The Washington times., 1916-12-30

high and they are now trying to get
them nearer the actual values of the
property" said George Y. Worthing-
ton, president of the Real Estate
Brokers' Association.
THE causes for the situation are
many anA the answer that can be
given Is a complicated one. can
give a concrete example Of what I
mean by high valuation, however.
own n house that In carried on the
assessment books FOR a full valuation
of $500. II is weii-buiit house
that once would have been valued at
$4,000. II was once worth that. The
depreciation has not been great. IL
is we'll BUILT. I will take $4,000 for
that house to-day. And I cannot sell
IL for that.
Initiation Of Values.
There has undoubtedly been an
lnnation OF real estate values I'm WASH
ington. I do not like to use the term.
but that Is Just what IL is. The
property has been held too high. The
movement OF the better class of pro-
spective home buyers has been toward
the apartment house. I personally
had no faith In the apartment house
In Washington. With Its wide shaded
streets, did not believe the city
could be other than a city Of homes.
But the facts are there. The move
ment has been toward apartment
houses, and II has been among n
class OF people who have made the
best buyers OF real estate heretofore.
There has been the regular Increase
In the property holding capacity OF
the people. I mean by that that the
$1,000 man has gone into the s10,0o1
class Of home. The $4,000 man has
moved into the $1,000 home. The
$4,000 man has moved into the 5000
home.
"But the $4,000 man has gone into
the apartment house almost without
exception. And the movement OF tho
other classes has not been great
enough to take up the decrease.
DSeti.et Change.
There has also chen n very distinct
change In the values In certain sections.
would bay that the whole section OF
the city east OF Seventeenth street has
suffered from this. one man | know
who usually builds from 300 TO go houses
pcr year has built none. or practically
none during the last year. He APP
parently could not ind customers for
them. ! know OF one section north OF
Florida avenue where property was
held at SIS per fott only year or
80 ago. which would not bring rs cents
per foot now.
And I wish to say that the prop
crty In question was never worth moro
than rs cents per foot.
Another factor md II that WASH
InEton has not yet profited BY tho Inn
mense wealth that has come Into this
country through the war. ! expect that
eventually some OF this money will lnd
its way TO Washington real estate. But
too much can he made on the stock ex-
change now to invite real estate In
veatment here or anywhere else"
N. II. HowensteIn, OF the IT, ".
Howensteln Company, said he had
not given the matter sufficient study
To express an opinion. ". J.. Rus'
secretary OF the Real Estate Brokers
Association, said he desired TO study
the situation more carefully.
~. n. p. mcfarland, who was chair.
man OF the cormittes which gathered
the data placed before Congress To
night the abolition OF the hsif.and'
half policy. the agitation for which
was suggested a. one OF the reasons
for the failure OF the property To In.
crease normally. asked Go be excused
for discussing the situation until he
had time to give tho assessors report
more careful study.