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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 "■ SALES RENTALS INSURANCE REAL ESTATE LOANS First Deed of Trust GEORGE I. BORGER, INC. R.ohor 1826 K Street N.W. NA. 8-03S0 OK’D 4 TRADE ]; j TRADE J i; What You Have i i I; For What You Want '! I Real Estate) <! ;:KEN DRUSKIN; & CO., Realtors ‘; 11 912 East-West Hwy., Takotna Pk. I; I; 11200 Viers Mill Road, Wheaton HE. 9-2400 LO. 5-2005 !; < 'eeeeoeeeoeeeeeeeeeeeeeeeeeA' FUNDS AVAILABLE FOR COMMERCIAL APARTMENTS WAREHOUSES Loan Corraspondant Connecticut General Life Insurance Company f ALEXANDRIA, VA. | > REAL ESTATE ' ' Our 47H» Y»er RauMtUd Sfcce MS I UiaWe OfticV' I 2NB ST, VERNOR AVI. | XI. ny-j I Aha NORTH PORTAL ESTATES Offers the Finest in Attractive Homes and Homesites in D. C. ' Jolies & Sennett Co. 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 "■■■■■■■"■■""k | ess t h an 30c Q s q uare f oot 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.: 451-4742 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.