The sun., 1918-08-18

The decision 10 sell NJ auction SUI
hts and Ave houses at Manhattan Beach
was great surprise to the real estate
market. The opinion prevailed that
such high class property could have
been liqudated at private sale with
very little difficulty, since Manhattan
Reach is not development of yesterday
hut one Of many years and with the
reputation OF being the finest seaside
home development along the Atlantic
ssaboard, in addition to being in the in!-
tial rapid transit fare zone of the city.
interests controlling the property who
naturally are better qualified to Judge
conditions, claim that the auction mar
ket is their only recourse. I'VE have
no choice in this matter but one. and
that is to sell the property before GER
tain day this year" said an official of
thu company yesterday. Unfortunately,
an old agreement has created a situa-
ton which forces lis to sell at a time
least favorable Of any since the great
civil war, In 1912, when this agree
ment was made. six years was consid-
cred ample time to market the property.
We were correct in thinking so because
in the first year after the making OF the
contract Manhattan Beach lots sold so
rapidly that we decided that intensive
selling methods were not needed to dis
pose Of the realty within the allotted
time. The fact is We did not want to
sell out any too soon because every
month that elapsed and every new
dwelling erected brought greater value
to property remaining in our posse ssion,
ut may have been noticed" he con-
tnued, that since 1913 very little
money was spent in advertising Man
haitian Beach property. Our selling
force was reduced, since the disposal Of
drawn out affair
The chance for disposing Of the prop
erty at our prices practically disap-
peared with Americas entrance into tho
war. The six years that we agreed
snould end the control Of our subsidia-
res owning properties at Manhattan
Beach will soon be up and II is he auc-
ton market for all improved lots. Free
OF this contract and not a lot would
have been placed under the auctioreer's
hammer. When peace is at hand then
will come demand for homes and sites
on which to build homes that will be so.
great that history will take note of this
as one Of the great after effects of the
great struggle. Real estate bought at
present prices will bring wealth later"
From the standpoint of the buyer the
Manhattan Beach offering presents an
unusual opportunity. Only under such
unoontrollable conditions would these
lots, or for that matter any lots. be
offered at public auction In war time.
I0spf,h y DaV whnSa
qualities him as an authority, makes
the statement that he has never known
Of an opportunity of greater promise to
buyers than that which the Manhattan
Beach auction sale presents.
War is the time to buy real estate
was the advice given me years ago by
the founder of one of the richest prop
erty holding families in the country"
Mr. Day said. but I never appreciated
the wisdom Of that advice until now be-
cause ! never lived through a great
war. My position in the real estate
field at this time has given me an in
sight into the remarkable advantages
which the war has created in the real
estate market. l can see now why this
cd investor told me to buy real estate
and as much of 1t as possible during
times on national unrest. He bought
eArHslNcly uuIlIs tHes CIVIL war, aCQulT-
ing valuable real estate In New York,
Chicago. Philadelphia and Baltimore.
and at prices proportionately no lower
than real estate Is held to-day. Fifty
cents to-day will buy more real estate
than dollar would in peace times.
Any corner of the Manhattan Beach
property to be sold is more conven-
isntly located to the centre OF the city
than lot of properties in Manhattan
which are highly valued in the realty
market. Rapid transit serves both
places, Manhattan Beach has had the
service which developed upper Manhat-
tan but short time In comparison, yet
lao dwellings have been erected there,
some Of them costing as much as s25 900
and 100000. Ten years OF rapid transit
TO Manhattan Beach will bring values
That should compare with those pre-
eailing in the Dyckman section. which
IL further away from City Hall than
Manhattan Beach. Manhattan Beach is
soout the same distance from City Hall
that lesth street and Broadway is.
Several weeks ago the block front on
the east side Of Broadway from 16Sth
to ls9th street, covered with a two
story building. figured as the principal
property in a trade involving 81, 500, 900.
Fifteen years. ago that property could
have been bought for a small fraction
OF that price. The travelling service
which made this realty valuable has
been extended to Manhattan Beach. and