Newspaper Page Text
Dwellings Planned by Occu
pant Likely to Remain in His Possession. At least 100,000 of the families ac quiring newly built homes In America In the past two years have more than a 50-50 likelihood of aticking with the home ownership project until the mortgage debt is paid off somewhere between 8 and 15 years from now. This is the conclusion drawn by the Home Building and Home Owning Committee of the United States Build ing and Loan League from the fact that this number of homes were built by the future owner-occupant acting upon his own initiative and therefore represent a deeper-rooted desire for home ownership than houses of any other origin. These owners will be far less likely to put their homes up for sale as prices and turnover ad vance. Figures from the F. W. Dodge Corp. •how that between 60,000 and 70,000 homes in 1936 and approximately 40, 000 In 1935 were built on the future occupants’ initiative. They constitute practically half of all one-family homes built since the residential re vival started. Surveys of the lending records of savings, building and loan associations which have played a $425,000,000 financing role in the home construc tion drama of the past two years indicate that there is about twice as good a record of carrying through on the home ownership project when the owner plans and builds for himself than under other circumstances of acquiring a home. Many of the sav ings and loan association records on •uch habits go back 50 or 60 years. "The past two years have seen a larger proportion of residential build ing in the former of these owner-built homes than will be characteristic of the rest of the present construction cycle,’’ said the committee. "For this reason they may be looked upon as the most Important nucleus of sta bility in this new period of expand ing home mortgage credit and home construction. "It is Inevitable that the developing cycle of building should bring the housing development companies and the small contractor-builder of homes for sale or rent as a more definite influence in the total expansion of home building. They were more prom inent in 1936 than in 1935 because cf the decreasing margin between rents and new building costs. Any substantial further expansion of home building depends upon a continued diminishing of this margin and will therefore tend more and more to en courage the building of houses first and the selling of them later to their future occupants. "The families which buy these houses go into the enterprise as a re sult of salesmanship on the part of the builder or the real estate man as a rule. It is often good salesmanship, and it promotes home ownership in countless places where the family would never have the Initial impulse to go out and have a house planned for itself. But as contrasted with the home ownership transaction which is prompted from the beginning by the owner, it represents less defi nitely the strong and stable determi nation of the family to own the home. "The role of keeping the family sold upon its home ownership undertaking remains in the hands of the financing agency which provides the mortgage money and is in a position to en courage the family’s carrying through Until the debt is paid off. "While an active and enthusiastic real estate market is always a highly Important factor to the mortgagee as well as to the real estate broker, the savings, building and loan association particularly does not lose sight of the fact that the heme which transfers owners many times in the course of a rising real estate cycle is the one which is most likely to cause trouble when activity begins to fall off. Every possible step should be taken, there fore, to encourage true home owner ship rather than speculative invest ment In home property.” Enthusiasm and Brush. With a good paint brush and lots of enthusiasm, there's no limit to the Improvements ty>u can make around the house. Old chairs need only be rubbed down and reflnlshed to bring back their lost beauty; kitchen cupboards, relined with a coat of gayly colored paint, to brighten your whole outlook. ■m-**‘ ■"» .... -j*i j r*T^*uujLixig^>a^a^-^*yy<«-> - ^ Want Offers on the Following Real Estate Residence Property 7408 Alaska Avaaua N.W. 9 rooms, 3 baths, 2-car garage. 5209 38th Street N.W. 7 rooms, 2 baths, maid’s room, 1-car garage. 