oblates of St. Francis de
Sales, Catholic priests engaged
in educational work, have pur
chased the property at 912
Newton street northeast, in the
Brookland section, for use in the
training of student professors of the
order.
The property has a frontage of 250
feet on Newton street, between Ninth
and Tenth streets northeast, and has
a depth of 140 feet.
Standing on the property is a three
story house, containing 18 main rooms,
•which Is to be used for the present.
One or two new buildings will be
erected on the site eventually, it Is re
ported by J. Leo Kolb, who handled
the transaction for the acquisition of
the property.
The present building will provide
study rooms, a dining hall and resi
dential quarters for members of the
order.
The Oblates of 8t. Francis de Sales
is an actor having a history of ap
proximately 300 years.
IN OLD CLEVELAND PARK
2957 NEWARK STREET
Pric. $12,500
An eight-room detached home In the midst of at
tractive homes and delightful surroundings, yet within
walking distance of quality stores, transportation and
schools.
It should be Inspected by those looking for a real
home in a section known and admired by Washingtonians.
Open for Inspection Saturday afternoon and Sunday
ratil dark.
Goss Really Company
1405 Eye St. N.W. NAtional 1353
5910 32nd Street
Chevy Chase, D. C.
A detached home on a splendid lot. with many great big trees.
6 rooms, bath, screened side porch.
Price, $8,950
Moderate cash payment and $59.50 per month; open
today and Sunday
Wm. H. Saunders Co., Inc.
1519—K St. N.W. Di. 1016
1400-Iris St. N.W. Overlooking Shepherd Park
Thii beautiful New Corner Reiidence, just completed, it the outstand
ing value in this exclusive subdivision. Center hall, 9 rooms, 3 baths,
lavatory on 1st floor, lot 65x150, with abundance of shrubbery, and 2-car
brick garage.
Oriental Rugs Furnished bv N. C. Hintlain
Drive Out 16th St. to Iris St.
towf:r hist.
BI.DG. 0853
He Couldn't Desert His
Wife's Dower Rights
A man deserted his wife and died in a distant
city two years later. When his Identity became
known, an Investigation disclosed that he had
operated extensively in real estate, buying and
selling in his own name property worth hundreds
of thousands of dollars. For obvious reasons he
had conveyed title each time as a “single man,"
thus clouding each title with a dower claim. The
wife through counsel subsequently pressed her
dower claims and the numerous owners sustained
losses of thousands of dollars.
Whenever you buy or lend on real
estate, a Mew York Title policy is
always your best policy.
New York Title
AND MORTGAGE COMPANY
A. W. Hoover, Assistant Vice Pres, in Charge
810 15th Street, N. W. (Shoreham Bldg.)
Phone: Metropolitan 3909
Capitol Funds Over $60,000,000
_SjCURgE AS THE BED ROCK OF NEW YO^K ■
$166,200 IN BUILDING
PERMITS ARE ISSUED
IN CAPITAL IN WEEK
(Continued From First Page.)
erect one 2-story brick dwelling, 5500
New Hampshire avenue, to cost $7,500.
H. T. Sisk, owner and builder: Oeorge
T. Santmyers, architect: to erect one 2
story brick dwelling, 4330 Davenport
street, to cost $7,000.
W. C. and A. N. Miller, owners and
builders: o. E. MacNeil, architect; to
erect one 2-story brick and frame dwell
ing, 3112 New Mexico avenue, to cost
$6,326.
Harry T. Sisk, owner and builder: W.
Valentine, designer; to erect one 2-story
brick duelling, 4326 Davenport street,
to cost $6,000.
W. E. Grimes, owner; Sears. Roe
buck & Co., designers and builders;
to erect one 112-story frame dwelling,
Bonlnl road and Southern avenue, to
cost $6,000.
Maude V. Phares, owner: W. P.
Frederick, designer; W. A. Kingsbury,
builder: to erect one 1-story brick
dwelling, 6211 Utah avenue, to coat
$5,500.
Maler Development Co, owners and
builders; George T. Santmyers, archi
tect; to erect one 2-story brick dwell
ing, 2209 Minnesota avenue southeast,
to coat $5,000.
Mrs. E. A. Stout, owner; Maurice
Joyce, designer and builder; to erect
one 2-story brick and cinder block
dwelling, 3305 Nichols avenue south
east, to cost $5,000.
L. C. Matthews, owner, designer and
builder; to erect one 1-story brick gaso
line station, 1363 New York avenue
northeast, to cost $4,000.
John Melklejohn, owner and builder;
J. R. Kennedy, designer; to erect one
1- story brick office, Van Buren street
and Silver Spring road, to cost $3,500.
William F. Shields, owner; T. B.
