Evening star. [volume], January 14, 1961, Page B, Image 25

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

Image provided by: Library of Congress, Washington, DC

                
•COMICS, B-10-11
W lining
WASHINGTON, D. C.
SUBDIVISION DEVELOPMENT
A Break for the Little Man
Builders Will Erect More Lower Priced Homes This Year
By JOSEPH B. BYRNES
Real Estate Editor of The Star
The season of soul search
ing Is upon us. Fortunately
the period is brief. It ends
at just about that time we
start remembering to write
1961 on our correspondence.
From it spring all sorts of
predictions, some good, some
bad, and most of them wrong
—like the rosy outlook for
the construction business'
that was forecast by many
for 1960. This year the hous
ing experts are being less
optimistic. Nevertheless, they
do have an opinion.
First off they feel the gen
eral state of the economy at
present is not too good, par
ticularly in the home build
ing field. Furthermore, un
less the new administration
does something about it, it
Is not going to get any bet
ter.
On the brighter side of
the picture is the break for
the little man—that long suf
fering wage earner whose
dreams of owning a home
are fat but whose pocketbook
is thin. More houses at a
price he can afford will be
available to him.
An exhaustive survey by
the National Association of
Home Builders disclose that
a large segment of the in
dustry will concentrate on
developing homes in the
*B,OOO-89,500 bracket. Many
builders feel that this area,
almost neglected during the
easy money years, offers the
best spot for giving the lag
ging home construction busi
ness a shot in the-arm.
Money Plentiful
However, money even for
an $B,OOO home, is not going
to be too easy to come by,
NAHB feels. The associa
tion’s economists are well
aware that many banks and
building and loan* associa
tions are bulging at the
seams. But how to shake the
money loose under existing
interest rates is the problem.
HOME
LOANS
75%
OF APPRAISAL
G. Calvert Bowie, Inc.
Washington Bldg.
RE. 7-7121
jHOWKji
WANTED |:
Montgomery County
Prince Georges County I ;
HUGH T. PECK I
l! REALTOR g ;
7635 N«w Homßvhir* A»». E ;
HE. 4-1700
11246 GEORGIA AVI.
10. 5-2990 E :
5 3N. R.rry St., Ro«k»i»« E J
S GA. 4-6575 E
> 7903 Norfolk Ave. 5
OL. 6-9170 ft
Bi Ready for Spring
a SELL FOR CASH J
Lit Us Sicun Your S
} VA or FHA Appraisal
Coll
cox & co. s
l! RE. 7-1633 JE. 3-8415 5
[| TA. 9-0581 JU. 9-2631 ft
wwwswwwww>
TRUST
NOTES
Reasonable Dates
Prompt Service
UJc Will buy Second Trust Notes
Secured on Improved Property
Nationalmortgage
CORP.
1312 N.Y AVE.,N.W.-NA-B-58JJJ
2 OFFICES
$ TO SERVE
g YOU BETTER |
WASHINGTON
No. 2 Mass. Ave. N.W.
NA. 8-5020
ROCKVILLE
712 Rockville Pike
PO.
Lenders just aren’t inter
ested in a 5% per cent FHA
mortgage when they can do
better in the conventional
market. As for VA loans,
they are practically non
existent. In either case the
borrower is going to have to
give away point money to
make up the difference if he
wants to finance his house.
In the absence of some
Government subsidy program
or an artificial lowering of
interest rates, this leaves that
little dream house just about
as far out of reach of the low
income earner as before.
That something will be
done by President-elect Ken
nedy, and soon after he takes
office, is indicated both by
Mr. Kennedy’s reports to tije
press and by advice he has
received from his aides.
Cabinet Post Sought
High on the list of recom
mendations prepared by Jo
seph McMurray of New York
in a “task force" survey of
housing and urban develop
ment is low-income housing.
In fact, it follows immediate
ly behind his suggestion that
the new President appoint a
cabinet-level post for hous
ing and urban development.
In point No. 2 of 13 major
recommendations. Mr. Mc-
Murray would set up an en
tirely new subsidy program
to provide housing for low
income families. He would
like to encourage a maximum
of private enterprise partici
pation. Also, he recommends
that local communities be
given the widest discretion
in choosing their housing
programs, including public
housing which would be con
tinued and improved.
Hard on the heels of this
recommendation, Mr. Mc-
Murray devotes points No. 3
and 4 to money matters. He
obviously is trying to put
that dream home within easy
reach of the Little Man.
