New-York tribune., 1909-01-06


for the plot I1}xlDo feet. as whole At this sale
al the ooEd'Ions were present which make this
example fairly applicable in support Of the theory
EXCEPTIONS TO THE RULE
There are however. exceptions to this theory
n relative values In factory districts IL Is often
the case that the value OF the lot is rated
st only - Ter cent more than the value of the o-
adjoining: this Is due to the fact that the relative
value Of tFe area to the frontage is greater in
factory lots than il is in lots the availa bty OF
Whose entire area * limited by law or in lots
where window display would make the frontage
-eatiTeiy of greater propcrtionate value than the
area.
What i u rhzt makes : corner II, worth snr
more than inside lot? First superior situation
with reference "a light and air; second, greater
frontage for purpose Of display and contiguity to
passing crowds - possible buyers and. third objec-
tive prominence for advertising advantage. These
are great considerations.
TIE corner lot shows frontage ~ I25 feet 90
against only 2: feet for inside lot It has
spare Of between 20 and 1o feet between it and any
other building this frontage. and the oppor-
tunitv "a display goods is very much ex-
tended ana i projects into the thoToughfare and
commands attention.
The value Of land however is not the only
value which The appraiser Of real estate is called
ppon 70 estimate. II is required of him that he
shall be able 70 correctly assign 4 market value
70 q comtiCation of the land and any STRUCTURAL
Improvement that may have been erected on il. In
order 10 he able TO do this. however he does not
have 70 qualify expert in construction. He
Goes TOT have 10 have technical knowledge of the
trades or of architecture II will be noted that all
that can be required of him IS his judgment OF
value as trader-that is TO say, the market value
OF what The whole property would bring in the
market Il offered for sale.
This IS the value that Is required for the prr-
pose Of placing mortgage loans Or OF purchasing or
Tor purposes Of taxation.
na hf1iFd N vLott tf,a
materials IN Il may have cost "a themselves dses
not necessarily enter factor into the market
FaUe OF the whole. The appraiser, therefore. does
not hare 10 estimate cost Of construction IN all
cases. though where q structure perfectly
adapted to its situation and purpose s to be valued
IN connection with the land the cost of the same
uon 70 produce the value of the whole
L. however, the building, though new, is not
aoapted TO The purpose for which II built or
Is III situated (as a private dwelling in factory
elstrict It's value would he considerably less than
Us cost and its value would be based upon the de
gree Of its general or special usefulness II might
ps mat such a structure, though new. should be
Considered to have no market value whatever be
cause II was an inadequate Improvement of the lot
All buildings depreciate in value through wear
and tear and by reason OF neighborhood changes
affecting their usefulness.
We estimate that fifty years is the full life ot
building in this city, for IL at the end Of that
Tine IL still be substantial which is quite
Possible. IL has become old-fashoned and i'll adapt
eo 70 modern wants and it's value has merged with
ths Talue Of the land under fl Hence, have
to-osy, large sections of Manhattan Island appar-
entity covered with substantial improvements that
are tust waiting market movement to show
themselves really 80 much land ready for the
builder"