Burgess, designer; Marsnall Lehman,
builder; to erect one 2-story brick and
tile dwelling, 4921 Rock Creek Church
road northeast, to cost $3,500.
C. Lewis, owner; L. W. Giles, archi
tect; R Dodd, builder; to erect one
2- story brick dwelling, 4827 Jay street
northeast, to cost $3,000.
Annie Branson, owner, George Bran
son, designer and builder; to erect one
2-story frame dwelling, 3350 Fifteenth
street southeast, to co6t $1,500.
Angelo Valenti, owner and builder;
to make repairs, 1251 Sixth street, to
cost $1,000.
- ^
$6,300 HOME PLANNED
Will Be Built at 3530 Camden
Street Southeast.
Plan* for the construction of one 3
story dwelling at 3530 Camden street
southeast have been filed with the Dis
trict government by Mr. and Mrs. M. J.
Smith of Annapolis, Md.
The house is to be of a combination
of brick, frame and stucco construction
and has an estimated building cost of
$6,300. Z. P. Hardesty is listed as the
builder.
No. 4 PINE STREET
COLLEGE HEIGHTS, MD.
Outstanding Features:
Reception Hal!. 7x7 ft.
Living Room, 24x14 ft.
Dining Room, 14 ft. 6 in.xl4 ft.
Rear Hall. 7x7 ft.
Modem Electric Kitchen, 14x9 ft.
Finished in Oatmeal Tile
Full Basement, 24x33 ft.
F.lectrir Oil Burner
3 Bed Rooms
24x14 ft 13x13 ft. 13x10 ft.
* Baths, 1 Shower and 1 Tub
Beautifully finished in Attractive
Colored TUe
Oak Floors Throughout
Large Lot. 60*135 ft.
Detached Double Garage, over
the-top doors. Construction of
Hollow TUe and Face Brick, As
bestos Shingles on House and
Garage, Copper Spouts and Gutters.
ONLY $11,950
Convenient Terms of Purchase May Be Arranged With the
Builder, MICHAEL BOSMA
HOW TO GET THERE: Drive out the Baltimore Pike just north of
Riverdale. A direction sign to the "ELECTRIC KITCHEN" will guide you.
11 New Homes
ParhS Four Ready 1SOW
HiUs.l Seven Being Completed!
Over Twoscore Homes Occupied
By Otcners _ _
Distinctive, permanently con
structed homes in this New jj
Community that has Every- jj
thing! Parks, high elevation, jj
paved streets, wide lots, wise j!
restrictions. All natural ad- jj
vantages of beautiful rolling jj
wooded hills, all city im- jj
provements. Schools, stores, jj
etc., close by. Rearhed by 4 jj
arterial D. C. highways. 20 ji
minutes from downtown. Bus jj
service via 16th St. at corner. |
Drue out 16th St. and jj
Alaska Are., north on Georgia H
Are., turn right at tigns. {’
Office—;»00 Georgia Are. i!
Phone Shepherd 1400 jl
k|ORTH\A/ASHINGTOM 8
l ▼ 1 Company //tel k
E. BROOKE IRE. Eras.
See Model
Flertrir Home
5 Wee*ex Ro»d
English studio
type. with six
rooms, two baths;
recreation room
with fireplace;
built-in garage;
covered concrete
porch with mass
ive oak timber
work: guest room
or library with
bath on first
floor; G. E. re
frigerator; West- j
inchouse range;
m a n v unusual,
new features.
$12,950 |
Liberal Terms
Prices Reduced!
Closing Estate—Only 4 Left
5506 Fourth St. N.W.
Exhibit Home—Take 14th St. Care
Six Large Rooms—Spacious Dinette
Model Kitchen—Extra Tiled Lavatory
Frigidaire—Detached Garage
THE PRODUCT OF A MASTER HOME BUILDER, complete to
minutest detail, quality and workmanship will please the most
critical. There is a handsome tiled bath, cedar closets, modern
cabinet, stylv kitchen with built-in double drain
board porcelain sink, Oxford cabinets. Sanitas Desirable Seven
wails, inlaid linoleum, beautifully finished white Room Corner
oak floors, screened breakfast and sleeping sujt,b|# f,,. Doctor
porches.
Open Daily and Sunday to 9 P.M.
L. T. Gravatte
729 15th St. N.W. Realtor NAtional 0753
Evening Phone Georgia 2900
• GREATEST VALUE.
» •
I Ever Offered in the History of the Beautiful
! *TORT SLOCUM PARK” Section
Exhibit Home: 5529 2nd St. N.W.
Price $8950 “P
BRAND-NEW—ALL-BRICK HOMES
• OPEN SUNDAY and DAILY UNTIL 9 PM. •
7 Bi«
I Rooms
Daylight
“Club Salon”
Direct Outside Ventilation
2 Complete
‘‘Colored’’
Tile
Baths
Reception Hall with Coat Closet.