I "■
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RENTALS
INSURANCE
REAL ESTATE LOANS
First Deed of Trust
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R.ohor
1826 K Street N.W.
NA. 8-03S0
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i; What You Have i i
I; For What You Want
'! I Real Estate) <!
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I; 11200 Viers Mill Road, Wheaton
HE. 9-2400 LO. 5-2005 !;
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FUNDS AVAILABLE
FOR
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WAREHOUSES
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f ALEXANDRIA, VA. |
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REALTORS, DI. 7-4244
Home and Real Estate
I
• BUILDING
If Mr. Kennedy harkens
to the advice of his housing
experts and takes notice of
a specially prepared list of
proposals submitted by
NAHB, money for housing
will be easier to borrow this
year. Both NAHB and Mr.
McMurray see eye-to-eye on
this phase of the picture.
Proposals Offered
Each has submitted pro
posals asking Mr. Kennedy
to consider transference of
the Federal National Mort
gage Association (Fannie
Mae in the lexicon of the
lenders) into a central mort
gage reserve. “The time is
now ripe and relatively few
major changes in legislation
would accomplish it,” NAHB
states.
This new agency would
function somewhat like the
Federal Reserve Board. It
would be a central market in
which mortgage money for
housing could be readily ob
tained regardless of fluctua
tions in the regular money
market.
The effect, builders and Mr.
McMurray feel, would keep
the housing industry on a
more even keel. Its facili
ties, of course, would be
available to all segments of
the economy; the little man
and the well-heeled citizen
alike.
Unhampered by the usual
political considerations,
NAHB didn’t bother to mince
words in its report to Mr.
Kennedy and to NAHB mem
bers. In a forthright preface
the suggestion list stated:
“The building industry is
now operating at levels
sharply below (off 17 per
cent) a year ago. The chang
ing nature of its markets, to
gether with the generally
listless economy, offer little
hope there will be any im
provement in the near -fu
ture, given the framework of
I "Buddy... if you're looking for a house
or apartment, there's only one place to go."
Housing Headquarters in Washington
Realtors Sine* 1906
724 14th St., N.W. NA. 8-2345
5000 Conn. Avenue, KE. 7-1800
2055 Wilson Blvd., Art., Ve. JA. 5-6800
2519 Ennalls Ave., Wheaton, Md. LO. 5-0844
'""I
r Both Construction and I
I permanent Financing aie\
| Covered with a single I
I EQUI-LIFE loan I
I s.. Ou . w ■-1
- Amp,e park ' no
Prompt Service -Q/.
/eTp** »■»-- •»
TvruWWWWvHn t' 11 -’
SWO WISCONSIN AVI. • EM. 24006
I ■ ••• ■'■■■■ , -J
CONSULT FOR ALL FORMS OF
PROPERTY INSURANCE
COMPLETE, EXPERT
SERVICE AVAILABLE
Randall H.Hagner A Gompa.m
incorroWatcd
Rkaltorr
1321 CONNECTICUT AVENUE
DEcatur 2-3600
=gr REALTORS
MORTGAGE BANKERS
Mortgage Loan Corespondent
• RESTORATION
(present) programs and ap
proaches.
... “Frankly, the best that
can be hoped for is that we
can at least hold our own.”
As for its members, NAHB
warned that "so far as the
long range situation of the
industry is concerned, a large
part of the answer lies with
in the industry itself and
what it does to improve its
product. . . .”
The suggestion list closed
with a plea asserting that the
“most vital” step Mr. Ken
nedy could take right now
was appointment of "truly
outstanding persons to man
age the Government’s respon
sibilities.”
Appointments Vital
Without sucn appointments,
the association concluded,
casing credit, revitalized ur
ban development, research
and refinements in the Fed
eral Housing Administration
down payment structure
would be fruitless.
This trial and travail
doesn’t make the builders
too happy, but it should
cause the prospective home
buyer to jump for joy. He is
going to benefit by it.
Being business men with
millions at stake, the builders
have not been sitting back
waiting for something to
happen. For the past decade
they have quietly been ex
perimenting. Research has
developed new materials and
techniques. These are now
being unveiled.
Powerful industrial groups
such as the plumbing and
electrical manufacturers have
designed and developed pack
age deals easier to install at
a lower cost. Furthermore,
they are more efficient and
will last longer than those in
use today.
All of this adds up to a
better house for less money,
whatever its price range.
No less an authority than
• ARCHITECTURE
This is a typical home in the prize-winning Flint Hill subdivision—Photo by Robert Lautman.
