New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-02
Joseph p. Day Tells of the
Huge Amounts Given
for Lots.
NEED OF FREER
MORTGAGE MONEY
Believes That Loans Should Be
Made at Reasonable Rates
Outlook Encouraging.
By JOSEPH r. DAY.

That the mortgage branch Of the
real estate market IS is most potent
factor and the basic feature for active
trading vas quito clearly demonstrst-
ed IN this most trying OF years By TIE
results obtained with public Offering,
OF vacant lots. Even WIKI the dubious
conditions In the early months, when
improved rea estate went begging for
buyers at rock bottom values, auctions
% vacant lands yielded successful dis
posals. This % ny mind proves the
fact that financing q realty Is the pri-
mary lever which makes for market se-
tiyity. Improved real estate requires
financing, and as buyers generally
found difficulty in getting Il, that side
Of the market was dull. whereas vacant
lots, offered with mortgage. adjusted,
found a ready sale.
Despite the cpsthy during the first
part Of the year, 646 lots we're DISPOSED
of in two proceedings for the Bradish-
Johnson and the A. r. Morris estates
at prices aggre gating S235,525. These
were followed during the second half
Of the year by the sale Of 1874 lots A.
Belle Harbor for S3lO.8.5, 1888 lots OF
the Bow.e-Dash estate for 100000 F.
the largest Of the year In point Of mon
etary considerations ard the public
selling closed with the disposal OF the
Huber-Schrenkeisen properties, which
yielded q total Of S254,s15. The latter
sale was made the more noteworthy, a.
It's results We're obtained the day fol D.
lowing the winters worst storm, and
because it was the FIRST winter auction
Of lots ever held in this city.
Added 20 the above transactions were
public sales involving improved prop
critics, including the II. b. Clahin, }.
B. Greenhut, and Howard Gould realty,
with values aggregstlng S4Z,OOO,OOV.
comparing favOrably with the record
of 1914. and 50 far As lot sales 20 the
total this year. Sl.332.2sj. exceeds that
Of 1914. which was Sl,l60,625. sales
By other auct. necrs OF vacant and I'm
proved buildings must have added az
least S25,000.O00 % the total dIspo sals
Realty began the year under the
most unfavorable auspices OF the com
bined effect Of the world war and gen.
eral depression, which continued vel
into the year. The past six months
however. saw a steadily increasing bet
terment. with increased inquiry 10
investment and speculative realty
which grew stronger and stronger "
contrast 20 the period, only a lev
months back. when capital fought shl
Of even permanent industrial and com
mercial activities.
Prevailing condition. are such es Q
augur for the new year one OF en-
most prosperous realty markets tn
city has experienced DO a decade o
moro, and We are beginning 10 realiz
that there is a huge task before TN
country the supplying Of the worl'
with It's commodities the furnishing
Of which will eventually bring a bene
fetal reaction upon real estate in
vestments.
The great need OF real estate 20
dav and tomorrow is freer move
ment Of mortgage money az REASONABLE
rates and with a more flexible situs
ton. such as financial leaders are nov
considering for adoption. believing
that the problem can be solved BY
system Of amortization. And 70 thi
a little strengthening Of the mora
backbone Of the market, and real estat
will unquestionably command the AZ
tention il merits from investor. VIII
desire safe return on their capita
without the fear Of loss that accom-
panies most other forms OF inyes,
ment.