3640 Hertford Place H.W. 3-story, brick, 9 rooms, hot-water heat, one bath. 4139 Harrisoa Street N.W. 7 rooms, 2 baths, hot-water heat. 4506 Walsh Aveaae, Chevy Chase, Md. 5 rooms, 1 bath, partially finished attic, 1-car garage. # Business Property Departmental Bank Building 1726 Pennsylvania Avenue N.W. Park Savings Bank BuHdfng 14th and Kenyon Streets N.W. Apply: JOHN F. MORAN Receiver, Park Savings Bank 14th and Kenyon Sts. N.W. Telephone: COL 5000 Cumberland Street Dwelling Sold This home at 3719 Cumberland street has been purchased by Mrs. Vesta L. Watson and daughter. Miss Barbara Watson, from Paul T. Stone and Ambrose Higdon, builders. It was sold by Donald L. Luxford. —Star Staff Photo. Chevy Chase Home Sold Dwelling at 6219 Thirty-first street, Chevy Chase, D. C„ pur chased by Harvey B. Otterman from George W. Young, builder, through the office of the Brasure Co. —Star Staff Photo. $30,896 000 LOANS INSURED BY F. H. A. Mortgage for $141,000 on 7-Story Apartment Building Project in York, Pa. With the insurance of a $141,000 mortgage on a large-scale housing project at York. Pa„ the Federal Housing Administration’s commit ments under the large-scale housing program amount to $30,896,000. There are additional conditional commit ments issued involving $10,970,000. The York project is a seven-story apartment building, of brlck-and-con crete construction, in the form of two Greek crosses. It consists of 43 apart ments of four and five rooms and will rent for $14.25 per room per month. .I Cross ventilation will be a feature of the apartments, and there will be light on three aides. An underground garage Is connected with the building, and there will be elevator service In each of the crosses. The construction Involves an oper ation of $f81.603. The mortgage of $141,000 is In the form of an issue of bonds which have been taken pri vately by the York National Bank 4: Trust Co. and the First National Bank of York and the Equitable Trust Co. of Wilmington, Del. Each bond Is certified as secured by a first mortgage on the property insured by the Federal Housing Administration. DOOR SIZES CHANGE Become Larger, Then Are Altered Again in 150 Tears. It is Interesting to note the changes In dimensions of room doors that have taken place during the past 150 years. The doors to our Colonial rooms were frequently 3 feet or more wide and leas than 6 feet 6 Inches high. During our Victorian era doors grew to great heights and were often even wider than 3 feet. Today few doors are over 2 feet 8 Inches wide, and most are 6 feet 8 inches high. Doors to main rooms should not be less than 3 feet 6 Inches wide, and where possible they should be wider. 175 Million Trees, Shrubs. The Soil Conservation Service plans to plant approximately 175 million trees and shrubs during 1937, as part of the erosion control program, in project areas throughout the country, H. H. Bennett, chief of the service, has announced. During 1936, he said, the service planted 130,000,000 trees, mostly of the hardwood varieties. 23 Ft. Brick 9 Rms.—2 Baths 1620 Webster N.W. .. This delightful refined neigh borhood between lflth Bt. end Rock Creek Perk. Hss h.w.h. <oll burner), meld’s room In basement, large attic, built-in garage. A home that once commanded a large price. We believe this is an exceptional value at S11.950. Mt. Pleasant 1844 Kenyon N.W. Between Mt. Pleaeant Bt. and Rock Creek Park. Attractive Co lonial brick, fully CC feet in width, containing six largt rooms and bath, tiled lavatory, h.w.h.. elec tricity. These premises are In ex cellent condition, and it Is a con sensus of opinion of several brokers and builders that this home la very low priced at 97.860. L. T. Gravatte 729 15th St Scatter NA 8753 Loan Correspondent Finds Ample Funds Now Available. • More than five million dollars’ worth of housing loans Insured by the Federal Housing Administration have been handled for two local banks and six Insurance companies by F. W. Berens In the last two years, the mortgage loan correspondent an nounced today. Starting with desk space In the McLachlen Building, the business has increased to a point where It has be come necessary to take spacious quarters on the ground floor of the Heurlch Building, 1627 K street. Ample Funds Available. Back In the days when little was known of the F. H. A., Berens stated that It was difficult to obtain ample funds and the delay In completing this type of mortgage loan caused a great deal of unfavorable comment, but during the last 12 months finan cial institutions have gradually real ised the desirability of this type of investment, with the result that am ple funds are available. Berens has grealy assisted the F. H. A. In eliminating unnecessary de lays and It is now possible to com plete an Insured mortgage within two weeks. Commenting on the features of the national housing act, he further stated that this governmental super vision has been of tremendous as sistance In revamping the entire mortgage business In this counti.' by the elimination of the vicious second trust and by allowing a