Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-07-11
REAL ESTATE TRANSFERS
FAR ABOVE 1878 FIGURES
Aggregate for First Half OF 1920
Within $1,000, 900 OF Whole OF
Last Year.
BUT NO BOOM is IN PROGRESS
Growing Spirit OF Thrift and Saving
Is Indicated by Bank Reports,
While Many Families Arc In
vcstinS In Homes.

the city or Richnond for tho FIRST
six months of tho present year is
within seven millions OF the total
for last year. and there is assurance
that the total for the year will go
many millions over Ina, OF 1919.
Total value OF transfers for the
first six months OF 1920. according to
the records filed in the Real Es-
tate Exchange. Is s20.2si,46l.9l.
against a total for the entire year of
1919 OF s27,io1. 5s5.43. Tho total value
of transfers for the year 1918 was
only sl2.9GS.073.
Number Of deeds recorded in the
Chanccry Court OF Richmond during
the first six months OF 1920 was
7.233. as against 5,1S5 for the same
period of last year. bargain and sale
deeds recorded during the first six
months Of 1920 were 2.2S6. The total
for last year was 4.ii6. and 2,23l
for 1918.
Increasing activity in actual trans
fer OF property is indicated In the
increase In number OF bargain and
sale deeds recorded for the second
quarter of this year over the nrpt
quarter. Tho number for tho nrs;
quarter was SIS. while the number
OF the second quarter jumped to 1859.
Whnt Records Show.
Records In the Office o. the Rich
mond Real Estate Exchange show
that 1919 values were more than two
and onc-half as much as in 1918 and
the first six months OF 1920. with
$2o,2si.i6l.ai. against S27.i0l.5s5i3
for 1919. This is considered az mos.
encouraging by realty dcnlcrs and
others Interested In the development
OF the city and community.
1t must be remembered that the
figures presented here represent; only
transactions In the Chanccry Court
: of Richmond city and does not in.
clude those recorded in Hustings
Court. Part L., and Henrico County.
Some OF the largest developments
In the city and section arc outside
the corporate limits and in South
Richmond. Hundreds of homes are
being built In the outskirts OF the
city, really n part OF the city. and
which are not recorded in the files
kept by the Real Estate Exchange
One of tho most encouraging .ea-
lures OF the record Of transfers Is
the fact that perhaps 90 per cen, OF
the transactions are represented in
the purchase OF homes. There was
never n time In the history OF Rich
mond when the people were. bending
more effort TO the purchase and oc-
cupancy OF their own homes. Homes
nrc being built as rapidly rs material
and labor can be procured. and the
demand lis constantly increasing.
There Is ne feature of boom or ah-
normal activity In this movement but
the activity is based on actual need
and sound business and economic
reason.
Growth Has been Normal.
Richmond is ~s!ngularly free from
any abnormal activity In the develop
ment OF It's realty. 1t has never had
what is known as a boom; not even
during the earlier days. when there
was more or less boom hystcria in
many sections of the south.
The opening OF n large and attrac-
tive subdivision in the West End n
few years ago presents the best ex-
ample of the conservative and sub
stantial movement that always has
accompanied the development OF this
city. The lots sold steadily at prices
which now are considered as ridicu-
lously low. The subdivision soon WAS
filled up by people who bought lots
for the building of their own homes.
This has been true IN all the realty
history of the city.
Rapid increase in the buying of
homes by all classes of people dur
Ing the past few years. and especially
since the close OF the world war. is
looked upon as one OF the most en-
couraging signs of the times. Buying
of homes by w~age-earncrs and small.
salaried people Is specially encourage
Ing H~omc-owncrs make better citi.
zens and more contented people. The
children are better educated and there
Is more civic pride among people who
have such partnership in the city
governmental organization.
People More Thrifty.
II growing spirit of thrift and
saving. as Indicated in recent'rcports
from the banks, and the tendency on
the part OF families of small means
TO invest their savings in homes. ara
looked upon as evidence of a greater
prosperity among all classes in Rich
mond.
Building is Keeping pace with the
increase in transfer of property, in
dicatinG that realty deals are not
for speculative purposes. but for per-
manent or Improvement.
Records in the office of the Building
Inspector how that almost one mill
lion dollars of construction is au-
thorized per month. The total OF per-
mits issued during the first six months
of the present year was s5,011,192. a
largo part Of this was for the con-
struction of dwellings,. Permits were
granted for the erection of 100 new
residences during the six months.
Building of three large apartment
houses for residence purposes also
were authorized.
Permits issued during the month
OF June amounted to $709,S44. Fifty
four new buildings were authorized,
and alteration n repair OF 102 more
was made. New building work will
cost $511,076. and alteration and re-
pair. work $198,76S.
Permits to erect one Office building,