—All Opening*—
Metal Weatherstripped. screened
and caulked.
Master Bed Room with two cedar
lined closets. Mirrored Doors.
Alcove for Vanity.
Larie “Kitchen.” beautifully equip
ped. 5 ruble fool "Kelvinator.”
Electric Clock. 6-ft. double drain
board porcelain sink, inlaid lino
leum. Insulated console aas
ranee. Oxford cabinets.
BUILT-IN GARAGE.
“Orer-the-tpp” Deere.
Directions: Drive out Georgia Avenue to Longjeuow, znence east on Long
fellow to Second Street, or take Fourteenth Street Car marked Takoma Park,
get off at Longfellow, thence east one and one-half Clocks.
j K J. E. DOUGLASS CO. “Vi
PLANS FILED TO BUILD
HOME COSTING $23,000
Will Be Erected in Colonial Vil
lage Section of Bock Creek
Park Estates.
Edson W. Briggs Co. has filed plans
with the District Building Inspection
Department for the construction of a
residence for W. Carle ton Bacho. owner,
at 1000 Plymouth street, in the Colonial
Village section of Rock Creek Park
Estates.
The house has an estimated construc
tion cost of $23,000. The building is
to be of two and a half stories and of
brick construction,
TAX RATE PROTESTED
Special Dlipateh to The Star.
BALTIMORE, June IX.—The question
of real estate taxation here has become
so acute that the Building Owners and i
A Detached Heme
an a URGE LOT!
Brlek and atone construction, lerce
living room, with stone fireplace:
tiled kitchen with breakfast room
and electric refrigeration; a com
plete bath, recreation room In base
ment. 2-car garage.
Very Easy Terms!
6814 9th St. N.W.
Open to 9 P.M.
Will Consider Trade
Waple & James, Inc.
1226 14th St. N.W.
NOrth 0962
Sherwood
Forest
Offers
Opportunity
to Economize
♦
Summer Rentals
Greatly Reduced
To
Acceptable Clientele
♦
Ideal Salt Water Bathing,
Golf, Tennis,
Horseback Riding, Etc.
♦
1719 K St. N.W. National 4625
Manager*’ Association of Baltimore,
which Includes all large office buildings,
this week sent to Mayor Jackson and
the City Council a resolution • asking
that the tax rate be kept as low as pos
sible and that a deficit In the 1933
budget be prevented.
The present tax rate is $2 45 per
hundred and this Is expected to go to
around $1 per hundred next year.
A Spanish Gem
5333 16th Street N.W.
Directly Facing Beautiful Rack Creek Park
A Creation of Old Spain Blended With
Modern America
A typical Spanish living room with high domed ceiling, huge
open fireplace, high arched windows, and textone walls of pleasing
colors. Two separate entrances lead to open porches.
A library, dining room, breakfast room, and electrically equip
ped tiled kitchen complete the first floor.
The recessed stairway, affording an elevated view of the 30-foot
living room, leads to the four bed chambers, and two ultra-modem
baths. The nag* equipment is a revelation in modern bathrooms.
A pleasing addition to the rear of the home will he found in two
huge Mission porches of hewn timber, and screened—from which is
seen the entrancing garden, with its fountain and pool, trees, and
rustic seats. Rack of this setting stands the two-car garage, blended
in the pleasing Spanish architecture.
The house is equipped with every modem convenience. An
inspection will surprise and please you. Priced very attractively for
immediate sale.
Open 2 to 9 P.M. every day—all day Sunday
Realty Associates *»'•
Realtors
1427 Eye St. Nat. 1438
New
Detached
Brick
Colonial
Homes
Unexcelled
Close-In Location
Lovely
North Cleveland
Park
3520-3530-3540 Van Ness Street
(Reached via Connecticut or Wisconsin Avenues at the Bureau of Standards)
n5,950 UP
Unusually Attractive Terms May Be Arranged
FEATURING
S 'fti rooms, two (2) baths, two (2) car garage, full attic, screens, weather
stripping, automatic refrigeration, sleeping porches, lovely landscaped grounds.
OPEN DAILY UNTIL 9 P.M.
OWNER’S REPRESENTATIVE ON PREMISES
2750 Brandywine St. N.W.—Forest Hills
$27,500
First Showing—Beautiful Colonial Stone Home.
Special Features: Paneled Library, imported wall paper, Lower floor
trimmed in Solid walnut, two open fire places, Beautiful garden with foun
tain—Special handmade hardware fixtures, two-car garage—10 Rooms, 3
Baths—Expensively landscaped lot 83x160.
PHILLIPS & GANBY INC.
Na. 4600 Exclusively Investment Bldg.