long-term amortized loan at a reasonable Inter est rate. Another Important factor Is the granting of a loan not exceed ing 80 per cent of the value of the property. This permits a prospective home owner to purchase a home with a small amount of cash, repay the loan In small monthly payments and not worry with the necessity of re financing when the mortgage becomes dua. Annual Taxes Pro-Bated. Today the prospective home owner, purchasing a house and obtaining an F. H. A. mortgage loan, realises that the price he is paying for the prop erty has been approved by the F. H. A. as a fhir valuation and. in addition, the structural detail has been care fully examined and approved by the administration. Another feature which appeals to the average home owner la the pro-rating of the annual taxes, which permits him to pay these taxes in monthly installments rather than accumulate the entire tax bill at one time. These advantages have been re sponsible for the rapid growth of the Berens organization -nd in their new quarters a further expansion is ex pected. The companies represented by Berens Include the Security Mutual Life Insurance Co., Binghamton, N. Y.; the Shenandoah Life Insurance Co, Roanoke, Va.; the Ohio National Life Insurance Co, Cincinnati, Ohio, and the Paul Revere Life Insurance Co, the Massachusetts Protective Life Insurance Co. and Massachusetts Pro tective Association, Inc, Worcester, Mass. YELLOW SUPPLIES SUN North Light Rooms Brightened by Pigment. In painting a room with a cold north light, a tint of yellow com pensates for the absence of sunlight. It may be cream or ivory or, better yet, a light, clear yellow to contribute to an inviting, warm and cheerful effect. Funds for home decoration may tv obtained from private financial insti tutions insured by the Federal Hous ing Administration and repaid in small monthly installments. I WOODRIDGE i GARDENS 1 •• " T- • ■ I 1 I This New Home Will Surprise You I ■ 11 i I ■ I — 132 INGRAHAM ST. N.W. jTSjv Open Daily to 9 P.M. IfiODERn | ONE of the "roomiest" homes you'll ever see ^y. 6AS ^Sj with six REALLY BIG rooms (three bed rooms), three baths, beautiful recreation room and EXTRA finished bedroom in bosement. Fireplace. BUILT Gas heat. Lot 157 feet deep. Many unusual feo- BY tures, appropriately displayed by the beautiful SCHWINN, home furnishings. See it today. INC. Drive Out New e e e e Out Kamos Aoe. .... K II I I *° Ingraham St. w» I I I I «*<* right two «• * w | I II Mockt t0 *em“- KKALTQD A HOME AMONG THE TALL OAKS 6223 30th Stmt Chevy Chase, D. C. *9,750 0 m A completely reconditioned residence, with extra room and bath on first floor, three rooms and bath on second floor, two living porches, dining room 13x15 with china closet, living room 13x24 with open fireplace, exceptionally large closets and pantry. Two-car garage. Lot 70x150 with a grove of fine oak trees. Open Today and Sunday To reach: Out Conn. Ave. to Nebraska Avenue, right to Utah Avenue, left to Kittenhouse Street, right to 3Oth Street, and left about two blocks to property. Edw. H. Jones & Co., Inc. 5520 Conn. Ave. Cleveland 2300 f| OUTSTANDING NEW HOME 1 5341 29th St. N.W. 1 Just South of Military Road, Chevy Chase, D. C. HI/750 On a high knoll overlooking o beautiful wooded section of ;J Chevy Chase. This attractive home has an unusually large living roam with fireplace, bright, cheerful dining room and 4 an ultra modern kitchen with breakfast set and complete • 4 electric equipment. Three bed rooms, 2 baths, 3 large porches, full-finished, insulated attic with heat. Oil * I heat and 1-car detached garage. Phillips fir Canby, Inc. No. 4600 1012 15th St. N.W. k__L__ll 101 ANNE STREET Pretenting the Second Exhibit Home for January, 1937, in BEAUTIFUL KILMAROCK THREE HOMES ALREADY SOLD This home Is so unusual In quality of construction, equipment and design, together with the attractive price, we just leave all the other details to your Inspection. 20 mi nut as — , ^Follow Carroll drive from T7l |TT Ava., in Ta downtown o n I eua ..'A-A kotna Park, i two or more FHA | (TlOOERfl J two block, pa* through kobtcam I y etc *. I Washington streets, Fifth «wS VViall'y Sanitarium to } and J3th St,. VX sign KILMA- I ROCK. COFFEY & MASON, Owners and Builders Furnished by Hutchison, Inc. -^THROCKHORTON.IH^W’ Investment DI, 6092 109 SOLD—1 LEFT *7,450 520 POWHATAN PLACE N.W. 6 Rooms 2 Baths Recreation Room • All Brick • Hardwood Trim • Furred Walls and Floors • Bronze Screens i • Heated Recre • Weather-stripped otion Room TO BEACH: I Drive out 7th St. N.W. to rinoonn l i 6000 block. Turn right on 6 AS Y Powhatan to house. ^Zf^LI klXter HARRY WARDMAN, Inc. 1512 K St. N.W. Dis. 3830 "Lift'* Worth Living in a Ward man Ho mm"