Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-09-24

tneSe IactOrS We can easily make COM
! par1son. For instance shape with shape
this lot is rectangular, that lot Is square.
! Or size with size; this lot Is JOx1OO, that
| lot is 4Sx4S. Or location with location
this lot Is on a street that Is twice as
good as a street containing the other
Any one OF these comparisons is intelligi-
bic and certain. and any one can under
| stand them, but combine all three on the
one side with all three on the other. and
| we find we have a rectangular lot on a
| lot on poor street Who is there that
! can accurately and quickly and satisfac-
| torily determine the relative values of
| those two lots?
Size and Shape Eliminated.
Under the Somers unit system we
eliminate size and shape. This we do by
| assuming a frontage Of one foot wide
| with a depth of 100 feet in every case,
| called a unit foot, and locating said unit
foot away from corners or alleys. Thus,
under the Somers unit system any figure
given for value is always for the same
size and shape. When we say that a
$1,000 and that on another block in an
other part of the city is $780, we mean
that the first street is twice as good as
| the second. That Is knowledge that is
we'll known in the city by most people.
the other the knowledge of its relative
value is we'll known in the city to many
people, and the true relation may be ar
rived at in many ways. This makes 1T
location. and location is the chief factor
in the value of a city site or city lot.
The practical way Of getting at this in
formation Is something as follows: The
first thing that is done Is to take that
section Of the city which contains the
highest values and nokn 6fQ
showing streets only: wipe the lot lines
off. They are confusing and are unnec-
essary for the formation Of judgment of
values under this system. There are va
rious ways of ascertaining unit values.
What is known sometimes as the COM
munity knowledge is perhaps the best.
In Cleveland the board made diagram
of the central part OF the city and invited
known and best posted real estate men,
After several hours of discussion and con-
sideration these real estate men and the
five members of the board put upon the
diagram certain tentative unit values. The
diagram showing these values was pub
lished in the newspapers and on slips
of paper and circulated. and the public
was invited to criticise these units. After
about a week the board began to hold
public meetings and many people came
In to criticise these values.
Some of the Results Accomplished.
AT the conclusion of this consideration
many of these values were changed, some
lowered and some raised. One curious
phase developed in this discussion. When
the first values were placed upon this
map everybody concerned placed the
highest unit value at a certain point on
Euclid avenue. 1t was known that Ave
years ago the high value was at this point
and everybody supposed that 1t was there
Yet. But In the Investigations that took
place 1t began t. develop that the high
value was about block and a half fur
Their east on the same street. The high
spot In Cleveland had moved during the
past f1ve years and was found to be near
ly opposite East 9th street
The board during these Ave weeks OF
discussion hired several men to count the
people who passed certain points during
certain hours of the business day. In this
way they obtained a relation OF one spot
to another. They Investigated the ninety
nine-year leases in this district. The city
board of appraisers took some of the best
of these leases as the first standard from
which to deduce their unit foot values In
that neighborhood
I'm various other ways comparisons
were made upon the knowledge ascer-
tanned through real estate men and from
the general knowledge that all must have
and can express when they are allowed to
compare one thing with another.
Many people did not know In dollars
what q frontage might be worth but
most people knew the comparative value
of one frontage with another. They knew
that If Euclid avenue at one place was to
be valued at a certain figure then the
frontage on Superior avenue would be a
certain percentage Of that value. This
percentage would vary slightly with each
judgment. but the range Of differences
was very small.
After the central portion Of the city
had thus been appraised sections Of the
city contiguous to the central portion
were blocked out and values compared
with the values expressed in the first sec
ton. and this has been continued to the
limits of the city in every direction.
Different Rule Followed.
In the city Of Columbus, this rule was
not followed quite in this way. The board
there depended more upon the knowledge
of selected people for their unit values
They employed four or Ave men who had
knowledge of various values and the units
were made by them, subject, however, to
the publication in diagram form In the
newspapers, and, Of course, to final re-
view by the board itself.
In the discussion Of land values in
cities we are sometimes confronted with
the notion that rents are prime factor
in arriving at values. While rents ought
to be considered in minor way, their
ly be used as prime factor. The rental
Of business property includes rental
for the land and rental for the building.
In the agreement for this rental there is
no separation. The tenant does not know
what he pays for the pritlege of being
on that site and what he pays for the
privilege of using that particular kind
Of building. In the second place, the
human element enters into the question
OF rent to a very marked degree. Some
landlords are able to obtain better rent
ais than other landlords, just the same
as one man is able to make better bar
gain than another. Rentals are usually
for short terms. comparatively speaking.
and have many things affecting them in
addition to the value of the land. In
fact, one will find that the valuation
Of the land itself and the tax paid there
on has very little to do with the rental
that the landlord exacts from the tenant
Longtime leases with reappraisal
clauses form a very good index to site
values. because these agreements are
drawn with very great care and with
every attempt to take into consideration
actual land values with everything else
stripped therefrom.
Uncertainty and 1neouitv Vanish