Norman Mason, outgoing ad
ministrator of the Housing
and Home Finance Agency,
feels that in the present dec
ade sweeping changes will be
made in the housing field.
Probably most important
as far as the home buyer is
concerned is Mr. Mason's
prediction of a transfer in the
approach toward the actual
purchasing of a home. Mr.
Mason thinks the time is ripe
to do away with the costly
legal fola e r o 1 incumbent
upon the buyer.
If that day comes, builder
and buyer will benefit. Set
tlement time can be annoy
ing. It is time consuming
and requires cash. Cash eats
into down payment money.
MORTGAGE
LOANS/
75% / *’»•
CONVENTIONAL /
AND
y CONSTRUCTION
Most Unique In The Metropolitan Area!
Hr
MONTGOMERY CTY. AIRPARK
A Unique Industrial Development
Near Gaithersburg, Maryland
FLY RIGHT UP TO * £t'^ZXiC. r * quir -
YOUR PLANT * S |tes * rom 1/2 10 25 acres priced
as 6>w as $12,500 an acre or
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FOR FREE BROCHURE ’ All utilities ore in or immediately
available
WRITE OR PHONE • Utilities are included in price
FREDERICK W. BERENS SALES, INC.
1722 L STREET REALTORS NA. 8-5000
/ ™<>rt gag,,
Conventional L -" irn 3 Rfilil
Loans—7s% . . . 25-Years
FHA Loans Also Available I
Mortgage Loans of est I
Property Management [j| Ml ■
Insurance
MORTGAGE lOAN CORRESPONDENTS: f JL
4 etna l*ife Insurance Co.
Life Insurance Co. of Virginia
B.F. Saul
MORTGAGE BANKERS—REALTORS
• FURNISHINGS
Money the buyer might have
used to purchase a larger
home if he could get over
the big hump of that first
payment.
While there is both a
bright and a dark side to
the cun-ent housing picture,
its basic concept will be de
termined by what Mr. Ken
nedy does in the first few
weeks after he takes office.
No ihatter which way he
moves one point will remain
clear.
Whether mortgage money
is eased or the status quo
is maintained, the man who
can afford to buy a home is
going to get more for his
dollar in 1961 than he did
last year.
SATURDAY, JANUARY 14, 1961
Flint Hill Project
Wins Bth Award
The Bethesda-Chevy Chase
Chamber of Commerce has
awarded its Lawrence A. Funt
cup to the Bennett Construc
tion Co., developers of Flint
Hill, for its outstanding con
tribution to housing in the
area.
The award, being pre
sented for the first time, is
the contribution of ortho
dontist Dr. Lawrence A. Funt,
of Bethesda.
A winner of seven previous
FOR
MORTGAGE FINANCING
ON
APARTMENTS
Up To
25 Year Term
SEE
H. G. Smithy Company
Mortgoge Repretenfctive, The Traveler* Insurance Co.
811 15th Street N.W. STerling 3-3300
yT
—’—~~— ■
H When you want
a loan
» to build a home- M ■ H
WABHINOTQN: 905 1 6TM STREET, N.W. ST 3*5090
BALTIMORE: 1313 FIDELITY BUILDING FL 3*3330
WEAVER BROS., INC.
Realtors and Mortgoge Bonkers Since 1888
Announce the Opening ot Their
| NEW BRANCH OFFICE
on January sth in Springfield, Va.
at 7213 Old Keene Mill Rd., Tel.: [phone]
Mr. Robert F. Silver
Manager
Real estate brokers and ;
the general public can ( „
| rely on a well -1 rai n e d 1
I staff, headed by Mr. Sil-
|, ver, to furnish expert, on-
J the spot mortgoge f inane-
I NOTE: Two other new branch offices now open:
• Falls Church, Virginia; Silver Spring, Maryland
- Weaver Bros. Inc.
■ Washington Bldg. District 7 8300 • Realtors Mnilgagr Bankers - Since ISM
Morfgog* loan Corre»pond«nt for 4
| METROPOLITAN LIFE INSURANCE CO.
B
-1
• DECORATING
awards, Flint Hill is located
on a wooded tract along Riv
er road about a half-mile
west of Wilson lane.
Built by Edmund J. Ben
nett of Bethesda the houses
were designed by Keyes,
Lethbridge and Condon.
Presentation of the Funt
cup will be made to Mr. Ben
nett at the Chamber’s instal
lation dinner, January 26, at
Kenwood Country Club.